Intl Min&IN Crp Share Discussion Threads

[nav_mike] 08/11/2015 20:52

Just reading back over the thread, the admissions document states that the loan notes cannot be converted into shares if IMIC aren't listed?

Or are we supposed to overlook this?

[whum] 08/11/2015 18:44

when have ethics ever been a factor in robbery?

[deltrotter] 08/11/2015 15:05

yup, unethical. But not illegal at the time.

They made the right decision for shareholders though - no one can argue with that. They saw the writing on the wall whereas shareholder just kept seeing a huge resource. Shareholders were unable to understand that the resource could be more than worthless. The BOD could see it and got the hell out of there.

[taffer87] 08/11/2015 12:28

Deltrotter, have to agree with others. It was extremely unethicl and since then thankfully AIM regulations have been tightened and such a deal would illegal under current rules even on AIM. That says something!

[scorpione] 08/11/2015 12:21

Del, I think the correct way of putting it is not 'could be deemed unethical' to act in that way but 'absolutely and categorically without any shadow of a doubt UNETHICAL'.

Are you and Goliard former AFF board member by any chance?! LOL

[deltrotter] 08/11/2015 12:00

irene, no one is arguing against that point. It could be deemed unethical for the board to act in that way, not illegal. You are also confusing 'good' and 'fair'.

The point is, the AFF BOD saw the writing on the wall. LDS would still be travelling the world looking for funders for Nkout etc as we speak. His fellow board members felt that time was up and the market was frozen.

They have been proven right!

If IMIC were getting such a good deal at the time, then where were the counter bidders????????

Have you seen the share price of Sundance? What happened to the producers like London Mining?

[irenekent] 08/11/2015 11:53

The point I was trying to make was that we should have been offered the same deal as the directors i.e. all cash.

[goliard] 08/11/2015 10:26

Diesel, 'merit' is your word, not mine. The directors clearly thought it had merit and they were right. They thought they were right at the time and events since then have proven that beyond doubt. The majority of the shareholders were happy with the deal, so yes, they voted for it and not against. Only a minority (a very small minority) voted against. You accepted those rules the moment you invested. If you were ignorant of the rules and regulations then you only have yourself to blame.

Irene, your question doesn't make sense. You are basically asking, if something was good then why wasn't it made better? It wasn't AFF that made the offer. Your gripe is with IMIC for not being even more stupid.

Anyway. Enough of playing with you now. Have fun with your IMIC shares and remember that you chose to accept them rather than accept 90p cash as that was the price you could have sold at before the deal completed. I guess that was a mistake that people don't like to admit.

[irenekent] 08/11/2015 09:32

If the deal was so good and fair why weren't we given the option of cash OR loan notes? Maybe the former directors of Afferro are going to come sweeping in to the rescue and snap up the company from administration for peanuts with the help of the Cameroon government who presumably would like to see the mines and infrastructure being built.

I wonder.

[diesel] 08/11/2015 09:14

What tosh, so the management should be praised and rewarded for their skill in deal making when they had no idea if the deal had any merit accept with the passage of time. And the shareholders, (owners) should be happy that the terms of the deal favoured the management over and above the shareholders.
I've heard enough of this....

[goliard] 08/11/2015 07:23

The real value of any deal can only ever be assessed after it has taken place (or not) and with the benefit of hindsight. So yes, it was a brilliant deal.

Did the AFF board know for a fact what would happen to iron ore prices? Obviously not and I have never stated that.

Were they right (from a financial perspective) to accept and recommend 80p (and in their case more) for AFF shares? Obviously yes.

[parthus] 08/11/2015 00:53

I see. So the board of Afferro KNEW the iron market was going to get bad, BUT the IMIC board were unaware. My my, they must real mugs, especially since they managed to buy Affero with Affero's money.
Pathetic !

[deltrotter] 07/11/2015 17:17

Absolutely goliard. That sums it up.

[goliard] 07/11/2015 16:33

Diesel, with respect, that is a completely different point and I expect Del would agree with it. Two things that can't be argued about.

1. The AFF board did a brilliant deal to get 80p cash (plus whatever, probably zero) for shareholders.
2. The AFF board acted in a completely unethical way by getting their options paid out as cash.

Notice 'unethical' and not 'illegal'.

That is the truth.

[diesel] 07/11/2015 11:50

Del, you miss the point, if shareholders and directors were treated the same then most of the angst would have been removed!

[deltrotter] 07/11/2015 10:38

Parthus - the directors knew the market for funding had absolutely dried up!!!!

They were right - they had to get the hell out of dodge. If they didn't then shareholders were going to be left with nothing.

[scorpione] 07/11/2015 09:12

Noirua, the company directors made one of the best calls in memory FOR THEMSELVES! They put their own interest first at the expense of shareholders when it should be the other way round or at least on equal footing! Daylight robbery of the legal kind sparks to mind!?

[diesel] 06/11/2015 22:06

I'm with you on that Parthus, it's one thing running a company and paying yourself handsomely, but when you sell up then the shareholders should be treated the same as the managers end of....

[parthus] 06/11/2015 22:01

THE DIRECTORS DID NOT KNOW THE PRICE WAS GOING TO GO DOWN. DID THEY ?

IMIC DID THINK THEY WOULD MAKE MONEY BY BUYING US WITH OUR MONEY. THEY DID NOT THINK THE PRICE WOULD GO LOWER? DID THEY ?

THEY ALL INTENDED TO SCREW US, HENCE THE LOAN NOTES.

I AM SICK AND TIRED OF THE APOLOGISTS LIKE DELTROTTER WHO KEEP TELLING US ABOUT THE DEAL OF THE CENTURY ... CHRIST !!!!

[deltrotter] 06/11/2015 20:20

Yup, deal of the century. They called it right - no one can deny that.

Had IMIC have got the deal of the century then we would have seen an alternative bidder. Jindal was supposed to be interested, but not interested enough to make a bid!

[noirua] 06/11/2015 20:00

If we look at Sundance ASX:SDL the closing price of the shares was 1.6c on Friday and this is against a price of 10c to 12c when Afferro was around 80p. The price of Afferro now would probably be less than 11p. So in hindsight the company's directors made one of the best calls I can remember.

The convertible loan stock was really thrown in as a sweetener and was valued way below the 40p attributed to it. So we cant grumble about the way it's gone really in this dreadful iron ore market.

[whum] 06/11/2015 19:50

never been of a religious sort of of person
but think prayer might be the only option in this situation.
imho they are a complete and utter bunch of crooks and fraudsters.
even oisin fanning of sle fame cound n't stoop this low