|Intl Min&IN Crp
||EPS - Basic
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Real-Time news about Intl Min&IN Crp (London Stock Exchange): 0 recent articles
|parthus: EC : Thank you for posting that.
Can you please tell us where you saw this ?
What are the views of this bulletin board ?
Should we keep the loan notes or convert ?
And how could we convert, as there is no share price to speak of ?|
|1buy and hold: 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.|
|speedsgh: We make of it that we have been royally stitched up. This is probably the least surprising news in the last 2yrs since the terms of the takeover were announced. One assumes that on Mon morning IMIC will now be delisted as they have not managed (or possibly even attempted) to appoint a new Nomad, thereby rendering the new IMIC ordinary shares that we are being issued worth next to nothing. Quelle surprise! The only saving grace is that I had written off the loan notes from the very start so, if it does play out as outlined above, it will merely be confirmation of what I had suspected all along.
To be fair, with the benefit of hindsight, getting 80p/share cash for Afferro was actually a very good deal. I dread to think what the Afferro share price would be today if the deal hadn't happened. Yes, LdS + other directors got a better deal than other shareholders but this is the wild west of AIM so one should hardly be surprised. I am just grateful for the 80p/share that we did get. For me it has all been part of the learning curve. The challenge is to ensure that it will be a lesson LEARNT. Aimho.|
|rossannan: Way I saw this working out was that as ex-AFF I would at least get new IMIC ordinaries in exchange for my IMIC bonds, albeit that I wouldn't be able sell them fast enough to realise much value. Doesn't now look as if I'll get that far. Planned to be short of IMIC to take advantage of the likely drop in the share price between the conversion pricing period and the new ordinaries being admitted to trading - even opened my short, but then closed it because I thought I had opened it too early. That certainly looks like a mistake, but I guess we'll all just have to wait for the announcement.|
|gheebee: I once said that IMIC had been shafted by Sundance not choosing the China option for the Port and Rail Infrastructure Contract. However, a little earlier this year Sundance offloaded the P&RI part of their operation and, I presume, the Portugese company and South Africa bank it had chosen over the Chinese got offloaded too. IMIC was hoping for a Chinese win and to be part of the consortium and now that's what's happening. International Mining and INFRASTRUCTURE Corporation is playing for time right enough. The price will rise beginning soon, the number of shares loan notes will deliver will be reduced, a discounted massive placing will be got away (AIOG will get its 10% free anyway) and the share price will collapse as everyone bails out.|
|noirua: horneblower, It seems IMIC are playing for time in juggling around with their loan book as paying everything back as originally planned would put the whole enterprise under threat.
The loan that is meant to payout cash to AFFerro former shareholders or convert into IMIC shares looks simple as there is a period of time before 15th December to average the share price - the problem as most can see is what will happen to that share price and should holders of shares sell or not.
There are also ongoing negotiations on the other Afferro loan that must be proving difficult. I suppose they will have to agree or risk losing everything and hope, like the IMIC directors, that the iron ore price recovers by 2018 or before.
It is possible IMIC will issue shares to former Afferro shareholders in the form of escrow, that would mean they could not be traded until a certain date in the future, maybe 2018. Or these shares could have restricted voting rights allowing a full issue on 15th december 2015.|
|taffer87: che7win: I think the all the debt / convertible debt issued since the acquisition and before (of AFF) has been from related parties of shareholders... its a clever way of protecting their investment in a way.
1) AFF related convertible shares are converted to equity.. share price tanks to close to nil etc.. current IMIC shareholders lose their equity interest
2) the newly issued convertible loan notes are converted.... share price drops further but these loan holders now control the company... remember these loan holders are realted to (if not the same as current IMIC shareholders in (1) above - so their stake effectively is the same as before step 1 and 2, if not better since now their is little claim left by ex AFF shareholders)
Result: the convertible loan notes issued to ex AFF shareholders are worthless...
so that's the one scenario which I think can reasonably be expected under which ex- AFF shareholders lose out but not the current shareholders|
|deltrotter: Yup, astute thinking there wiloughby. These are truly two sought after world class assets and the imic share price is rocketing to prove it.
Sheesh you couldn't make it up!|
|che7win: If we get the payment in shares, doesn't really matter what IMIC share price is.|
|rossannan: Who knows where the IMIC share price might be 2 years out, but is it not reasonable to expect it to run up a bit once the Afferro acquisition completes, even if that re-rating eventually proves to be unjustified and it runs out of cash? Surely the market will see a lot of potential in IMIC, at least for a while...|
Intl Min&IN Crp share price data is direct from the London Stock Exchange