Intl Min&IN Crp Share Discussion Threads

[deltrotter] 24/2/2017 10:55

Hi Parthus

Agreed - nothing to lose. Go for it.

I hope all is well with you and yours.

Cheers

Del

[parthus] 24/2/2017 10:51

I have received a notice to adjourn the scheduled meeting on 15 March 2017 and have the meeting on 15 May 2017. I suppose we lose nothing in agreeing ?

[deltrotter] 21/12/2016 12:19

Yeah, I suppose you are right. Just trying to spread a little Christmas cheer!

Cheers

Del

[horneblower] 21/12/2016 11:58

No chance, deltrotter.
I shall use the losses against my cap gains bill.

[1buy and hold] 21/12/2016 09:48

Unfortunately our loan notes are unsecured, and we would rank near the back of the queue behind a plethora of secured bond holders.

[deltrotter] 21/12/2016 09:15

Hi Horneblower

Never say never. Maybe, just maybe, there is another twist coming in this saga!

Cheers

Del

[horneblower] 21/12/2016 08:29

No chance but thanks for the sentiment, Mr IMIC.
Happy Christmas to you too.

[deltrotter] 21/12/2016 08:17

I do hope you guys get something back out of this.

Happy Christmas everyone.

Cheers

Del

[horneblower] 21/12/2016 08:09

The link above shows the extent of IMIC's Loans "quoted" on the Irish Stock Exchange including ours. It amounts to well over £100 million.

Not a penny of it will ever be repaid.

Nice work if you can get it.

[parthus] 21/12/2016 00:56

I suspect that "major loanholders" are the same that forced a change of terms (successfully) in the past. I hope something to our benefit will emerge.

[che7win] 20/12/2016 15:03

Surely if it enter insolvency, we as loan note holders are near the top of the pecking order for any recovery of debt owed? Is that too naive?

[1buy and hold] 20/12/2016 13:49

The announcement of the adjournment until 15.3.17 includes the paragraph:

"The directors of IMIC have been approached informally by certain major loan noteholders who suggested amendments to the proposal. To allow sufficient time to consider the suggested amendments to the proposal properly, the noteholders meeting has been adjourned."

I am not sure whether, now we appear to be in a second "window" during which a listing failure has occurred, we can demand our loan notes be redeemed for cash (including accrued interest).

The notes with the notice of the original meeting give 21.2.17 as the date by which the company will be likely to have to enter insolvency if no listing is obtained.

[irenekent] 14/12/2016 14:14

What kind of people are we in bed with?

[gheebee] 14/12/2016 13:38

I understand that it has been postponed so that Mukhtar Ablyazov can attend now that the French have released him from prison.



Our largest bondholder and shareholder through Niel Infrastructure apparently.

[scorpione] 14/12/2016 12:24

Who knows, we shall see che7win; if they have hopefully it will suit everyone.

[che7win] 14/12/2016 11:51

Thanks Scorpione, Maybe the larger shareholders have agreed something?

[scorpione] 14/12/2016 10:39

FYI - Just spoken with IMIC and found out that yesterday's meeting has been adjourned until 15 March 2017. No reason given but a notice will go up on the website today.

[stevie blunder] 13/12/2016 16:10

Sorry, wrong link.

[scorpione] 13/12/2016 13:40

Does anyone know the result of this morning's meeting?

[parthus] 01/12/2016 00:15

Horneblower:

Don't think they are related because they were the ones that tabled a new motion forcing IMIC to hold a meeting which subsequently altered the terms. But I suspect you are right, it won't alter the outcome what we do. I have already voted against.

[richard157] 30/11/2016 15:42

There were several institutional investors in Afferro and they would no doubt be following the situation closely and maybe in dialogue with IMIC. I guess in reality it's the institutions who would have the votes to carry or reject the proposal. The voting process is pretty clear and I can't see how anyone could rig it.

[woodpeckers] 30/11/2016 13:25

And whats more,no matter how the vote goes, they will make sure we don't see a penny of our investment. Hence why I just what to do whatever I think they don't want us to.

[horneblower] 30/11/2016 12:26

No need to worry about how to vote; they will get it through whatever us PI's want or think. They have total voting power.

[scorpione] 30/11/2016 11:50

I have read the notification but unsure at this stage whether my brokers will offer the facility to vote by proxy or not. If they do, I am leaning towards accepting the proposal; I have pretty much written these off but it seems to make sense to me to accept. It looks like (I know, I know, they may be pulling a fast one!) they are in very bad shape and looking to keep costs down (a listing would obviously add to costs - if they can manage to get one!) and no NOMAD would touch them with a barge pole. I prefer the lower risk in this instance of fixed interest at 8%pa with pay back (hopefully in 4 years) rather than the gamble of conversion. It may be 10 years or more before shareholders can make a decent return on this!