African Min. Share Discussion Threads

[deusfaber] 18/2/2015 19:21

Fascinating it is.Should not be as i will lose a fortune if it goes all bad.Mr watling really is walking a tightrope.

[seanywauny] 18/2/2015 16:42

I hope this BBC Panorama documentary gets the go ahead through 'luck counts' contacts on LSE.The more eyes on this situation the better.

[cantrememberthis2] 18/2/2015 15:05

Nope.
All things able to be done have been done
emails, phone calls and complaints.

The rest i leave with the stitch up team.

What else can one do but wait.

AW working @ timis stinks of morally bankruptcy and pathetically flawed.

Unless others can say differently sods law can be done at this late stage.

though I welcomed the engagement with dundee the non-exec. well done chaps.

[earnestwipplethwaiteiii] 18/2/2015 14:50

casual - nothing much to report AFAIK - many people emailing any insider parties they can find to express their feelings, I believe Grant is co-ordinating a concerted response but that will take time.
More than anything we need to have some visibility - we really have so little knowledge about the situation, it's laughable.

[casual47] 18/2/2015 14:27

Anyone know what the latest is re. efforts of the PI activist group?

[seanywauny] 18/2/2015 13:41

Sounds familiar:-

[casual47] 18/2/2015 12:26

Yes. Nobody here knows anything concrete. We're all in the same cave looking at the same wall seeing the same shadows. The only thing we can talk about is what a certain shadow means to you and what it means to me.

Proportionally this is one of my least significant share holdings, yet I am disproportionally posting about it, I guess because it is truly fascinating. More intrigue here than in Ed Miliband's shadow cabinet, for sure. Entertainment value wise we could do with more pratfalls though.

[earnestwipplethwaiteiii] 18/2/2015 12:11

casual - after three months of suspension we find ourselves dead but undead, a curious state about which we have very little hard information. In light of last week's RNS from AW, we should by rights be expecting the worst, yet it appears there is still a flicker of life in the body. What it means, who can say?

[casual47] 18/2/2015 11:43

I'm still intrigued by Murray's reply to my (cheeky) email when I suggested he'd join our PI "activist" group (Grant's [e-mail] one):

"I don't think that it would be appropriate at this time, as the communication process remains formal and at this stage there is still much work to do as a Director."

==> "At this stage there is still much work to do as a Director"

Whether that work translates into value for shareholders is of course another thing, but it does seem that he and the rest of the BOD are not throwing in the towel and apparently have still "much work to do"

Murray being the CEO of Dundee Resources, a private investment company, must have lots of contacts in the finance world, so if AMI were to look for a financing partner he would be ideal. In that sense....he could indeed still have lots of work to do.

[seanywauny] 18/2/2015 11:31

Edit: African Finance Corporation-

[seanywauny] 18/2/2015 11:27

To add to that, a poster named Olas has stated that his contacts have confirmed that the 'African Financial Corporation' is getting involved in some capacity, what that entails nobody knows, if true.Furthermore, some hopeful remarks with regards to Watling. He came out of retirement to aid the development of Tonk at Franks request and is now apparently at Timis Corp. He could have just retired in his current wealth status but instead one hopes that he doesn't like the idea of his legacy being tarnished with a ton of shareholders losing everything on his watch.If we come out of this alive then I will humbly apologise to the BOD for ever doubting them. However, I still remain pessimistic for sanity's sake as you never can tell about people.

[shimmysham12] 18/2/2015 10:41

Aw gone to timis mining. Ft looking at buying lot.

[fishyneck] 18/2/2015 08:23

Anyone care to share some of the LSE rumours? I can't be bothered with trawling through the posts of doom, gloom and maybe some excitement!!

fn.

[shimmysham12] 17/2/2015 17:09

LSE site is awash with rumours.

[casual47] 17/2/2015 15:44

I can see how e.g. GoSL may be messing up stuff for us re. buyout/takeover:

Their primary interest is to make sure that the mines stay open and its employees being paid so that they don't go rioting in the street (not an unlikely event in SL). Plus of course they need the LOND and TIO mines open so they can contribute to GDP (a significant chunk).

It may make business sense to mothball the mines until the IO recovers sufficiently but this will not enjoy the "concurrence" of GoSL, as they have previously made clear.

[casual47] 17/2/2015 15:36

I am also puzzled.

Especially as they have someone on the BOD, so if they have been unhappy about how the BOD has been doing things then why didn't he speak up?

The BOD approved FT buying Marampa.

What was their BOD representative doing at the time?

In case he was ruled out didn't he communicate the hell it would unleash?

[broncowarrior] 17/2/2015 15:28

I agree administration looks the right thing to do as there looks to be no prospect of a deal, unless they can somehow find someone to buy a big chunk of the mine, likely at a ridiculously low price (hence the language about us being wiped out).

I'm just perplexed as to what SISG are playing at, companies like that are usually in it for the long term so why are they letting the project fail?

I know they had some issues with the favoured nation clause re offtake but that seems a bit immaterial compared to total shutdown.

[casual47] 17/2/2015 15:15

Or indeed why would shareholders stand by as their BOD is potentially choosing a "done deal" that benefits their ulterior motives but has zero value for shareholders?

In my opinion, if they cannot get any value for shareholders then they should:

1. Resign if they are the obstacle to obtaining a deal (e.g. if the Chinese would be amenable to a deal if FT and Gibril would stand down)

or

2. Call in the Administrators

[earnestwipplethwaiteiii] 17/2/2015 15:10

And drop in Chinese demand looks temporary in the face of stimulus.
But in any case, who looks at this year or next as being significant with a 60-year life mine?

[casual47] 17/2/2015 15:01

Bronco, rather than post here in order to express your despondency or give other PIs a lecture, why not spend it doing something more useful?

Or perhaps re-read the last couple of RNS releases prior to suspension and ponder why they were phrased so optimistically (making a profit by end of 2014! This despite the already floundering IO price), including stating that the releasing of funds was a done deal, which clearly it wasn't.

[casual47] 17/2/2015 12:53

Appy polly loggy, m'lud. I'll lather up the carbolic soap.

[earnestwipplethwaiteiii] 17/2/2015 12:41

casual - the stench is getting unbearable. Please stop.

[casual47] 17/2/2015 12:24

"African Minerals’ ceo Watling leaves to join Timis Corp" --Anyone know about this? The article requires subscription



"It is hard to know who else Mr Watling might have in mind when he says he has “lost the respect of — and for — our partners”. Companies generally avoid barbs against collaborators who might support them financially. It smacks of a recklessness born of desperation that African Minerals has done so."



"John Meyer, an analyst at share price Angel, yesterday questioned the sale of London Mining’s operations. “Frank Timis recently bought the operations of London Mining out of administration from administrators PwC in a deal which seems to have sidelined offers from other interested parties. We question how PwC can sell mining assets of significant value in such a rapid pre-pack deal to the Timis Corporation, which is controlled by a man with such a track record,” he told clients. PwC did not respond to a request for comment. "