African Min. Share Discussion Threads

[wooster4] 21/1/2015 17:22

earnest - problem is when prices (of any commodity) are low, nobody is willing to take a longer term view. Conversily, when prices are high companies are only to quick to pay top dollar!

[earnestwipplethwaiteiii] 21/1/2015 17:15

deus - any serious investor will not be looking only at today's, this month's or this year's IO price. This is a mine with a 60-year life.

[casual47] 21/1/2015 16:44

Cape Lambert must be anxious as well. Apart from the incestuous links re. FT and chums AML also is one of their major shareholders. Should the administrators come in what happens to that and what will its effect be on Cape Lambert and its share price.

There are so many potential headaches for so many people/companies that I am quietly hopeful that this will not enter into admin.

I intentionally invested late last year when the sniff of admin was already in the air, as I liked the risk/reward, so I will roll with the punches should there be any. No regrets.

[earnestwipplethwaiteiii] 21/1/2015 16:12

Fishy - hard to say - positives and negatives would have to be weighed up etc. But I think there's a reasonable chance of something left over, given the assets.

[fishyneck] 21/1/2015 15:49

I was under the impression that upon admin(should the worst happen!) the debt and secured lenders would wipe us shareholders out with nothing...I've only used previous experience to come to this conclusion, no in-depth digging of the finances but rarely do PI's come out of an admin situation with much! Happy to be proved wrong...

Still not over here though, Kirks recent email keeps me hopeful!!

fn

[earnestwipplethwaiteiii] 21/1/2015 14:59

casual - I noted at the time, for a few weeks before suspension, that AMI had good support around 10p, and quickly bounced at that level a few times. For what it's worth, I think there's a good chance that, even in a worst case scenario of admin, there would be residual value for shareholders at least to the value of 10p - possibly far more. Ten pence represents a risible MCAP of £34m, after all - for all the infrastructure and our share of ARPS.

[casual47] 21/1/2015 14:51

It's also noteworthy that none of the II holders sold out or down before suspension. The opposite, actually, with Northcroft. Also, with LOND there were announcements re. Investment write downs etc

The lenders of the PXF haven't made any noises off either.

[deusfaber] 21/1/2015 14:43

Timis would be finished if he took this on the cheap.
All major banks would run from him, he is on his last chance after
all the previous disasters.
Strange that no newspaper leaks this time.
When London was in admin there were many.

[gazza102] 21/1/2015 13:56

seany - will we get any of this if it goes into admin??? Do we (shareholders of AMI) own this train set???

[seanywauny] 21/1/2015 13:53

ARPS (African Rail & Port) a subsidiary of AMI doesn't necessarily have to go down with the ship should administration occur here.I believe it's possible for a subsidiary to file for Bankruptcy Protection and to be constituted as a separate business entity after admin procedures. At the moment ARPS balance sheet is looking decent due to income from Marampa (Timis Corp) which I believe would qualify them with their request for such protection, especially given that the GOSL has a free carried interest in ARPS of 10%.It's vital to see here that ARPS is the Queen on the chess board, as whoever controls it controls the financial legitimacy of both mines.Therefore, if AMI go into admin and ARPS is protected then a major won't bother making any bid due to the business case futility. I just hope the BOD are perhaps using this to convey to SISG that admin is a pointless stalemate.Either that or Frank has been very shrewd here in ensuring that the Timis Corp bid will be the only bid for the AMI carcass.I haven't slept for days :/

[casual47] 20/1/2015 17:15

Seany -- there is international law and reputation to consider so I don't think it will be as easy as that. This is not the time for GoSL to put off foreign investment.

This certainly is one hell of a gordian knot. No wonder negotiations are so protracted.

There are good reasons to assume that the GoSL is behind the AMI board:
see the "concurrence" statement, the meetings between AMI BOD and Gov't since suspension, both Gibril Bangura AMI SL CEO and Anthony Navo AMI Comms are rising stars in SL politics, the ease with which FT took over Marampa and perhaps even the absence of a hostile takeover/fact that AMI is still not in Admin are signs of this.

AMI holds the lease and its subsidiary TIO the licence. Shandong has a 25% stake in TIO and ARPS. TIO and ARPS are the borrowers of the PXF with AMI the parent guarantor. If AMI goes into admin then what happens to TIO and ARPS? Why hasn't there been any action from the lenders of the PXF, what is keeping them from starting legal proceedings?

[seanywauny] 20/1/2015 11:03

Could the GOSL step in and void the contract between SISG & AMI if they had to?

[earnestwipplethwaiteiii] 20/1/2015 09:30

Thank you, kirk6 - the mood on these BBs shifts more wildly than the weathervane on my Welsh granny's chapel.

[kirk 6] 20/1/2015 09:17

Leave them to it FFS:

1. Has AML closed its London offices and have any staff been made redundant?
AML has not closed its offices in London. As previously communicated AML has put its operations in Sierra Leone on care and maintenance, as a result the Board felt it appropriate to put non-essential staff in London on notice until such time as a funding solution is achieved to preserve cash. Staff in Sierra Leone are on paid leave until such time as a financial solution allows for the recommencement of operations.

2. The most recent RNS announcement omitted any update on discussions relating to selling down AML’s stake in the Tonkolili asset in Sierra Leone. What is the update on financing discussions?
Negotiations continue between AML and SISG regarding a funding solution. These discussions remain the Company's utmost priority and while the Board of AML continues to make every effort to advance them, there can be no certainty of future releases of funds. In parallel with these negotiations AML continues its strategy of securing funding via a potential sell down of its stake. Any developments in this regards will be communicated by the Company via RNS announcements to the London Stock Exchange.

3. Information and updates from AML
AML strongly urges shareholders to refer to official communication from the company only. African Minerals has provided a number of updates in relation to discussions with SISG in relation to a funding solution. In addition, African Minerals is in regular contact with its Nominated Advisor in relation to the release of price sensitive information as per its obligations as a publicly traded company. Should investors have any enquiries please submit questions or call using the details at hxxp://african-minerals.com

[kirk 6] 20/1/2015 09:15

cant - what good would that do? Leave them to negotate a deal.

[cantrememberthis2] 20/1/2015 08:56

It is not so funny, I have emailed AW and encouraged the entire BoD to close up shop and let the RECEIVERS to their jobs.

It is pathetic that we are still here at a point where SISG are not bothered about AML - on the fact of it, they have been gripped with issues since Nov 14.

[wooster4] 20/1/2015 08:32

wouldn't it be a risk for FT if he let it go into administration - I'm sure there would be many other parties trying to get this for next to nothing! He could surely risk ending up with nothing.

[deusfaber] 19/1/2015 23:35

Agreed Seany, looks to me that we are gonna get shafted big time.
FT is not talking with others as he wants it for himself.
We have to start the legal case to sue him asap

[seanywauny] 19/1/2015 11:02

Just hope it's not a long drawn out affair in an attempt to make the 'screwing us over' process look more legitimate in the eyes of future possible investigations, should the worst happen. Another LOND (straight to admin) would look far too suspicious with Frank involved again.i.e 'we honestly tried everything to no avail, however, we (Timis Corp & SISG) managed to save the mine and it's workforce by acquiring the assets on the cheap from the receivers. In order to build, sometimes you must first destroy'.So you have the heroic element and the GOSL support in a move like that already.This is why we all have to group our shares together under one voice by emailing Grant79 from LSE how many shares you have at:[e-mail]

[earnestwipplethwaiteiii] 19/1/2015 10:58

Best stick to the known facts; BBs are stuffed full of half-baked theories, misunderstood facts and fantasies that are built upon until they become utterly fantastic. And that's only ADVFN.

[kirk 6] 19/1/2015 10:46

quite a good responce from the board, back to feeling glad im locked in. or atleast I think so.

[fishyneck] 19/1/2015 10:23

The rollercoaster continues....

[kirk 6] 19/1/2015 10:17

1. Has AML closed its London offices and have any staff been made redundant?
AML has not closed its offices in London. As previously communicated AML has put its operations in Sierra Leone on care and maintenance, as a result the Board felt it appropriate to put non-essential staff in London on notice until such time as a funding solution is achieved to preserve cash. Staff in Sierra Leone are on paid leave until such time as a financial solution allows for the recommencement of operations.

2. The most recent RNS announcement omitted any update on discussions relating to selling down AML’s stake in the Tonkolili asset in Sierra Leone. What is the update on financing discussions?
Negotiations continue between AML and SISG regarding a funding solution. These discussions remain the Company's utmost priority and while the Board of AML continues to make every effort to advance them, there can be no certainty of future releases of funds. In parallel with these negotiations AML continues its strategy of securing funding via a potential sell down of its stake. Any developments in this regards will be communicated by the Company via RNS announcements to the London Stock Exchange.

3. Information and updates from AML
AML strongly urges shareholders to refer to official communication from the company only. African Minerals has provided a number of updates in relation to discussions with SISG in relation to a funding solution. In addition, African Minerals is in regular contact with its Nominated Advisor in relation to the release of price sensitive information as per its obligations as a publicly traded company. Should investors have any enquiries please submit questions or call using the details at hxxp://african-minerals.com