Intl Min&IN Crp Share Discussion Threads

[ianbrewster] 19/11/2015 14:20

If the note holders approve these changes, then surely the company shareholders will also have to agree.

Would be interested to finds out whether the new bond holders have any say in this.

[scorpione] 19/11/2015 10:54

As the meeting is for loan note holders I would have thought 75% of LNHs only

[horneblower] 19/11/2015 10:18

Is it 75% of the note holders or 75% of ALL shareholders?

[irenekent] 19/11/2015 08:57

It looks as if there are others amongst us, presumably institutional investors, who have a bit more clout and are not prepared to be ridden over rough-shod by this bunch of cowboys. I am sure they will be addressing the question of the sequestering of the assets to Caminex to the detriment of us loan note holders. If there are enough of us to get 75% of the vote, maybe we can also change other things with this company. Maybe even replace the directors.

[scorpione] 19/11/2015 08:51

Better than the present status but I agree with NAV about Caminex. You would have thought that the big wigs negotiating this amendment would have addressed that also?

[che7win] 19/11/2015 07:37

NAV,
I like it! Thanks!

[nav_mike] 19/11/2015 07:26

Here ya go

[che7win] 19/11/2015 07:24

Mike,
Is there news?

[nav_mike] 19/11/2015 07:12

Very interesting development - looks like there are some loan note holders with a lot more clout than us poor PIs

Will read in detail later, but to my eyes it still doesnt address the fact that our 'security' has not been extended over the assets over the operating company unlike the bondholders.

Nothing to stop them cutting Caminex loose in the future if things do pick up

[beeezzz] 17/11/2015 16:48

Which is why the BOD of AFF decided to take cash...as loan notes were worthless just like AIM a complete load of fraudsters running these companies.

AIM needs winding up, or have proper oversight otherwise it will wither and die.

[horneblower] 17/11/2015 15:11

Sadly, that is the case.
It is to be hoped that at the very least the loss can be used as a tax benefit. However, the Revenue might have a problem on exactly when the loss was crystallised.

[barius] 17/11/2015 14:42

Ah, so we got shafted? Thought so at the time. The loan Notes were worthless to start with and still are.

[horneblower] 17/11/2015 14:10

The main consolation is that the loan notes never had any value in the first place since IMIC was already totally under water with debt when they issued them.

The reason that Afferro's directors voted to accept IMIC's corrupt deal is that they got paid out fully in cash whereas we, the owners, had to accept worthless loan notes in part consideration.

It does hurt a little that the directors generally got their shares for free while we had to pay good money for ours.

Delboy will no doubt point out that the cash we DID receive was pretty good at the time, but that is dubious since it was OUR cash they paid us with!

Anyway, as we are mugs we deserve being shafted by these corrupt people since AIM is the wild west where the rule book doesn't exist.

[noirua] 17/11/2015 11:24

The company's website is the only place to obtain any information on IMIC. All AIM rules no longer apply.
International Mining and Infrastructure Corporation plc, investing in iron ore and infrastructure | IMIC


The Company is continuing to seek a listing on another trading platform. However, it should be noted that there is no certainty that the ordinary shares will be admitted to another trading platform.

[irenekent] 16/11/2015 16:34

Who's door? Mine are with a nominee. Definitely keep thread going.

[che7win] 16/11/2015 16:12

Yes, I wonder if IMIC management are looking in!

[scorpione] 16/11/2015 13:44

agreed rossannan; very important under the circumstances to keep communicating, we are all in the same boat and knowing what one another is thinking is crucial so that if need be we can act uniformly.

[beeezzz] 14/11/2015 22:10

To be honest I'm lost for words and understanding what is going on here. I was of the impression that share trading had been suspended, then disqualified from AIM after no NOMAD was appointing in time, how can they issue shares in respect of these loan notes.

[miamisteve] 14/11/2015 17:55

The new bond holding has reduced this to junk.

basically giving the bond holders (it doesnt say who they are, but who would bet against it being a related party) security over the entire company and making any debt unenforceable as the bond holders can then call it a default and seize the assets.

[miamisteve] 14/11/2015 17:48

The Company will have to relist to convert, otherwise we are due cash.

The admission document reads

If the Company’s shares are not admitted to trading on AIM or certain other specified recognised investment
exchanges when the Loan Notes become due, the Company will be obliged to repay the Loan Notes in cash


We need to know now what the other specified recognised investment exchanges are.

[noirua] 14/11/2015 14:47

rossannan, unfortunately it is quite pointless even though I wish it was not. The rules of AIM no longer apply to IMIC that is for now a private company, hopefully the website will continue.
TW seems to have some thoughts on the ISDX which could be a way forward. Many more in the oil and mining sector are set to follow.