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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
African Min. | LSE:AMI | London | Ordinary Share | BMG0114P1005 | COM SHS USD0.01 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.00 | - | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Date | Subject | Author | Discuss |
---|---|---|---|
27/2/2015 17:21 | Sounds like there is still a possibility | kirk 6 | |
27/2/2015 17:20 | The Company is continuing discussions with SISG regarding restructuring and refinancing of the jointly owned operating companies, which own the Project, and will seek clarification of SISG's intentions in relation to the PXF Facility and the repayment demand. | kirk 6 | |
27/2/2015 17:20 | AML better find some mugs quick to take on 50% of the project for 166$m, leaving 25%Wonder what really happened for SISG to turn, they clearly had the funds to solve the financial probs | newswseller | |
27/2/2015 17:14 | Curious. Anyone knowledgeable enough about such proceedings to comment? Is there a similar thing under UK law? To on one hand demand immediate payment of a secured debt and on the other prohibit going into administration? Can they just seize the assets? How would that work as with e.g. a mortgage a bank would seize your house, sell it and then use the proceeds of the sale to pay off your debt, but in this case Shandong has a vested interest in the property so they might sell it to themselves for peanuts? | casual47 | |
27/2/2015 17:14 | FT has been outplayed it seems. AML will be pushed into admin very soon and we will get nothing. | deusfaber | |
27/2/2015 17:12 | Looks like Shandong are about to screw AMI for the assets. | forwood | |
27/2/2015 17:00 | TIDMAMI RNS Number : 1511G African Minerals Ltd 27 February 2015 27 February 2015 African Minerals Limited ("African Minerals", "AML", or "the Company") Transfer of $250m PXF Facility Legal proceedings in Sierra Leone African Minerals Limited, the developer, operator and 75% owner of the Tonkolili Iron Ore Project (the "Project") in Sierra Leone, has been notified today that the lenders of its $250m pre-export finance facility (the "PXF Facility") yesterday transferred their interests in the PXF Facility to Shandong Steel Hong Kong Zengli Limited (the "New Lender") a subsidiary of Shandong Iron and Steel Group ("SISG"). The New Lender has issued a demand for immediate repayment of all outstanding amounts under the PXF Facility, which is in default. The Company has also been advised thatan interim injunction has been obtained by Shandong Steel Hong Kong Resources Ltd ("SSHK", a subsidiary of SISG), the 25% shareholder in the Project. Transfer of $250m PXF Facility The borrowers under the PXF Facility are Tonkolili Iron Ore (SL) Ltd, and African Railway & Port Services (SL) Ltd. The PXF Facility is guaranteed by AML, TIO Trading Ltd and two intermediate subsidiaries (Tonkolili Iron Ore Ltd and African Railway & Port Services Ltd) which hold the 75% shareholding in the borrowers. The PXF Facility is secured against certain assets of the borrowers and guarantors, including AML's shares in the two intermediate subsidiaries. The PXF Facility has a capital amount outstanding of $166.7m, and has been in default since the end of November 2014 as previously announced. The borrowers and guarantors do not have sufficient funds available to make the payment demanded. Interim injunction in Sierra Leone On 26 February, the Company received by e-mail from SSHK an interim order of the High Court of Sierra Leone, issued on 23 February 2015, in relation to compliance with the shareholders agreements between AML (and subsidiaries) and SSHK. The document names the plaintiff as SSHK and the defendants as Tonkolili Iron Ore (SL) Ltd, African Railway & Port Services (SL) Ltd, African Power (SL) Ltd, AML and Frank Timis. The order grants an interim injunction restraining the defendants from unilaterally taking any steps that will lead to the dissolution, liquidation, winding up or placing into administration of any of the defendant companies. The injunction continues until the hearing and determination of the application, with a hearing date of 2 March 2015. The Company has not taken and has no current intention to take, any of the actions prohibited by the injunction. AML will take appropriate actions to comply with its obligations and to protect its rights under the shareholders agreements. Discussions with SISG The Company is continuing discussions with SISG regarding restructuring and refinancing of the jointly owned operating companies, which own the Project, and will seek clarification of SISG's intentions in relation to the PXF Facility and the repayment demand. Contacts: African Minerals Limited +44 20 3435 7600 Matthew Hird / Francis O'Neill Tavistock | w1ndjammer | |
27/2/2015 12:41 | They literally came to woe but being in election mood our politicians were wooed. Bit dodgy for mr. Lammy to heap such uncritical praise on mr. Koroma. There's plenty of backstory to that guy. "Labour London mayoral aspirant David Lammy said many British investors are now encouraged by efforts of the Ernest Bai Koroma-led government in the fight against the Ebola outbreak, and would lobby for British Airways to resume weekly flights to Freetown soon." | casual47 | |
27/2/2015 12:28 | Is that woos or wows? | earnestwipplethwaiteiii | |
27/2/2015 12:16 | This is laughable:- | seanywauny | |
27/2/2015 00:48 | Correspondence with Paddy Docherty, Chairman of 'Lion Mountains Agricol Ltd' & CEO of 'Phoenix Africa Development Company'. Both focused on the agricultural Industry in Sierra Leone.Initial email:Dear Mr. Docherty,In reference to your statement 'Oh, no I've seen Blood Diamond'. It's ridiculous' made at the Parliament Atlee's Suite yesterday.I have to agree that this statement is ridiculous, however, I fear that it will soon be generically replaced with 'oh no - that's where that huge African Minerals Iron Ore mine screwed over shareholders with SL government approval'.I believe that a big corrupt stain is about to tarnish Sierra Leone as AMI is the biggest employer. Furthermore, I fear that over 100 private shareholders who are about to lose their life savings and investments are intending to band together to drag the business case for Sierra Leone through the mud.I write this, just in case you weren't aware of the gravity of the situation.RegardsSea | seanywauny | |
26/2/2015 21:14 | Some bigger babies already sorting the avenues here. I'm sure a lot of investors read the possibilities about Tonk and got excited but never studied the global production figures/ quality issues etc. Billions of tonnes were in their head. Billions of tonnes is great if production costs are below current market prices, if not you are trying to sell sand to arabs. Worthless. I see guys on LSE thinking they are going to attack the BOD and end up with egg on their faces. Nobody forced them to gamble on the shares. | medved5 | |
26/2/2015 20:57 | Well if you can believe the BOD then the market of choice is Europe when blended with Marampa Ore. | seanywauny | |
26/2/2015 20:47 | I hope, for all the investors who have commited big cash here get a result The mine will not be left to stagnate - some internal deal will have been or will be already far down the line. Everyone is talking billions here but what you have to consider is that Iron ore is not a scarce commodity - fall out with the Chinese then where do you sell it ? Australia is bursting at the seams with the stuff, big sites of extraction are being developed in other parts of Africa in large scale. Prices will drop. Here is the problem, with the quality of Tonk product Not the best The only way this mine will compete is to expand production so mining costs are below current sales value . Tonk could produce X Millions of tonnes per annum at $1 per tonne over the average market price i.e. the company would be losing X millions of $1 usd's each year. So then value your mine ! Too many heads with big figures rolling round their eyes. Blinded by figures but having no real fingers on what is worth what | medved5 | |
26/2/2015 20:46 | widz? ?e s? tu te? nasi, widzicie jak nas kurwy z londynu wyruchaly!! | lukasik | |
26/2/2015 19:56 | Have to say the more reports you read about the shakeout in the market then perhaps having the company on care And maintenance for 12 months is the best option if all the parties are sensible about their interests ? I think we have to face facts that no one is going to spend hard cash unless they take a very long term speculative view ? That said would be nice if Timis handed back the stolen 50m to get us through the care and maintenance period .... This is what stinks to me and should be investigated if we go under. | hdb | |
26/2/2015 17:16 | February 23, 2015 - Spot seaborne iron ore prices were unchanged February 23 amid thin trading as Chinese buyers were away for Lunar New Year holiday. Some sources see little chance for a sustained recovery after the festival given weak steel prices and an ongoing supply glut. Platts assessed the 62% Fe Iron Ore Index at $62.50/dry mt CFR North China on February 23 unchanged from the last assessment day on February 18. There were no assessments February 19 and 20 because of the holiday. | medved5 | |
26/2/2015 12:50 | www.ipetitions.com/p This is the e-petition that members on lse are using to get enough votes for an egm. Please go to the above site and register your name, share holding and broker name to go on the list. Really important to do it asap. | carl19 | |
26/2/2015 11:11 | For anyone interested, here is the legislation that allowed new powers for shareholders: 2009 No. 1632 COMPANIES "The Companies (Shareholders’ Rights) Regulations 2009" Looks like the 5% threshold is needed to call a general meeting. The 100 shareholders threshold allows us to have a point of business added to the AGM: "to include in the business to be dealt with at an annual general meeting any matter (other than a proposed resolution) which may properly be included in the business." It also allows a single member attending the AGM to ask a question, but only relating to a matter of business formally included in the AGM: "At a general meeting of a traded company, the company must cause to be answered any question relating to the business being dealt with at the meeting put by a member attending the meeting." | casual47 | |
26/2/2015 10:50 | I have to admit, that Bloomberg article has knocked the wind out of me, stating $30-$40 pt. :/Does anyone think these lows are realistic?It'll wipe out FMG with their debt and cost curve that's for sure. | seanywauny | |
26/2/2015 09:32 | HDB - many efforts have been made by various people, but with little response either on this board or on others; it seems IIs are either waiting to see what transpires, or are resigned to their fate. | earnestwipplethwaiteiii | |
26/2/2015 09:15 | Has any one been in touch with institutional shareholders ? | hdb |
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