African Min. Share Discussion Threads

[w1ndjammer] 25/11/2014 09:10

HDB

what is this 50 mill you keep talking about, can you point me in the direction of your evidence .........

WJ.

[cantrememberthis2] 25/11/2014 08:34

I think everyone including the authorities would not look to favourably by the chain of events should this go into ADMINISTRATION and FT was allowed to pick this up post event. With MJ jumping ship too, there becomes a situation whereby a catalogue of timely activities are more than coincidences and FCA should either fine them or hold them to account.

I would hope the BoD are not too thick and careless to not see how events may be perceived now that we are in a dramatic suspension - all eyes on them against offical wordings of all RNS and IR jumping ship to boot...

[hdb] 25/11/2014 08:28

I think the FSA should investigate the 50m that was paid into an account in the British Virgin Islands where the Timis foundation is registered. How about the advanced talks with the other Chinese company that just went I silent and was designed to just prop the share price up it seems but that back fired. I hope I wrong and they do secure a sale but all the bones in my body say Timis will try and pick this up after admin for next to nothing and then sign a deal to supply the Chinese on a discount basis with a floor set in the iron ore price ... I just smell a huge rat !

[newswseller] 25/11/2014 07:55

Miami are you still going to try and get answers?As there's no IR anymore I emailed a few of the Bod yesterday asking similar questions but no response as of yet

[miamisteve] 24/11/2014 23:40

I wasnt calling for insider information, which by the way when the stock is suspended and untradeable does not apply to the same degree. I was calling for some common sense.

The wording of the rns stated that AMI were 'seeking to engage' SISG into a partial purchase of the asset. That reads to me that they hadnt even brought up the issue yet and given that Chinese asset purchases take over a year to conclude it appeared like window dressing to say to the markets when the company went into administration that they had explored every opportunity. So the strategy is hope to sell a stake to the chinese and hope (as these discussions hadnt been engaged yet) that they will then release the escow funds which would only last a couple of months anyway.

The money which SISG are not consenting to be released is held in an African Minerals account. It isn't Shandongs money, but their signature is required to have it released.

I also wanted to ask about what would happen in the eventuality of administration. If the Chinese had any sort of security over the assets. I wanted to know that given there was no mention of the Jeffries convertible bonds restructuring in the RNS that we could assume that those discussions were ongoing? And the contact at Jeffries didnt know!!

There is a serious question over why they withheld the information from the markets about Shandongs change of consent for a month

[kirk 6] 24/11/2014 23:04

Can't see this going into admin. Instead of stating all the positives in the London deal and potentially getting into the Europe markets they should of said it's liking likely shareholder will get little or nothing. The fact that suspension was so sudden and unexpected and unwarned leads me to think there will be a stake sold to improve he balance sheets and commence trading

[cantrememberthis2] 24/11/2014 22:09

HDB
Think I might start carving out a letter to FCA highlighting the timelines, share price movements, company RNSs and the actualities of this dimwit jumping ship PRIOR to the suspension announcement. If what you are concluding happens and this does go into administration giving nobody a LOND style opportunity to sell up this is SEEMS highly irregular and the IR at the helm had FIRST hand knowledge to make this specific exit at a CRITICAL JUNCTURE and time.

MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMM I wonder how the authorities would view this, alongside a complaint to Tavistock and AMI????

[hdb] 24/11/2014 21:54

It is true I got an email response from african minerals today saying mike jones had left . When I followed this up was told that he went to work for frank Timis in October. I expect the timis corp now to take over controlAfter administration announced in two weeks ... I agree the FSA should investigate if this is the outcome as shareholders have been stitched up with miss information

[warwick69] 24/11/2014 18:41

I found it

[newswseller] 24/11/2014 16:22

Warwick I can't even find a website for timis corp?

[newswseller] 24/11/2014 16:21

Hardly, it's that they are fronting ppl who know less information about the company than yourself..

[earnestwipplethwaiteiii] 24/11/2014 16:07

news - of course you can't - that would be insider trading and the person leaking information would be liable to a huge fine if not porridge.

[warwick69] 24/11/2014 16:06

Mike jones has joined timis corp happened about a month ago apparently nothing to read into if you talk to Tavistock who are PR for both companies all a bit incestuous if you ask me ring timis corp an they answer phone as african minerals !!!!! Defo more to this all than meets the eyes but I do believe we will all come out if this with better value in refinanced company with great long term prospects and world class assets

[newswseller] 24/11/2014 15:57

Miami, thanks for trying, it's a shame u can never get to speak to the right ppl who actually know what is going on

[nosnibord] 24/11/2014 15:54

HDB, how do you know Mike Jones has joined the Timis Corporation?

[casual47] 24/11/2014 15:16

Also, it can't be related to delay on Q3 figuers as AIM only specifies timing on half-yearly and annual report, they don't even need to release anything else if they don't want to

[casual47] 24/11/2014 14:56

On what basis did AIM force the suspension of AMI?

They must have a reason and as far as I can see it usually is mentioned within the notification.

Perhaps they wanted to avoid a LOND (big drop followed by spike followed by drop and then admin), but all that happened only after LOND had already released their "little value to investors likely" RNS, so not sure why AIM should be proactive on this considering the RNS releases from AMI which have been (ambiguously) on the positive side....

[miamisteve] 24/11/2014 14:33

I've been calling all day trying to get info. The contact at Jeffries and Tavistock are a waste of time. They understand very little about the company. For example I asked about the convertible bonds which Jeffries were supposed to be restructuring and he didnt know about whether the Chinese owned any or if they had any security over the assets.

Everyone is very obtuse when I come around to discussing Shandong.

Its a simple question which should be addressed. Why are they not consenting to the release of funds?

I got a clue from Jeffries, in which they said well back in August they agreed with some conditions.

From what I remember one such condition was that Timis resigned from his role as an executive and that i presume was over the $50m bung and frivolous expenses.

Things have not been rosy with Shandong. They enforced a penalty claim of $42m in the previous years accounts. They raised a further claim over best pricing recently.

When I brought up the theory that it concerned London Mining, all i can say is that it was not denied.

Suspension was because they were forced to. There is no strategy involved there.

[casual47] 24/11/2014 14:00

All the posts about SISG wanting bigger stake / AMI selling stake to 3rd party etc....

This would need to be approved by shareholders in an EGM, right?

[hdb] 24/11/2014 13:58

Seems that mike jones has jumped ship and joined the Timis Corporation ...wonder if he knew something we were not allowed to know ? Suspect suspension was because of a complete conflict of interest and Timis has been orchestrating this for months with complete lack of clarity for shareholders.

[hdb] 24/11/2014 11:12

Mike jones has left the company so think this says it all ... Feel completely let down by the messages coming our of this company and think the missing 50m should be investigated in full as this could have helped save the company for a few more months

[johnwalton] 23/11/2014 19:14

billion dollar business with 60 years life span.

somebody is going to make a killing if they can wipe the
debt out and steal it