Intl Min&IN Crp Share Discussion Threads

[parthus] 07/12/2015 22:51

If you bought the Afferro shares, then the loan notes are yours via the Nominees. I suppose that would be your Stockbroker. He is obliged to follow your instructions and vote according to your wishes.

If you have the loan notes via a spread bet, then ask your spread bet firm to ask the nominee company that represents them to move the loan notes into your name.

Once in your name ( check with Neville Registrars ) then Neville Registrars will send you Proxy Form. Download sign and send the hard copy ( preferably by next day guarantee, as there isn't much time left )

I have experience of both scenarios.

[scorpione] 07/12/2015 11:20

I received the notification below and phoned the company; they are adamant that only people that go to their office can see it and they need to have proof that one is a genuine CLN holder. Like mine, I imagine most people's holdings are in nominee accounts via stockbrokers and this makes it even harder as they will only give sight to the nominee firm! Ideas anyone?

Date: 04/12/2015


INTERNATIONAL MINING & INFRASTRUCTURE CORPORATION PLC
Supplementary Deed

International Mining & Infrastructure Corporation plc, the Company focused on unlocking the value of iron ore in Africa, notifies the holders ("Convertible Loan Noteholders") of the convertible loan notes ("Convertible Loan Notes") that a supplementary deed in relation to the meeting of the Convertible Loan Noteholders scheduled for 14 December 2015 has been prepared and will be available for inspection from Monday, 7 December 2015.

Any Convertible Loan Noteholders registered on the Convertible Loan Notes register may inspect the supplementary deed during normal working hours at the headquarters of the Company on 40 New Bond Street, London, W1S 2RX, subject to the provision of a Convertible Loan Note certificate. A prior appointment is required for verification purposes.


For further information please contact:
International Mining & Infrastructure Corporation plc
Ethelbert Cooper, Chairman
Haresh Kanabar, Chief Financial Officer
www.imicplc.com
[phone]
Pareto Securities Limited – Sole Broker
Guy Wilkes / Will Slack
www.paretosec.com
[phone]
Buchanan – Financial PR
Mark Court / Sophie Cowles www.buchanan.uk.com
[phone]

[scorpione] 07/12/2015 11:19

I received the notification below and phoned the company; they are adamant that only people that go to their office can see it and they need to have proof that one is a genuine CLN holder. Like mine, I imagine most people's holdings are in nominee accounts via stockbrokers and this makes it even harder as they will only give sight to the nominee firm! Ideas anyone?

Date: 04/12/2015


INTERNATIONAL MINING & INFRASTRUCTURE CORPORATION PLC
Supplementary Deed

International Mining & Infrastructure Corporation plc, the Company focused on unlocking the value of iron ore in Africa, notifies the holders ("Convertible Loan Noteholders") of the convertible loan notes ("Convertible Loan Notes") that a supplementary deed in relation to the meeting of the Convertible Loan Noteholders scheduled for 14 December 2015 has been prepared and will be available for inspection from Monday, 7 December 2015.

Any Convertible Loan Noteholders registered on the Convertible Loan Notes register may inspect the supplementary deed during normal working hours at the headquarters of the Company on 40 New Bond Street, London, W1S 2RX, subject to the provision of a Convertible Loan Note certificate. A prior appointment is required for verification purposes.


For further information please contact:
International Mining & Infrastructure Corporation plc
Ethelbert Cooper, Chairman
Haresh Kanabar, Chief Financial Officer
www.imicplc.com
[phone]
Pareto Securities Limited – Sole Broker
Guy Wilkes / Will Slack
www.paretosec.com
[phone]
Buchanan – Financial PR
Mark Court / Sophie Cowles www.buchanan.uk.com
[phone]

[noirua] 04/12/2015 17:43

14th December 2015 at 10:30am Holiday Inn Leicester, 129 St. Nicholas Circle, Leicester LE1 5LX.


Requires 75% in favour voting at the meeting, however, the info supplied by TDD suddenly vanished and there is no info at HL.

[exbroker] 04/12/2015 17:33

A question for this board. What is the cost for CGT of the convert stock transfered from an ISA? If we dont get the interest payment can we claim it as a bad debt against income tax or will it be added to the cost price of the convert?

[1buy and hold] 30/11/2015 16:06

As I understand it, we cannot get shares this December because for that to happen the terms of the loan notes require the company to be listed, which it is not (unless on an obscure stock exchange I've never heard of). The forthcoming motion offers us a glimmer of hope, by allowing us, as from June 2016, to swap the loan notes for shares, which we could then sell. My main concern is that this can still only happen if the shares are then listed, and para 6 of the motion seems too loosely worded to compel a listing. This may be an oversight on the part of the proposers of the motion, which is why I would like to know who they are and be able to speak to them with the very forlorn hope of getting the wording tightened before any relevant deadlines in time for the meeting. I assume that if the motion is defeated IMIC will go into liquidation and we shall get nothing.

[noirua] 30/11/2015 14:41

Loads more patience required if you go for the new 2021 option. Accepting shares in December is simple but seeing them diluted looks a near certainty and waiting for a quotation lacks any certainty.

[michaelwhight] 27/11/2015 13:44

I've said goodbye to this money so I'm happy to demand it now. I don't feel like giving them any more.

[1buy and hold] 24/11/2015 15:34

I was also wondering whether they could be persuaded to pay the interest rather than roll it up. (The motion does not require them to do this.) However, it would probably prove difficult to get any amendments to the motion passed at all, which is why I would concentrate on what I see as the most important issue, namely making sure that IMIC's shares are re-listed. I concur with miamisteve's comment that it would be good if we could identify and make contact with the proposers of the motion. (Unfortunately they are not named in he notification.)

[smith99] 24/11/2015 14:34

Is it possible that all the while we are holding the notes they have to pay the ongoing 8% as a dividend type payment in 2 yearly instalments ?

[smith99] 24/11/2015 14:28

I really cant decide which way to go. On one hand I feel as we cant force the company to pay us as they just don't have the money and in the other I feel as if I'm going to get shafted then ill quite happily drag the board down with me.

[noirua] 24/11/2015 11:56

There is an outside chance that IMIC may transfer to BVI British Virgin Islands registration from Guernsey and seek a quotation in Hong Kong as a holding company.

[noirua] 24/11/2015 11:52

TDD have now put a right to voting announcement for shareholders of AFF convertible loan stock.

[1buy and hold] 24/11/2015 10:10

One of my concerns is para 6:

"IMIC will be required to obtain and maintain a listing of the shares during the extended maturity period." What happens if they don't?

I would like to see this amended to something along the lines of:

"IMIC will be required to obtain and maintain a listing of the shares as from 19th February 2016 and during the remainder of the extended maturity period, failing which the principal and accrued interest of the loan notes will be immediately repayable."

Otherwise we could be totally locked in for at least another 5 years, or until the company goes broke.

[irenekent] 23/11/2015 15:26

Still sounds like kicking the can down the road

[miamisteve] 23/11/2015 12:34

it sounds like we should be voting in favour of this. We can vote by proxy so important that we get everybody on board here.

basically they are saying that the choice to convert is ours now and that if they want to cash us out they must pay a penalty 10% for early redemption. fat chance of that.

Livic - Does it have the details of the loan note holder who called it? We should make contact with them.

[livic1971] 22/11/2015 00:24

Have just got a letter in the post from them, they appear to have been forced to hold an EGM on the issue on the 14th of December in Leicester because a Loan Note holder with more than 10% of them has requested it.

There is a proposal to vote on which would cancel the conversion notice and do several other things.

(a) approves and assents to the withdrawl and cencellation by the Company of the Conversion Notice served on the Noteholders;

1 - Extension of the maturity by 5 years to 21st December 2020

2 - Too long to type but basically gives us some form of choice every 6 months on conversion to IMIC shares (this should make it harder for them to wipe us out with new equity)

4 - IMIC can make a cash call on converted Loan Notes at a 10% premium to the value plus interest in which case the Loan Notes will not be converted (I don't quite get the implications of this)

5 - If they call your loan notes you get warrants.

6 - IMIC is required to obtain and maintain a listing of the shares during the extended maturity period.

75% need to pass the resolution

The letter has more detail.

[michaelwhight] 21/11/2015 15:41

So does this proposal simply give them access to 10% more of our money without diluting director shareholding?

[noirua] 20/11/2015 17:46

Something makes me think this is little more than further shuffling of the deck chairs on the very well holed and sinking Titanic. Unless the good ship 'Mighty High Iron Ore Prices' arrives to the rescue.

[horneblower] 20/11/2015 00:06

Anyone, including IMIC, who owned AFF shares at the takeover, would have received the convertible Loan Notes in part payment (except the AFF directors, that is, who got cash instead).
I don't know how many AFF shares IMIC had bought prior to the offer but I doubt it was more than 10% of the company.

[yorkie52] 19/11/2015 23:17

Fair enough just mntioning a possibility.

[che7win] 19/11/2015 20:12

Yorkie,
Why would IMIC own shares in the convertible? They bought Aff shares in the open market in the 60's to minimise the takeover costs, wouldn't make sense for them to own any of the conv. instrument.

[yorkie52] 19/11/2015 18:22

I seem to recall on the build up to the takeover by IMIC that had bought a large percentage of Afferro in the open market. I wouldn't be surprised that IMIC themselves hold more than 25% of the loan notes in which case they could easily vote down the proposal.