Afferro Min Share Discussion Threads

[exbroker] 18/12/2013 21:37

Parthus I dont know is the short answer, my man in the market has been talking to the broker who, I am told, reckons they will list but it could well be longer than the month they can stay in an ISA.If as I posted earlier the transfer price is the nominal, ie 40p then what a result as cash into ISA and at best breakeven in own taxable name.If I here more so shall the board.

[albertedwin] 18/12/2013 16:51

speedsgh re post 42065 I will indeed so long as this thread and/or IMIC's remains open.

[dewtrader] 18/12/2013 16:27

thanks whum!!

[nav_mike] 18/12/2013 16:06

I must be thick....putative had me googling to see wtf he was on about :)

Still none the wiser - is he saying there is a 3rd party arriving with some last minute offer, or is he talking about some theoretical pricing?

[speedsgh] 18/12/2013 15:54

"a putative bid for Afferro (AFF) at around 96p". Is EK talking out of his rectum again?

[someuwin] 18/12/2013 15:48

EK

"I learnt yesterday that there is a putative bid for Afferro (AFF) at around 96p - Afferro ceases its stock exchange life either tomorrow or the day after. It has been a long haul but cough up day is on Friday, no doubt mysteriously deferred in cash terms until next Monday. We will then see what the loan notes trade at and turn our attention to IMIC (IMIC)."

[noirua] 18/12/2013 15:06

In the past Share Centre are quickest to pay and Barclays the wooden spoon.
The order of those I know are:
Share Centre
Halifax
TDW
Natwest
Hargreaves Lansdown
Barclays

[speedsgh] 18/12/2013 14:56

ALBERT - No problems. Would appreciate if you could let us know if you establish the tax situation to be different to the above.

[albertedwin] 18/12/2013 13:26

speedsgh, Thank you very much indeed for your very prompt reply. Yes I think your Accountants may well be correct since the Loan Notes aspect is really in effect similar to a takeover situation where the new shares of the Takeover Company are regarded as having been acquired on the basis of no gain/no loss and the original purchase price is rolled forward and regarded as the base cost of the new shares. So in this case any gain/loss in the cash element for the purposes of CGT depends upon the difference between 2/3rds of the original base cost and the cash consideration of 80 pence per share, with the Loan Notes aspect effectively being treated as a partial "rollover" situation. Having regard to your interpretation I will again consult the taxation section of the Arrangement Document and also likewise refer the matter to my own Accountant. In the meantime your kind assistance is much appreciated.

[speedsgh] 18/12/2013 12:53

ALBERT - I have been advised by our accountants that, seeing as the 120p takeover was split 2/3rd cash (80p) + 1/3rd convertibles (40p), original purchase costs for CGT purposes should be split likewise i.e. cost of the 80p cash element should be 2/3rd of the original full purchase cost of your AFF shares + cost of the convertibles you receive should be 1/3rd of the original full purchase cost of your AFF shares. No idea if this is correct, just what i have initially been advised. Hope it helps.

[albertedwin] 18/12/2013 12:34

Following the suspension from AIM yesterday the closing price is currently stated to be 88.75 pence. Does this mean that the base cost of the Loan Notes for the purposes of any future CGT should be recorded as 0.875 pence or is some other base cost intended to be specified officially in due course upon the actual listing of the Loan Notes on the Irish Stock Exchange. I would welcome clarification upon this important point since I cannot find any precise reference to it in the Arrangement Document or in any of the subsequent RNSs ?

[whum] 18/12/2013 11:33

dewtrader 20th december

[dewtrader] 18/12/2013 09:36

what day will the cash be paid?

[parthus] 17/12/2013 23:43

From IMIC announcement:


PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS AT ADMISSION:

57.38%
DETAILS OF ANY OTHER EXCHANGE OR TRADING PLATFORM TO WHICH
THE AIM COMPANY HAS APPLIED OR AGREED TO HAVE ANY OF ITS SECURITIES
(INCLUDING ITS AIM SECURITIES) ADMITTED OR TRADED:
N/a


Does this mean that loan notes are only attributed to ( 100 - 57.38 ) 42.62 %

of Afferro shares...considerably less than I thought, so perhaps more chance of being fulfilled....

Also...

It says no other exchange will have any trading done for any of it's securities... does that apply to loan notes? Does it mean that they will not trade on the Irish Exchange... or can still come later ? Or are we in limbo for 2 years ?

Ex-broker is the guru to ask..I think...

[yumyum] 17/12/2013 22:18

Nicely put NAV.

[nav_mike] 17/12/2013 08:50

I would want to see their plans in more detail before I committed any funds.

At the moment, all thats happened is the iron ore assets have been transferred from a cash rich company with apparently no ability to develop them, into a debt ridden company who may or may not have brilliant contacts.

Once more is known about their plans we can make a more informed decision.

[brettmo] 17/12/2013 08:36

Thanks yum yum!
I was thinking of holding a few IMIC on the basis that they seem to be better positioned for whatever reason to deliver what we had hoped AFF would do itself.
Good wishes all

[someuwin] 17/12/2013 07:37

TEMPORARY SUSPENSION OF TRADING ON AIM

AFFERRO MINING INC.

At the request of the company trading on AIM for the under-mentioned securities has been temporarily suspended from 17/12/2013 7:30am, pending an announcement.

Common Shares of no par value fully paid (B66MTK4) (CA00818V1031)

If you have any queries relating to the above, please contact the company's nominated adviser on 020 7597 5970.

[exbroker] 17/12/2013 00:24

At last merciful release!!
Good luck to all who hold the loan notes as do I

[yumyum] 16/12/2013 22:12

Brettmo,

My take is that any would-be IMIC investor has had months to buy Afferro shares
at close to 80p with then a free ride to 46.4p in two years' time if IMIC is alive or get the equivalent in shares which indeed might be for a while illiquid and 'devalued'. That would prove better than having bought IMIC. I would wait until IMIC can show some form of financing for production.

If you are an Afferro shareholder then you will now anyway have exposure to IMIC through the loan notes.

Having said that, I might well buy a few for a plausible short ride up over the next few weeks and then sell out and wait for some financing clarity.

Best wishes to all. I will be sad to see Afferro go.

[brettmo] 16/12/2013 18:44

Time to buy IMIC? Any thoughts?

[ridicule] 16/12/2013 18:16

Many thanks goliard. I was working on the assumption both companies would release a co-ordinated RNS. Silly me!!

[goliard] 16/12/2013 16:39

IMIC issued an RNS. AFF will probably follow shortly.