Afferro Min Share Discussion Threads

[goliard] 15/11/2013 07:36

Carla, no. The CGT liability will only be on any profit you make on selling the bonds.

[gheebee] 14/11/2013 19:43

Perhaps you need to contact an ISE authorised broker and set up an account with them, just like we all used to in the bad old days.

[nav_mike] 14/11/2013 14:20

The link that GheeBee posted does indeed get you to the listing page for IMIC bonds, but I cant for the life of me see how you actually get an actual quote for them.

[carla_jones] 14/11/2013 13:14

Thinking of buying in here, however unsure how HMRC will tax the loan notes once they are issued.

Will the full value of the new loan notes issued be subject to capital gains tax ?

[gheebee] 14/11/2013 12:55

Let me help you:

Visit www.ise.ie/Debt-Securities/Individual-Debt-Securities-Data/?action=SEARCH&search_word=International%20Mining

[whum] 14/11/2013 11:21

nav mike could you tell me what name they are listed under
thank you

[stevie blunder] 14/11/2013 09:39

Major shareholders get an out from an unfashionable sector, they still get the 80p cash. Many are long term holders and will be making gains. They have obviously been told that there is no alternative.

The Board get their options paid out in cash and don't have to wait for the loan notes to mature. Which has caused some ill feeling.

[nav_mike] 14/11/2013 09:35

You can see the IMIC notes listed on the irish GEM exchange, but Ive never actually managed to see a price quote.

Have asked on here a couple of times, but never got a response.

[whum] 14/11/2013 09:18

sb thank you for input
if this is the case what do major shareholders and board of aff
gain from recommending this deal, if they are not able to realise
any gains

[stevie blunder] 14/11/2013 08:53

Whum, you ask about trading/selling the loan notes.

As I understand it IMIC will arrange for a "listing" of the notes in Dublin as they have for another 2 of their issues.

This does not mean that you will be able to trade or that indeed there will be any trades conducted at all. I am not aware of any quoted prices of the existing notes in Dublin.

IMHO there will not be an effective market and you will be unable to sell at a decent price. To hold one needs some faith that they will be paid out in 2 years.

I think it is worth the punt at a price net of 1-2p.

HTH

[gheebee] 14/11/2013 08:22

It is precisely that logic that suggests to me that the people behind IMIC and AFF (my research of Company history would make a reasonable person conclude they are possibly the same people)are eager to ensure that AFF doesn't get grabbed by anyone else, at least until the SDL announcements push the AFF asset valuation up.

Interestingly as you say, giving that $70m cash to the current shareholders to buy them out makes both AFF and IMIC not cash rich at all. Hence, I note that IMIC are asking for permission to issue 120m worth of equity from their shareholders. Not too surprising but if they are doing a RTO of AFF I would have thought it was the shareholders of the new legal entity that needed to give their permission. Add that to the Article of Association change and there are then two indicators in the one AGM convening notice that a scaremonger might offer up as support for his tawdry wares.

[noirua] 13/11/2013 23:09

The attraction from IMIC's financial supporters is the cash in the bank of AFFerro.

Article dated April 2013 but the basics of the reverse takeover remain the same:

Afferro is cash rich with an estimated $70 million to $80 million in the bank. IMIC is likely to get a bridging loan to achieve the $100 million cash needed to execute the takeover. It raised $15 million last week through a bond issue to institutional investors; so we expect the remaining money to be borrowed using Afferro's assets and cash as security. That would still leave IMIC without any money to advance Afferro's operational assets.

decision-time-for-afferro#.UoQFwJaznXs - Google Search


Sundance ASX:SDL has A$44 million in the bank but it represents all debt. Also the company's board are a quite heavyweight outfit not ready to quietly step aside.
A bid is unlikely here as SDL directors are planning the course for the company and a bid would have to be around $500 million.

WAFM are not coming up with a decent resource as yet.

That leaves AFFerro as the only viable non-expensive major iron ore asset in the Cameroon, up for grabs.

[gheebee] 13/11/2013 22:47

This from the calling notice for the IMIC AGM to be held on 4 December (yes, that's later than the current closure date for the RTO of AFF):

"The Company's Articles of Association date from 2005. That pre-dates the Companies Act 2006. The opportunity is being taken to update the Company's Articles of Association by asking members to pass a special resolution adopting the New Articles".

Now why would you want to do that right now if you were going to create a new Company within days let alone the week before? Perhaps there's something in the current Articles that prevents the deal going ahead until they're changed. Or perhaps there isn't.

[gheebee] 13/11/2013 19:55

You need to read the new IMIC TSXV and AIM Admission Documents to find an answer to your question. Hope that helps.

[whum] 13/11/2013 19:25

info required
if and when this deal completes what is the process for
trading/selling the loan notes.
sorry to ask but new to this game
any advice would be appreciated.

[greenroom78] 13/11/2013 11:50

Not holding but am tempted to buy some at some stage. What baffles me is why the silence from AFF? Have they halted all activities and if not where are the market updates on the numerous items that were promised?

Is this something that should be taken up with the Nomad (or someone else)?

Count - Sorry not reading very often at the minute. Not looked yet and am generally trying to avoid resource stocks at present.

Someone said HSBC are now accepting the loan notes and they had an email confirming. If they are still posting would it be possible to copy and paste it here (obviously deleting anything personal to them). Thanks if so.

Good luck all. Hope this comes off whether I get back in or not. Too much suffering here to see this go the way of the Hanlong deal.

[nav_mike] 13/11/2013 11:37

Odds on for yet another delay, seeing as no one holding IMIC seems to have received notice of the yes/no vote.

These guys are just playing for time imho, and its effin scandalous how this can be done outside of any regulatory offer timetable.

Just another Sundance...

[yumyum] 13/11/2013 10:48

..and...

''The acquisition of Afferro has taken a
considerable amount of time and effort,
in part because Afferro had a dual listing,
with its stock trading both on the Toronto
Stock Exchange and on London's AIM
market. We believe that we are now
close to completion and we look forward
to developing Nkout into a world class
iron ore asset.''

best wishes to all

still holding and bought today some more at 81.75p

Still fed up with waiting of course...

- yum

[yumyum] 13/11/2013 10:40

From IMIC annual report issued today:

" We are close to completing the
acquisition of Afferro Mining, which will
transform IMIC into the owner of high
quality iron ore assets in Cameroon,
including the Nkout Iron Ore Project.
During the coming months we expect to
finalise our plans for the development of
Nkout whilst also beginning the
implementation of the infrastructure
solution to transport iron ore from
Nkout to the coast"

[gheebee] 13/11/2013 07:43

As resident scaremonger, can I suggest we give some more thought to the possibility that, far from this being a takeover of AFF by IMIC, the whole business has been about preventing a takeover by a third party?* Remembering the reasons given for the emergence of AFF in the first place, wouldn't it be sensible for the Controlling Party to keep the AFF assets independent and focused rather than diffused with the IMIC/AIOG Guinea and Liberia adventures? If SDL announce the results of their negotiations the owners of AFF will benefit directly whether or not IMIC has a part to play in the national port and rail infrastructure solution. They would also get to keep all that cash and "debt" for themselves and not give it away to the likes of us. At the very least all this delay could be stalling while they see how the IMIC pitch for the rail and port contract goes.

* or second party as I prefer to think of it.

[reggie123] 12/11/2013 23:52

They've long gone

[taffer87] 12/11/2013 18:52

What's the latest?? Anyone still in touch with the Company?

[gheebee] 08/11/2013 14:09

goliard, my post is about the IMIC part of the Concert Party preparing, issuing and voting on an AIM (and TSXV for that matter) admission document for the "new" company. Further delay is now inevitable because there just aren't enough business days left for IMIC shareholders to be given even the barest minimum of read, reflect and respond time as per both sets of market rules. If they are playing by the rules that is.

[whum] 08/11/2013 12:47

1 million traded @ 81.37
sell/buy or transfer????
anyone any ideas

[goliard] 08/11/2013 10:58

I wouldn't worry too much, as GheeBee is the resident scaremonger here. There may well be another delay, but GheeBee's post 41769 is about admission of placing shares (ie issuing additional shares) rather than what is happening here, which is a delisting, so I am not sure what the relevance is.