African Min. Share Discussion Threads

[casual47] 10/3/2015 11:09

Reply from Barclays Stockbrokers regarding my query what will happen to the shares once in admin/delisted and if they need to issue me share certificates as I will be involved in a class action --- Can anyone confirm their response is correct?

======
Thank you for your email regarding the African Minerals shares you hold within your ISA and SIPP account.

Although we have not yet received formal notification from the company, as and when we do, we will publish the details on the Corporate Events section our website. If, however, there are any options available to shareholders, we will write to you to confirm the details.

Having checked your stock, I am sorry to advise that African Minerals do not offer the option to transfer shares held nominee into certificated form. Therefore, I have arranged for a letter on headed paper to be sent to your home address. Within it, I have confirmed that although you hold your shares nominee, i.e. in an electronic account, you are the underlying shareholder of said shares. I hope you find this helpful.
======

This letter on headed paper will be valid should we be involved in a multi-year legal case? I.e. if the case is successful I can use it to get money back?

[newswseller] 09/3/2015 20:36

Way forward with funds would be discussed on the private bb

[newswseller] 09/3/2015 20:35

Proof can be a screen shot of your online account showing number of shares

[newswseller] 09/3/2015 20:34

Casual email [e-mail] with the details you used on that website just to be on the safe side

[seanywauny] 09/3/2015 20:30

Some form of shares certificate from our broker to be used as proof?Will the funds be sent to some sort of syndicate shareholders account or direct to the selected lawyers account?

[casual47] 09/3/2015 20:13

I registered on ipetitions some time ago but I checked the box to hide email. Will that still be OK?

[newswseller] 09/3/2015 20:12

The mailing list that grant has isn't secure so all announcements will be on the secure BB, also by restricting access we have a greater sense of our options going forward

[newswseller] 09/3/2015 20:11

Potential amount is your total purchase price

[newswseller] 09/3/2015 20:10

Casual, the idea is that going forward only legitimate holders willing to participate in legal action will have access to the private forumIn order to gain access you will have to register on You will then b contacted via email and proof of ownership will be asked for, then you will be given details of the private forum.. Do to the serious nature of possible legal action only genuine shareholders will be allowed access. The BB that we will use is restricted and unviewable to general public

[newswseller] 09/3/2015 20:00

Kirk here you go

[kirk 6] 09/3/2015 19:56

Newsletter can you post a link

[casual47] 09/3/2015 19:51

Hi newseller - how does the ipetition relate to news update? Will there be updates coming from ipetitions?

Also, with potential loss amount, is that the total amount one invested?

[newswseller] 09/3/2015 19:40

If you haven't signed up to the ipetion website then do so now otherwise you'll no longer be getting updates as everything is going secure from nowGrant79Update As per can'tremembers post legal representation has been shortlisted. We are awaiting final fees/agreements. Following this a new board will be set up by Newseller who will need your potential loss amount in £ not just your holdings and details. We have been notified that we need the total potential loss/claim as a group and we can only get that through having this from you all. The new board will be administered by Newseleer to ensure access is only granted to those shareholders that have emailed him with all details of holdings, personal email and potential loss. The new board will be private and controlled and thus not viewable to all. The new email address and board will be published tomorrow following feedback from the legal teams.

[casual47] 09/3/2015 15:21

Shandong may have appointed a trillion directors to the project companies but AMI still is a 75% shareholder. I don't know how it works for companies in Sierra Leone, but over here in the UK the 75% holder is allowed to invoke administration.

I know they have an injunction against AMI but where does that leave them if AMI is a dead parrot and administrators are in charge? All legal claims fall away, right?

The question is, would an administrator put subsidiaries into administration? There is no doubt it would be the best way to maximise returns from the assets but there are other things to conisder of course like the employees, will there even be a buyer...etc

[earnestwipplethwaiteiii] 09/3/2015 15:14

Yes, that's all very well if they've shut out FT, but we are what is known as 'collateral damage'.

[casual47] 09/3/2015 14:53

Looks like many twists and turns are yet possible

[seanywauny] 09/3/2015 14:47

-China – environmental crackdown in Shandong shuts 29 blast furnaces, finds problems in environmental protection – why are we not surprised?• Mysteel Statistics report that 29 blast furnaces have been shutdown in Shandong province following visits by China's Environmental Protection Supervision Center 'ECEPSC'.• The closures cut some 38,400t/d of hot metal production which was consuming some 47,000t/d of iron ore.African Minerals (LON:AMI) – Suspended – Goes into Administration• The company announced on Friday that administrators have been appointed to the company.• This follows actions last week by Shandong Iron and Steel which called in the security over the US$250m pre-export finance facility.Conclusion: This should not be surprise to the market given events leading up this. Shandong should be in a stronger position in the wind up and may be able to ensure that Frank Timis through this personal group does not buy these assets on the cheap as his group managed to do with London Mining. If he does not manage to buy the assets we wonder what will happen to rail arrangements which were expected to improve the economics for the London Mining for the Marampa mine.

[seanywauny] 09/3/2015 10:30

Some interesting points made in this article:-

[casual47] 08/3/2015 16:37

Bones, Grant etc have received confidential information from several people involved with AMI. Also, there doesn't need to be proof beyond doubt here.

I very much hope the legal case goes ahead.

I believe a two-pronged attack will be in the works, depending on feedback from the legal firms:

1. Get legal assistance to represent us as unsecured creditors at the creditor meeting organised by the administrators, potentially also to make a specific claim that administrators will need to investigate and take into consideration.

2. Case law against BOD, NOMAD, ...

Again, you seem to ignore this: It has been done successfully before.

Once people find out an actual legal case has been brought my guess is we will all be surprised by what comes out of the woodwork. I can think of at least two former AMI senior executives who would be all too willing to provide assistance.

[bones698] 08/3/2015 16:26

Where have they misled ? This is the problem many have theories and assumptions , proving them legally is a different matter . Most of not all I have read has been guess work and assumption with no proof . Shareholders will get zero for their shares here and I seriously doubt anything from any legal proceedings . As much as I would like to see many of britains managers brought to justice or suffer the legal and bodies cobtrolling things are biased to them not pi's . The system as a whole is corrupt . I believe the best way to change that is pi's stop investing totally and then let them feed of each other to the point the system implodes . At least then legal reform and a fair market could be formed .

[kirk 6] 08/3/2015 10:02

So it's legal to misinform the market? Even on langbar shareholders received money back after the court case

[broncowarrior] 07/3/2015 17:29

Correct bones.

[casual47] 07/3/2015 16:42

Just in case the website disappears at some point:

1. A zip file with all PDF files I could find on african-minerals.com (109 files, 200MB+)


2. The same zip file but only with PDF files from 2014 (19 files, only 30MB)


I haven't used filedropper.com before so can't vouch for how good/user friendly they are.

If a couple of us can have the above on their PC then we should be covered.

Also, the website may disappear but a copy (minus most files etc) will always be available on the Internet Archive:



On my PC I also have a PDF of the Mining Lease agreement, it's from 2010 and is 18MB. It is not included in either of the zip files as it isn't on the African Minerals website. It is currently available here:

[earnestwipplethwaiteiii] 07/3/2015 15:04

bones - heavy night last night?