Afferro Min Share Discussion Threads

[tradermel] 17/11/2015 14:14

Strange GheeBee does not post in favour of IMIC anymore!

[bsg] 17/11/2015 14:06

There's an IMIC thread.

[horneblower] 17/11/2015 13:32

Basically, yes.

The main consolation is that the loan notes never had any value in the first place since IMIC was already totally under water with debt when they issued them.

The reason that Afferro's directors voted to accept IMIC's corrupt deal is that they got paid out fully in cash whereas we, the owners, had to accept worthless loan notes in part consideration.

It does hurt a little that the directors generally got their shares for free while we had to pay good money for ours.

Delboy will no doubt point out that the cash we DID receive was pretty good at the time, but that is dubious since it was OUR cash they paid us with!

Anyway, as we are mugs we deserve being shafted by these corrupt people since AIM is the wild west where the rule book doesn't exist.

[barius] 17/11/2015 13:18

Is anybody still out there? What can we do with these loan notes? have we been done up like a kipper?

[livic1971] 08/10/2015 09:34

I began speaking to the SFO more than 2 years ago about this and had several emails more recently. I have suggested they talk to the Nomad about why they have resigned before the proverbial hits the fan.

I don't anticipate getting any money back but frankly these guys should not be running companies and should get jail time. If this goes South as it will, then I have a long email correspondence with the SFO which will come to light and paint them pretty poorly.

The SFO can't say they weren't warned.

[scorpione] 08/10/2015 07:01

There you go guys! Expect to be issued shares in a de-listed IMIC; it will be many many years before we get our money or maybe not at all if they go bust! What a stitch up! Meanwhile ex Afferro directors enjoying full takeover proceeds in cash............absolutely criminal!

[scorpione] 21/4/2015 10:35

I just do not understand how the former Afferro directors managed to get away with a deal entirely in cash for themselves whilst leaving THEIR shareholders with deferred cash or shares. If we do not get our money I think serious consideration should be given to forming an action group to sue the directors. Any lawyers amongst us?

[nav_mike] 21/4/2015 08:34

These are definitely not our loan notes

Read the last IMIC Annual accounts and you will see under note 20 the various bonds that they are currently looking to restructure.

The 'Affero bond' they refer to was raised prior to the AFF deal completing and issue of our loan notes.

(The convertible loan notes are listed separately under note 21 of the accounts).

[deltrotter] 21/4/2015 08:28

Afferro had piles of cash - about £50m - raised via placings and selling Putu.

[horneblower] 21/4/2015 08:27

I'm fairly certain that these 8.875% bonds existed BEFORE they took Afferro over.

[blah blah] 21/4/2015 08:22

Horneblower, I'm certain this is not our loan notes. For a start the numbers don't tally. But anyway, Afferro would have had its own debt financing through bonds and this is what they are trying to restructure, in my opinion.

[che7win] 21/4/2015 08:00

I don't know that I would vote for it myself, they can't force us to vote for it.

[nav_mike] 21/4/2015 07:04

I originally thought there was no way they would allow the AFF loan notes to convert into shares, as it would distort the ownership structure too much, however on reflection.....

Convert the shares, let the share price tank on the ensuing selling, then do a financing placing to the favoured few at rock bottom prices to restore holding % to whatever they want

Just a thought...

[woodpeckers] 21/4/2015 06:52

Sorry horneblower, you're correct, not awake yet!

As Blah blah suggests, this may be good news for us. If they are dealing with a smaller loan due at a later date than ours it may suggest that we will get paid otherwise why not sort the delay of ours out first?

[blah blah] 21/4/2015 06:50

My best guess is we will be paid out in shares which would probably be the best we can hope for. Won't do the IMIC share price any favours though.

[nav_mike] 21/4/2015 06:47

aye...not the same bonds/notes

We still await details of our fate lol

Getting some rich bondholders (who probably arent that many in number) to agree is one thing, getting hordes of the great unwashed masses to do the same, is probably more tricky :)

[blah blah] 21/4/2015 06:46

Yes horneblower - this might ease some of the financial pressure on IMIC so is hopefully good news for us - not sure how they would go about asking the loan note holders to defer, presumably they can't force us to do so. The loan notes total $48m and are due 19 December 2015.

[irenekent] 21/4/2015 06:46

We're probably next.

[horneblower] 21/4/2015 06:42

But this is NOT our Loan Notes which are 8% due 2015!

[woodpeckers] 21/4/2015 06:25

As expected.....

Intl Mining & Infrast Corp PLC Bond Restructuring Proposal - Afferro
Print
Alert

TIDMIMIC

RNS Number : 7843K

Intl Mining & Infrast Corp PLC

21 April 2015

21 April 2015

INTERNATIONAL MINING & INFRASTRUCTURE CORPORATION PLC

("IMIC" or the "Company")

Bond Restructuring Proposal - Afferro Mining Ltd.

International Mining & Infrastructure Corporation plc (AIM: IMIC), the Company focused on unlocking the value of iron ore in Africa, is pleased to announce that its 100 per cent. owned Canadian subsidiary, Afferro Mining Ltd., formerly Afferro Holdings Ltd., ("Afferro"), has invited the holders ("Bondholders") of its US$20 million 8.875 per cent. bond due to mature in 2016 (the Bond) to approve a proposal to modify certain terms and conditions constituting the Bond (the "Proposals"), in line with those announced on 17 April 2015 in connection with certain other outstanding bonds.

Key Proposals

-- To amend the final redemption date by extending it by 5 years from 30 October 2016 to 30 October 2021;

-- To amend the Interest rate by decreasing the coupon payable on the Bond by 3.875 per cent., from 8.875 per cent. to 5 per cent.;

-- To increase the repayment amount to be paid at final maturity to compensate for the reduction in interest rate, to 133.1278 per cent. of the nominal amount of the Bond;

-- By inserting a new accelerated repayment covenant which will oblige Afferro to make immediate repayment to the Bondholders if Ethelbert Cooper is removed from the office of director and Non-Executive Chairman of International Mining & Infrastructure Corporation plc, of which Afferro is a subsidiary, by a shareholder resolution; and

-- To amend the conditions relating to the interest payable date by making the payment of the interest from semi-annual to annual.

Ethelbert Cooper, IMIC's Chairman, commented:

"Following a review of our debt position, we have made certain proposals to the Bondholders in relation to restructuring of the Bond. The Bond Proposals have been designed to rebalance the group's financing obligations."


Afferro has confidentially discussed these amendments to the Bond with certain of the Bondholders and, based on the Bondholders' responses during those discussions, Afferro expects them to be supportive of the Proposals.

Quorum and Required Votes

The quorum required for the proposed amendments to be considered is one or more holders of the Bond or proxies representing 75 per cent. in principal amount of the Bond outstanding.

To be passed, the extraordinary resolution in respect of the Proposals requires a majority of not less than 75 per cent. of the votes cast. If passed, the extraordinary resolution shall be binding on all the Bondholders, and each of them shall be bound to give effect to it accordingly.

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[horneblower] 18/4/2015 08:45

We are more in number but they probably control the larger number of notes.