Intl Min&IN Crp Share Discussion Threads

[woodpeckers] 23/3/2016 16:14

Mine are still in my Barclays account and I haven't received any notification from them about converting??? Anyone any advice please?

[1buy and hold] 23/3/2016 15:36

Yes, allstar 07, as I understand it, if you elect to convert your loan notes, the number of shares you get is determined by the average price at which shares changed hands over the previous 28 days. As the shares are not listed or quoted, this price cannot be established and so the option to convert is meaningless at the moment. (See my previous post on this subject).

[allstar_07] 23/3/2016 14:21

How do you convert HB when there is no 'average' price?

I hadn't looked into all of this for probably a year and saw the TD corporate action. My understanding is that if the company is relisted then we may be able to convert to shares and actually get cash by selling. If they don't relist we can do f'all?

I presume highly unlikely they are going to relist.

The notes are in TD account which I never use and costs money to keep open. I guess I can request a paper copy or transfer to my other dealing account.

[noirua] 23/3/2016 13:11

You have until 29th March, TD say. Next opportunity is 6 months time, it's your call.
However, HL say the deadline passed on 21st March and their latest date was 8th March - not convinced once again with them on much outside the UK.

[hardrider8] 22/3/2016 20:54

have just received notification from TD. Do i convert to shares or not? I haven't been keeping up with this. Any help appreciated.

[noirua] 22/3/2016 20:14

“iv. In respect of any Loan Notes upon which a conversion notice has been given IMIC has the right to exercise a cash call option during the 90 day notice period. Such cash call option shall be in respect of either all or some of the Loan Notes being converted. In the event of only some of the Loan Notes being subject to a cash call, the cash call shall be effected on a pro rata basis. The cash call option shall be for IMIC to call the relevant Loan Notes at a 10% premium to the principal and accrued interest due on the Loan Note at the conversion date, in which case the Loan Notes so called shall not be converted;

“v. In respect of any Loan Notes called by IMIC in this manner, the holders of such Loan Notes shall also receive warrants to subscribe for Ordinary Shares in IMIC over 10% of the number of shares into which the relevant Loan Notes would have converted. These warrants shall have a 2 year maturity from the conversion date and a strike price equal to 110% of the conversion price which would have applied if the Loan Notes had not been called; and

“vi. IMIC shall be required to obtain and maintain a listing of the shares during the extended maturity period.

Brokers require decision by 29th March 2016.

[I notice Hargreaves Lansdowne have not given notice yet to IMIC Loan Note holders. Dare I say it, they could have got confused]

[nemeziss] 22/3/2016 19:56

Yes, received to day as well...

[michaelwhight] 22/3/2016 17:31

Yes just got something through. What's it all about?

[che7win] 22/3/2016 17:24

I got a convert notice from TD trading, anyone else receive one?

[gheebee] 19/3/2016 22:43

Enough money left to pay for an article on proactive investor earlier this month though (IMIC's commanding iron ore position in Cameroon)

[nav_mike] 18/3/2016 07:49

Companies House started proceedings to strike the company off on 8th March, however these were discontinued on 12th.

Still no accounts filed to 30.06.15

[noirua] 13/3/2016 22:53

What is Driving the Price of Oil and Iron Ore? - 14.03.2016

[parthus] 09/3/2016 15:20

Contacted the Company today.

Listing is proposed to be on ISDX but "it's an ongoing process". No idea when it will be done. No conversion of loan notes to shares until the listing....

[che7win] 07/3/2016 18:37

Iron ore up 20% today:

[nav_mike] 22/2/2016 08:00

The company has no money, its accounts are late, and it has delisted from its exchange. I can think of many ways it wont honour the loan notes - the main one is by going bust.

Of course they may well convert into equally worthless equity....

I would love to get something back on this, but in my mind theyve been written down to zero. All I can hope for is that something equally financially unpleasant happens to all the shysters who fobbed us off with worthless paper while making sure they got paid in cash.

[mrnolte] 21/2/2016 20:54

Not sure what our options are, can anyone help clarify? According to the IMIC website:

"The convertible loan notes are listed on the Irish Stock Exchange. hxxp://www.ise.ie/Debt-Securities/Individual-Debt-Securities-Data/ShowSecTranche/?refNo=4853&trancheID=75273

IMIC plc is not currently aware of any financial institution making an active market in the convertible loan notes. As such, there is not a public price for the instruments and trading will be on a matched basis.

For further information on trading and pricing, you should contact your broker. IMIC plc is not a regulated financial institution and does not intend to assist in matching buyers and sellers."

- What does this mean?
- Is this a way for IMIC to not honour the loan notes?
- What options do we have?

[nav_mike] 12/2/2016 10:57

Accounts are overdue....never a good sign :(

The companies house website has had a major overhaul recently and all public information and filings are free to access unlike before.

Probably the only place where we will find this has gone bust...

[1buy and hold] 12/2/2016 08:41

There was nothing in the new terms of the loan notes to say that they were not still accruing interest at 8% pa, so I assume that remains the case.

[ridicule] 11/2/2016 17:13

I have just received notice of the need to declare conversion acceptance within the 90 days notice period ,yet the shares are not listed and I have been unable to ascertain whether the coupon interest of 4% is still accruing during the extended period of the loan notes to 2020. Does any one know if interest is still accruing?

[noirua] 06/2/2016 11:39

IMIC may try a listing on the ISDX market.

[1buy and hold] 11/1/2016 09:42

Agreed about the distinction between "listing" and "admitted to trading". As a separate issue, I would have thought that they need to be listed by 23rd February this year to fulfil the conditions for the first opportunity to convert to be made on 20th June. This is because it needs 28 days over which the share price is weighted, followed by 90 days' notice of conversion. Incidentally, I'm sure everyone will have noticed that, with IMIC in such a bad way, the end result of this intended takeover of Afferro by IMIC could be that former Afferro shareholders hold the bulk of IMIC.

[fairman] 11/1/2016 08:53

I think that we need to be aware that there is a difference between " a listing" and "admitted to trading". A listing means you have applied for and met the listing requirements and will commit to filing the relevant announcements. It does not mean that it will be tradeable- this requires it to be 'admitted to trading' - which I guess will not be the case for IMIC. The shares/ Bonds will then be left as tradeable only a 'matched bargain basis' which will be so highly illiquid , you might as well forget it.