|Intl Min&IN Crp
||EPS - Basic
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Intl Min&IN Crp Share Discussion Threads
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|This should not come as too much of a surprise to loan note holders who do their own research but the situation here is intimately related to what happens at New World Oil and Gas. NWOGAction have a website that used to explain why but now it just highlights the upcoming NWOG EGM. Perhaps it will be updated once the NWOG circular is published.|
|It looks as if IMIC know fully that it's all systems go for operations in Cameroon. Their concern is that converting the Afferro loan notes means that the note holders will own IMIC.
One way out is for a financial backer to buy in the loan notes both on market and off market. Unfortunately IMIC want to cancel the conversion rights and thereby cut the loan notes free for nothing at all.
The conversion rights are the real value for Afferro Loan Note holders. China are building for what they know will be a big boom somewhere down the line. Whether that be 2020 or even out to 2030.
It is not French Cameroon it's going to be Chinese Cameroon.|
|Old Youtube for the new Kribi Port
Kribi Deep Seaport Project Presentation, Cameroon
Trade: Counting on Cameroon's new port, Kribi - Posted on Tuesday, 23 June 2015 12:31
Kribi - Marina Bay Luxury Apartments - Published on Sep 28, 2016
In French but spoken clearly.
Kribi Port now Operational - Published on Oct 3, 2016
|Very fair point che7win....
|Iron ore projects have soared this past year, where is our money?|
Agreed - nothing to lose. Go for it.
I hope all is well with you and yours.
|I have received a notice to adjourn the scheduled meeting on 15 March 2017 and have the meeting on 15 May 2017. I suppose we lose nothing in agreeing ?|
|Yeah, I suppose you are right. Just trying to spread a little Christmas cheer!
|No chance, deltrotter.
I shall use the losses against my cap gains bill.|
|Unfortunately our loan notes are unsecured, and we would rank near the back of the queue behind a plethora of secured bond holders.|
1buy and hold
Never say never. Maybe, just maybe, there is another twist coming in this saga!
|No chance but thanks for the sentiment, Mr IMIC.
Happy Christmas to you too.|
|I do hope you guys get something back out of this.
Happy Christmas everyone.
The link above shows the extent of IMIC's Loans "quoted" on the Irish Stock Exchange including ours. It amounts to well over £100 million.
Not a penny of it will ever be repaid.
Nice work if you can get it.|
|I suspect that "major loanholders" are the same that forced a change of terms (successfully) in the past. I hope something to our benefit will emerge.|
|Surely if it enter insolvency, we as loan note holders are near the top of the pecking order for any recovery of debt owed? Is that too naive?|
|The announcement of the adjournment until 15.3.17 includes the paragraph:
"The directors of IMIC have been approached informally by certain major loan noteholders who suggested amendments to the proposal. To allow sufficient time to consider the suggested amendments to the proposal properly, the noteholders meeting has been adjourned."
I am not sure whether, now we appear to be in a second "window" during which a listing failure has occurred, we can demand our loan notes be redeemed for cash (including accrued interest).
The notes with the notice of the original meeting give 21.2.17 as the date by which the company will be likely to have to enter insolvency if no listing is obtained.|
1buy and hold
|What kind of people are we in bed with?|
|I understand that it has been postponed so that Mukhtar Ablyazov can attend now that the French have released him from prison.
Our largest bondholder and shareholder through Niel Infrastructure apparently.|
|Who knows, we shall see che7win; if they have hopefully it will suit everyone.|
|Thanks Scorpione, Maybe the larger shareholders have agreed something?|
|FYI - Just spoken with IMIC and found out that yesterday's meeting has been adjourned until 15 March 2017. No reason given but a notice will go up on the website today.|
|Sorry, wrong link.|
|Does anyone know the result of this morning's meeting?|