African Min. Share Discussion Threads

[seanywauny] 04/2/2015 16:44

Getting nothing was never an option, even in admin there was always going to be something. We're well passed the possibility of admin now as it would have happened months ago.It's about fair value and right now even in the midst of an IO slump, 30p for a 12bn tonne 60 year mine is quite frankly ludicrous. I'd rather wait it out for another 3 months and see what happens.

[broncowarrior] 04/2/2015 16:22

What is the alternative Sean? Better to get something back than nothing, even for the big shareholders.

[seanywauny] 04/2/2015 16:08

An EGM majority will not agree to around 30p, that much right now is obvious.

[medved5] 04/2/2015 16:08

What if the whole collapse is due to misappropriated funds from the cash injections going into funding the mining activities, anyone gave this a thought. FT brought to task over it ?

[broncowarrior] 04/2/2015 15:52

Probably all BS but the fact they haven't gone into admin shows lots of discussions must be taking place. What is current IO price?

[fishyneck] 04/2/2015 13:10

earnose - Ah right, that's not how I'd read it! So we've put an offer to sell on the table, no offer to buy as yet.

Thanks for clarification,

fn

[casual47] 04/2/2015 13:09

China Railway Materials Commercial Corporation must be feeling a little blue about this.....seeing as they acquired their original 12.5% stake for £5.00 per share (for £167,897,370)

Their share will be worth just 10m pounds if 30p is indeed the deal. A loss of 157 million pounds.

[earnestwipplethwaiteiii] 04/2/2015 13:04

Fishwick - as I understand it, it is not what SISG offered but what AW proposed, so could be dismissed in their reply.

[fishyneck] 04/2/2015 12:56

It's difficult to see how they can turn a 30p offer down in favour of admin, so in that sense it sort of underpins where we are. If of course the offer is a serious one and remains on the table....

[earnestwipplethwaiteiii] 04/2/2015 12:49

As always with these half-understood 'facts', it becomes ever more difficult to join the dots into a coherent whole. At this point I'll say I have no reason to doubt what was reported, so in that sense it's a relief that we will probably come out of this with more than nothing - which is something.

[casual47] 04/2/2015 12:30

according to the chinese whispers (ha!):

1. AW had apparently a meeting last week and was waiting for a Yes/No reply by Friday last week which then got pushed back into this week. From BT's LSE post "they have put forward a proposal that would in his words sort out the bondholders and shareholders. When I questioned about the types amounts, and mentioned figures of say 30p he replied 'around this value' "........apparently

2. FT is apparently now in HK. Not sure how this fits in with (1) but from BT's LSE post "Timis is really really up against it and is over in HK now having discussions."........apparently

[fishyneck] 04/2/2015 12:20

Casual,

Point 3 - Is there a meeting scheduled?

fn

[casual47] 04/2/2015 12:14

Yes with caveats

1. Assuming BTFAITH is a reliable source (and why not)
2. Knowing that human communication is prone to miscommunication. One person's "factual" statement is another person's flippant remark etc
3. The offer they go into the meeting with may not be the offer they come out with
4. It may still go to "3rd parties"
5. It may still go into admin
6. The "offer" may be voted down at an EGM

I don't think we will have any choice in whatever the outcome is. I'm assuming that:

1. This will only leave suspension in case of partial stakesale. Full sale or admin and this will all be done and dusted while the share is suspended.
2. the BOD is not going to negotiate an offer that they know will not be acceptable by the major shareholders, or enough of them to guarantee a Yes vote at the EGM.

[seanywauny] 04/2/2015 12:10

Let's not forget the $80mln blunder rumour which apparently AW dismissed. It's a Harvester Salad cart of apparent facts & rumours out there at the moment. Pick what you want!

[fishyneck] 04/2/2015 12:02

Is this 30p+ rumour credible? Or is it equally as credible as the 'we're stitched up' rumour from Friday??

I would take their hand from their arm for 30p right now...

fn.

[broncowarrior] 04/2/2015 11:54

At this point, would anyone turn down 30p? I don't think so.

[seanywauny] 04/2/2015 11:15

Casual-That's what I thought. We only had the RNS the day after yesterday and now all of a sudden it sounds like a definitive 30p area buy out already?Something's wrong here, like you said , it's not price sensitive due to suspension, but still, it's too revealing in possible counter offers to just blurt that out over the phone.

[casual47] 04/2/2015 10:42

It's another surprising lapse from our CEO, imo. When prompted with "Is it 30p" he should just have said "no comment". It may not be share price sensitive given that we are suspended but for sure it is incredibly sensitive when you are in the middle of high stakes negotiations with, hopefully, different partners.

[earnestwipplethwaiteiii] 03/2/2015 22:45

He got rusty.

[seanywauny] 03/2/2015 22:38

Whatever happened to Bad Robot?I miss the big bouncy titty GIF's :)

[deusfaber] 03/2/2015 20:04

They made an offer that was next to nothing.
Our guys laughed at it and then according to a poster
on LSE they went back with another offer that would "sort out "
shareholders and bondholders.
He threw out "30p" and then the CEO said around that value which
could mean 25p or 50p or 60p .
If we get another offer from a third party with the acceptance finally that
we are selling the lot then things could improve.

[newswseller] 03/2/2015 19:46

I guess because we are in a position of weakness

[gazza102] 03/2/2015 19:33

You are right. Don't get it why would ft accept that or even suggest that price. That's not the way to negotiate. You ask them to make an offer and go from there.

[newswseller] 03/2/2015 19:13

Gazz, no , AW offered a price around 30p a share for the remaining 75% to the Chinese

[seanywauny] 03/2/2015 19:00

Obtain the highest bid they can from the Chinese as a platform to enter negotiations with other 3rd parties. SISG isn't doing so well from recent articles, it's most likely they just don't have the liquidity right now. Of course they wouldn't state that, they don't want to lose face.