Intl Min&IN Crp Share Discussion Threads

[noirua] 20/11/2016 00:31

INTERNATIONAL MINING & INFRASTRUCTURE CORPORATION PLC
Notice of meeting of Loan Noteholders
to be held at 10.30 am on 13 December 2016
at Holiday Inn Leicester, 129 St. Nicholas Circle, Leicester LE1 5LX


IN ORDER TO VOTE ON THE EXTRAORDINARY RESOLUTION AT THE MEETING,
PROXY APPOINTMENTS MUST BE RECEIVED BY THE REGISTRAR, NEVILLE
REGISTRARS, BY 10.30 A.M. (LONDON TIME) ON 11 DECEMBER 2016.

1 The removal of the requirement for the Company to maintain a listing;

2 All conversion rights held by the loan note holders and the Company to be removed and the Notes to be amended to a straight debt instrument with repayment in cash at maturity on 19 December 2020. The interest at the rate of 8% will continue to be accrued and paid together with the principal at maturity;

3 the addition of an additional covenant by the Company to seek an Extraordinary Resolution from the Loan Noteholders to any non-routine matter in respect of which it seeks the consent of its shareholders; and

4 the compulsory revocation of any existing notice for repayment served by any Loan Noteholder.

(i) The quorum at the Meeting for passing an Extraordinary Resolution at the Meeting shall be two or more Loan Noteholders or holders of a voting certificate or a proxy for, or representative of, a Loan Noteholder present holding or representing at least one tenth of the aggregate principal amount of the Notes then outstanding. At any adjourned Meeting, two or more persons present or being proxies or representatives (whatever the aggregate principal amount of the outstanding Notes held or represented by them) shall form a quorum.
(ii) To be passed at the Meeting, the Extraordinary Resolution requires a majority of not less than 75 per cent. of the votes cast.
(iii) Every question submitted to the Meeting shall be decided on a poll and every Loan Noteholder present in person or by proxy shall have one vote for every £0.40 in principal amount of the Notes of which he is holder.
(iv) If passed, the Extraordinary Resolution will be binding upon all the Loan Noteholders, whether or not present at the Meeting and whether or not voting.

[gheebee] 19/11/2016 09:59

I'm struck by my far-sightedness......

Here's a thread so you don't clog up the IMIC Main Thread with Votes of Thanks to the Board of Afferro for their far sighted generosity in giving you a non-voting stake in IMIC's near term future, with boring questions about Loan Notes in ISAs and SIPPs, the treatment of gains and losses for tax purposes and with impotent whinges if the Loan Notes are eventually altered or abrogated.

[deltrotter] 19/11/2016 07:56

Hi Parthus

Best of luck here - you deserve to get some of your losses back, even if it does not fully cover the pain you have been through.

I will keep my fingers crossed for you.

I hope you and yours are well.

Best wishes

Del

[irenekent] 18/11/2016 18:57

Haven't heard a thing. I shall call brokers and ask whats going on. Sound absolutely outrageous. Do they give any info on their reasoning behind this?

[irenekent] 18/11/2016 18:55

Haven't heard a . I shall call brokers and ask whats going on

[beeezzz] 18/11/2016 17:26

Barclays are rubbish they expect you to keep checking their website tight gits, took them until 3 days before SXX share issue before I received anything.

Not trusted them since they amalgamated their two groups enabling them to use money to fore fill the 'Basil agreement'

[woodpeckers] 18/11/2016 17:17

1buy, how did you hear about the meeting? I hold my note with Barclays who haven't said anything to me.I think its important to make sure as many as possible register their vote against this.

[deltrotter] 18/11/2016 16:17

Best of luck guys - I truly hope you can salvage something from this.

Cheers

Del

[che7win] 18/11/2016 15:48

Cheers,
if this did succeed, then we couldn't ask for a return of our money. This is bordering on deceit.

Can they vote this through by a show of hands? Sounds like they will try anything to do it.

[woodpeckers] 18/11/2016 15:38

1buy, I hope you don't mind but I have copied and pasted your post on to the loan note holders thread so that as many people as possible see it.

[woodpeckers] 18/11/2016 15:36

Absolutely che and the following post copied from the other thread suggests to me that there actually is a bit of hope here. Why otherwise would they be attempting to push the proposal through? I haven't yet received my notice, don't know if others have?

1buy and hold posted this earlier today:

I have today received a notice of a Loan Noteholders meeting to be held at the Holiday Inn, Leicester on 13th December at 10.30am. The purpose of the meeting is to vote on a proposal to cancel the right to convert, cancel the requirement for IMIC to obtain a listing and to revoke "any existing notice for repayment by any Loan Noteholder". Unfortunately I shall be unable to attend, but shall be voting by post against the proposal. The cancellation of the necessity to list and the right to convert seems to be against the interests of the noteholders, and I believe has only been made because the company is afraid the noteholders could end up with the bulk of the company's shares. The revocation of existing notices for repayment suggests that I am not the only one seeking immediate repayment on the grounds that IMIC has not fulfilled its obligation to obtain a listing. I shall probably not take legal action against IMIC because of the legal costs and the fact that the company is insolvent. I shall email Investors Chronicle to see whether one of its journalists would take up our cause, but I suspect they will think we are too small a group of people to be of interest to many of their readers.

[woodpeckers] 18/11/2016 13:35

Thanks for that 1buy. I too will send my postal vote in voting against the motion, lets hope we can get a few more on board.

Good luck with IC.

[1buy and hold] 18/11/2016 13:23

I have today received a notice of a Loan Noteholders meeting to be held at the Holiday Inn, Leicester on 13th December at 10.30am. The purpose of the meeting is to vote on a proposal to cancel the right to convert, cancel the requirement for IMIC to obtain a listing and to revoke "any existing notice for repayment by any Loan Noteholder". Unfortunately I shall be unable to attend, but shall be voting by post against the proposal. The cancellation of the necessity to list and the right to convert seems to be against the interests of the noteholders, and I believe has only been made because the company is afraid the noteholders could end up with the bulk of the company's shares. The revocation of existing notices for repayment suggests that I am not the only one seeking immediate repayment on the grounds that IMIC has not fulfilled its obligation to obtain a listing. I shall probably not take legal action against IMIC because of the legal costs and the fact that the company is insolvent. I shall email Investors Chronicle to see whether one of its journalists would take up our cause, but I suspect they will think we are too small a group of people to be of interest to many of their readers.

[stevie blunder] 17/11/2016 10:28

Hope springs eternal in the mind of the IMIC chairman! From the link above and concerning Ntem:

" The company will carefully monitor market developments and launch the DFS at the appropriate
time...................envisages to begin production within 36 months post DFS, subject to financing"

It is worth a read, not sure how much is fantasy of course especially the bit about the company loan to the
former chairman's new company to develop a pellet plant. I'm sure that is all above board and that Ethelbert Cooper is a fine upstanding chap!

I have written the loan notes off, of course.

[stevie blunder] 16/11/2016 18:37

Thanks Noirua.

[noirua] 15/11/2016 10:00

Results to 30th June 2015


US$27 million was raised on 27th October 2016.

Work at Ntem continues with a Definitive Feasibility Study as the company's aim.

[nav_mike] 14/11/2016 15:08

I see the long overdue accounts have finally been filed.....

Nothing to worry about - just a loss of $131m and net liabilities of $113m

Will be utterly gobsmacked if I see a single penny back on the loan notes :(

[che7win] 11/11/2016 15:08

Surely with iron ore prices rocketing there is something to salvage.

[1buy and hold] 11/11/2016 14:40

Accounts for the year ended 30.6.15 have been filed at long last! I haven't yet looked at them in detail, but liabilities heavily outweigh assets and there is a going concern qualification in the audit report. No surprises here.

[beeezzz] 24/10/2016 11:28

So what next "Hasta la vista"