African Min. Share Discussion Threads

[w1ndjammer] 23/11/2014 17:57

Miami

I can see you are not an F1 fan.........

WJ.

[tommy107] 23/11/2014 15:46

can you tell me what these unfair offers are? thanks

[miamisteve] 23/11/2014 13:03

windjammer - I have invested here. A large part of my investment decision was made on disinformation that came out of the company. That SISG had agreed to a strategy
to return the company to positive cash flow, including charging themselves a premium for low silica content and the release of the restricted funds and that financing would be on its way (originally earmarked to be announced with the results).

The board would have asked for the October funds probably early in October and have thus been aware that SISG were having second thoughts. Why did they only inform the Markets on the 12th of November, perhaps a month after the event?

If SISG were on the acquisition path would they have not pitched for LOND? Of course it was run by them.

The RNS as far as I see it is just going through the motions.

a) We needed money so appointed Standard Chartered
b) They were unable to help so we looked for short term funding elsewhere.
c) They were unable to help so we looked at partial asset sale at FAIR price.
d) No luck there either, however there was some unfair offers which left nothing for shareholders but would ensure that the mine kept operating and employees did not loose their jobs which we are delighted to say we have accepted.

[earnestwipplethwaiteiii] 23/11/2014 12:59

Sh*ttySchmuck - you have the gall to make such an apologia after the unremitting garbage you have posted here day after day?

Get lost.

[cantrememberthis2] 23/11/2014 12:49

All

Everytime you say PIs being shafted Do NOT forget Northcroft and other Major IIs whohave sunk millions into. They wont be too happy either and Id hope management would be having briefing sessions with them as tthey are more important than joe public.
pis shafted means IIs too including major investment houses who wont be too pleased either.

something will give good or bad

[shimmysham12] 23/11/2014 12:25

I am not deramping or being a troll, I have money in here. While I hope for a solution which is not sdmin we really have to face facts this will end with pi having nothing.

There is no hope here. While we all hope for the best it will not happen.

It's been a stitch up.

Time to move on.

Its not healthy still posting on here when the worst has happened. I will not look or post again.


I apologise to anyone who I have upset with any posts.

Hope luck falls on all.

[tommy107] 23/11/2014 10:54

Also l think suspension was used as a means to prevent the share price falling further. if the interims are as bad as we think the share price really would be on a death spiral. l still think its too risky to allow this to go to admin

[cantrememberthis2] 23/11/2014 10:40

W1 the more you research this the more its making more sense about the actual suspension.

Suspension due to fundamental structural changes. As you say there is a restriction, lift the restriction and make legal changes to allow SISG to acquire more of a stake. This clearly couldnt be done whilst AMI is trading as it would significantly involve conflict of interests on all sides.

Its the RNS wording that has wound me up chronic about actualities and timings being uncertain. Just say your broke ffs and your going to admin that string this out otherwise.

Await a corporate reprofiling of ownership to save our skins. IF this pans out with an enlarged SISG stake the share price could rocket on sustainability in AMI.

Chinese rate cut could not have come at a critical time. Lets see if IO prices stabilise.

[w1ndjammer] 23/11/2014 10:19

-- The agreements restrict SISG, from acquiring more than 12.49% of AML's shares in the public market, however this restriction falls away in the event of a takeover bid by a third party, thereby giving SISG the ability to make a competing bid for AML.

-- Mr. Frank Timis is required to remain a Director of AML and the project subsidiaries until such time as Phase III development is completed. In the event he was to decide to resign as a Director, SISG would be able to exercise a put option, deemed by an independent fair valuation, to sell its stake in the project companies to AML, with standard carve outs for health, regulatory requirements, etc.

-- SISG has the right of first offer for an interest of up to 25% in any new venture that AML develops or acquires in Sierra Leone.

[tommy107] 23/11/2014 09:42

l don't think they need $500m at this stage. They just need to stay afloat for the next year or so until IO picks up. If they can blend the ore and sell to Europe they should make a profit. The only bugbear is the pxf which needs re-arranging.

[karmastuartra] 23/11/2014 09:25

The punters to lose out will be joe blogs internet gambler.
No-one gives a toss on the bod,basically what are we going to do about it?
Sweet f.a,and they know it.

[w1ndjammer] 23/11/2014 07:30

Frank Timis, Chairman of the Timis Corporation commented:

"Timis Corp is delighted that we have completed the purchase of the Marampa Mine from the receivers, which secures the future of the mine and its employees, and preserves a major source of revenue for the government of Sierra Leone. Timis Corp has provided working capital financing for $70m to Timis Mining Corp (SL) Ltd which will allow the mine to quickly ramp up to profitability.

+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

In the case of the Sierra Leone iron-ore mine, Standard Chartered in 2010 lent $60 million to London Mining, which had just acquired a 25-year license to operate the huge mine, filings show.

The following year, the bank enlarged the loan to $90 million, with an interest rate of 5.5 percentage points above a benchmark rate. That loan was restructured twice in 2013, ultimately replaced by $200 million of new loans from Standard Chartered and other banks with interest rates at 8.5 percentage points above the benchmark.

In August, Standard Chartered and another bank lent London Mining an additional $25 million.

Two months later, London Mining filed for bankruptcy protection, citing "a lack of liquidity." Standard Chartered was the biggest creditor, according to a person familiar with London Mining. The Sierra Leone mine was sold, and the debt was transferred to the new owner.
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[kirk 6] 22/11/2014 23:39

Good neesChina, the world's biggest metals consumer unexpectedly cut rates, boosting shares in the mining companiesAfter what had been a torrid few days for resources shares, the miners were suddenly on a tear.

[stockriser] 22/11/2014 18:27

Correct me if I am wrong, but ever thought.....

With the share price currently at 10p, the value of the holding Timis has with AMI stands at approx. £4.2M

Now lets say Timis provides £200M to AMI for whatever % of the company (you guys know more than me what is required). The share price only has to go to £2 and suddenly the holding Timis has is valued at £84mil - so in effect he has got whatever % of the Co. for only £106mil.

Even more food for thought - why not have a placing to raise capital i.e. Private Placing, you know for sophisticated investors such as Timis, :-)

All pie in the sky, but I am sure you get my drift/dream...lol

[seanywauny] 22/11/2014 18:25

I'm liking that thinking W1nd.How much dough does Timis Corp have access to then?Was this plan B all along?

[tommy107] 22/11/2014 18:15

Thanks Wind. Yes l agree. Unless I'm overlooking something l just cannot see Frank risk this going into admin. Some others have talked about a pre-pack or a deal with the SL gov, but again just cannot see that happen. The Chinese are too strong to just push over. No I think relations between Frank and the Chinese will be smoothed over and they will work together to get things back on track. They'll probably be offered an extra % as well. Just hope there's enough left for us!

[w1ndjammer] 22/11/2014 18:04

tommy

This is all about Timis corp they have 50 large investors which are prepared to back Frank Timis and his style, which he freely admits he takes risks.

I just hope they don't get greedy and take the lot, but if you read about Frank`s ethics, daylight robbery is not his style.

so hopefully they keep the listing, Timis corp say buys 20 / 25 % at fair market value. which would easily secure the future of AMI and now with Marampa that is the final piece of the jigsaw and the European market.

looking long term staying listed is the best way of seeing the value AMI sky rocket. For all investors.

[shimmysham12] 22/11/2014 18:00

Or maybe frank will save the day. But I doubt it.

Ironically Ebola was the least of shareholders worries here.

Gutted.

[shimmysham12] 22/11/2014 17:47

Hate to say it but I truly believe timis is behind all this and has some how managed to do a deal with the future owner. Maybe it will be government owned. All I know is he will be very rich by our loss.