Afferro Min Share Discussion Threads

[gheebee] 03/12/2013 09:11

Let me have another go at crystal ball gazing in elaboration.

"IMIC will take over AIOG under the option that exists for them to do so. Cash will change hands. The recipients of that cash will be AIOG shareholders."

Now, AIOG has two Directors, Mr Cooper and Mr Bredy but I have no idea how many shareholders there are other than IMIC with its 10% or whatever. Mr Cooper's contacts are well known. Mr Bredy's are less well known although they do include Gasol.



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[che7win] 03/12/2013 08:50

This post an Ex-brokers sums up my view:

YUMYUM 2 Dec'13 - 23:12 - 41967 of 41972 1 0

The loan note will be paid in cash or IMIC shares. I am not sure what your point GheeBee is re AIOG. AFF shareholders will get cash (=cash 46.4p) or shares (=46.4p each issued at whatever is the current 'worthless' value) in Dec 2015 or if IMIC is bust in Dec 2015 then AFF shareholders will get nothing of course. Your point Gheebee says something different perhaps but without anything solid/clear behind? Please elaborate. IOGC will take over IMIC/Afferro at some very unacceptable terms to IMIC shareholders? I do not think so.
The company will have moved forward a lot before then.

-yum

[nw99] 03/12/2013 07:44

Buyers taking this up everyday

[gheebee] 03/12/2013 06:51

I'm sorry to all concerned for my lack of clarity. One has to tread carefully where the laws of libel are concerned. For the sake of avoidance of doubt, I make no accusations of wrongdoing by anyone concerned with this deal or seek in anyway to malign their reputation. But Business is business, particularly when it comes to West Africa.

Exbroker,

Tempting though it is, like goliard did, to go back through your postings to find an example of where you were wrong, I will resist. I will just apologise to you and every other reader for my mistake(s). AIOG are obviously committing to chip in real cash every time IMIC does a placing or rights issue. My error. Please forgive my lapse. It's just that reading the Risk Factors in their original form served to confuse me. All that talk of dilution risk went to my head. I could have sworn AIOG were getting free shares to retain their ratio.

[gheebee] 02/12/2013 23:28

YUMYUM

I'm afraid there is something quite solid behind my comment:

If the Company elects not to repay the Loan Notes in cash the price at which these shares are to be issued will be calculated by reference to the volume weighted average closing prices for the 28 trading days prior to the second anniversary of completion. Price fluctuations in this period may have a significant dilutive effect. In addition, any shares issued under the Loan Notes may trigger the anti-dilution provisions of the Relationship Agreement with AIOG resulting in further dilution to shareholders.

This is a precis of words contained in the Admission Document.

[yumyum] 02/12/2013 23:12

The loan note will be paid in cash or IMIC shares. I am not sure what your point GheeBee is re AIOG. AFF shareholders will get cash (=cash 46.4p) or shares (=46.4p each issued at whatever is the current 'worthless' value) in Dec 2015 or if IMIC is bust in Dec 2015 then AFF shareholders will get nothing of course. Your point Gheebee says something different perhaps but without anything solid/clear behind? Please elaborate. IOGC will take over IMIC/Afferro at some very unacceptable terms to IMIC shareholders? I do not think so.
The company will have moved forward a lot before then.

-yum

[yumyum] 02/12/2013 23:01

It seems the deal goes through. Not more complicated than that really. IMIC have saved on interest payments, maybe kept themselves safer by slow paperwork, and likely lost a little momentum in their process of promoting Afferro as nearest to the coast in Cameroon. I always expected 90p prior takeover. Disappointed it has taken so long but not unexpected. The question now is a) is it now a 'done deal', and b) what price makes sense to still buy? I would not sell below £1.10 per share. Nor am I selling below that, unless I think the deal collapses before Xmas.

Best wishes to all

- yum

[goliard] 02/12/2013 22:10

Actually, it's clear that you can't, but that's what we all expected anyway.

[gheebee] 02/12/2013 19:06

Goliard, I can, since you ask so nicely and because you give me so many to choose my couple from.

[parthus] 02/12/2013 16:16

Goliard:

I think exbroker is the man to discern what GheeBee is talking about ...

On a daft note ( unsurprising given where I reside ! )... if I were a rich man ...sorry if I were a bidder...

I would wait to see if the bid with IMIC will go through, and if that seems likely... I will bid higher just before the IMIC vote.

And if there seems to be no bid in the offing, why then I too will bid 80p ...

I rest my case .... preferably on board Nursey...

[parthus] 02/12/2013 14:26

I thought we were now encouraging "plain English"... sheesh !!!

[gheebee] 02/12/2013 13:44

Ask away, but offer an opinion on the proposition rather than my motivation when you do.

[woodpeckers] 02/12/2013 12:05

GheeBee would you mind if I ask whether you are presently a holder of either AFF or IMIC?

[gheebee] 02/12/2013 11:51

They, and by they I mean the shareholders in AIOG, are the ones who are going to make the money. The non-dilution agreement between IMIC and AIOG together with the "right" (likely to be executed by an IMIC Board with "interests that may be different from IMIC shareholders" just like the AFF/IMIC agreement) to buy AIOG out in a couple of years guarantees it. That IMIC loan note is highly unlikely to be worth 40+p by the time the AIOG dilution associated with it clicks in, even if the right to extend it indefinitely isn't voted for and exercised.

[albertedwin] 29/11/2013 16:14

True to form nothing mentioned in either the IMIC or the Afferro RNSs issued today as to when disadvantaged PIs may expect to receive their cash settlement and Loan Notes Certificates.

[ridicule] 29/11/2013 14:46

Thanks nickdr99 I want to roll some into Aureus before it starts to recover and some into Nanoco plus one or two others. I will not be investing in IMIC as that is likely to happen by default in 24 months time

[nav_mike] 29/11/2013 13:42

Well - if I get the money this side of the new year I wont complain any more.

Truth be told, most of the resource stocks on my watchlist have fallen in the time Ive been waiting, so maybe the BoD have done me a favour. lol

[nickdr99] 29/11/2013 13:24

Ridicule - queried with the co. and told to expect the cash a day or so after delist. So in theory the 23/4th. But I am not going to hold my breath. Probably be some holiday delay. But looks more certainly at least.Similarly disillusioned!

[horneblower] 29/11/2013 12:00

I would price the loan notes currently at 6p since the shares by themselves are not worth 80p yet (since the deal hasn't been done).

[knil] 29/11/2013 11:54

Todays IMIC RNS has reduced the risk of a deal not being done considerably.
I can see the share price gradually increase as some may buy in for the loan notes which (on a risk/reward ratio) should be worth more than 4p.