Intl Min&IN Crp Share Discussion Threads

[irenekent] 06/11/2015 19:35

This needs watching very closely as this bunch of sharks could pull any old stunt. If they don't relist by Wednesday how do they get an average price for the following 28 business days? If they do relist before Wednesday the share price will collapse. What then? We live in hope.

[nav_mike] 06/11/2015 18:50

Paul

It all depends on what sets the conversion price. If they can use the last traded price or average of a certain number of days prior to that, we are royally screwed.

If they relist prior to conversion, we might get more shares, but they are only going to be useful as loo roll anyway.


Scorpione

Im beyond angry....ive moved onto cynical delirium that all this is legal

[scorpione] 06/11/2015 18:10

We have completely and utterly been cast aside like non existent unnecessary baggage! Absolutely furious, it will be 2030 at least if ever before we get any value out of this company!

[scorpione] 06/11/2015 17:59

We have completely and utterly been cast aside like non existent unnecessary baggage! Absolutely furious, it will be 2030 at least if ever before we get any value out of this company!

[paul the octopus] 06/11/2015 17:56

IMIC shares has nominal value of 0.2p, so it can't be issued lower than that anywaywon't it be gr8 that if they relist and shares drop to 1p then you guys get a lot more shares for your money, who know what could happen in 2 years time, just like what just happened here last 2 hours cheer up boys

[noirua] 06/11/2015 17:33

IanBrewster
6 Nov'15 - 16:17 - 102 of 107 1 0 - Should be 'converted into IMIC plc ordinary shares at the volume weighted average closing price of IMIC plc ordinary shares in the 28 Business Days prior to 19 December 2015'
The average period should start on Wed next week.
-----
' New ordinary shares are expected to be allotted shortly after 19 December 2015.'


The above supposes that trading will start by next Wednesday at the latest and a new nomad announced.

[horneblower] 06/11/2015 17:26

Well, there it is. An RNS at 3.33pm on a Friday.

IMIC implodes and self distructs.

We will not be able to sell the shares until the price drops a hundred-fold.

Would not expect anything more from a bunch of criminals.

============================================================
"International Mining & Infrastructure Corporation plc (AIM: IMIC), the Company focused on unlocking the value of iron ore in Africa, announces that it has sent a written notice to the holders of 8 per cent. convertible loan notes ("Convertible Loan Notes"), issued as part of the consideration for the acquisition of Afferro Mining Inc. in December 2013. The Convertible Loan Notes and the outstanding balance of interest will be converted into ordinary shares in the share capital of the Company.

New ordinary shares are expected to be allotted shortly after 19 December 2015."
============================================================

[ianbrewster] 06/11/2015 16:56

rossannan

the phrase is used in various places in the original Acquisition document from 2013, with no definition. I would assume mon-fri.

There is nothing to reflect the probable situation - I guess more money for some lawyers to sort it out!!

[irenekent] 06/11/2015 16:29

We could end up with millions of shares each. But they will be worthless!

[noirua] 06/11/2015 16:19

Patience my friends, patience!

[ianbrewster] 06/11/2015 16:17

if we get de-listed on Monday, it will be interesting to see how they work out the conversion price.

Should be 'converted into IMIC plc ordinary shares at the volume weighted average closing price of IMIC plc ordinary shares in the 28 Business Days prior to 19 December 2015'

The average period should start on Wed next week.

[irenekent] 06/11/2015 16:09

Is this legal? Surely the directors could be held to account for this shambles. With no Nomad the shares will be delisted and will be untradeable and worthless. The only thing we will have is a vote when they produce some accounts. HaHa. I wonder how many shares us ripped off shareholders will have between us and what percentage of the overall marketcap that will represent. If there's enough of us we might be able to have some sort of influence.

[speedsgh] 06/11/2015 15:53

We make of it that we have been royally stitched up. This is probably the least surprising news in the last 2yrs since the terms of the takeover were announced. One assumes that on Mon morning IMIC will now be delisted as they have not managed (or possibly even attempted) to appoint a new Nomad, thereby rendering the new IMIC ordinary shares that we are being issued worth next to nothing. Quelle surprise! The only saving grace is that I had written off the loan notes from the very start so, if it does play out as outlined above, it will merely be confirmation of what I had suspected all along.

To be fair, with the benefit of hindsight, getting 80p/share cash for Afferro was actually a very good deal. I dread to think what the Afferro share price would be today if the deal hadn't happened. Yes, LdS + other directors got a better deal than other shareholders but this is the wild west of AIM so one should hardly be surprised. I am just grateful for the 80p/share that we did get. For me it has all been part of the learning curve. The challenge is to ensure that it will be a lesson LEARNT. Aimho.

[noirua] 06/11/2015 15:48

Hopefully another RNS will arrive appointing a new nomad.

[diesel] 06/11/2015 15:46

Well there's a surprise!

[noirua] 06/11/2015 09:50

In theory this is the last day of trading before the important 8th November day when a nomad is appointed, or has to be.

[noirua] 05/11/2015 13:19

Maybe the answer is here somewhere. Probably lies in the soil but more likely the long term aspirations of China in Cameroon. If you were IMIC and held no Afferro loan stock the answer would be more obvious.

[exbroker] 04/11/2015 17:22

Another cert for the bog wall.

[blani] 03/11/2015 04:09

Time goes by and no NOMAD so far

My notes have been 100% devaluated today by my broker..... based on the fact, according to them, that IMIC is under restructuration and consequently they cannot put any value on the notes...