African Min. Share Discussion Threads

[kirk 6] 28/2/2015 23:08

Bronco have you got the job of posting positives about the BOD to mitigate any potential action against them. This is a stitch up to make SiSg look like the badies!!! Read the statements in October when the iron ore price was low

[seanywauny] 28/2/2015 21:01

We're going to have to try a joint consortium of us shareholders and approach SISG and plead for a small offer for our shares, just our shares, not Frank Timis & BOD shares.Implausible?They have every right to protect their investment granted, but they don't have the right to punish shareholders investments due to the incompetence of our own BOD.Can we put in our own appeal to the court decision?

[jungmana] 28/2/2015 20:48

I dont mind losing my £3k punt here as long as FT also gets Zilch. Let Shandong get the mine up and running for the people of Sierra leone and i hope they kick FT out of marampa too.I only feel for the pi's who lost lots of money here. I pray you make your loss back elsewhere.Gla

[nosnibord] 28/2/2015 20:12

Citigroup, pfff. Pathetic. You have no shame or respect. Onto the next BS research note!

[broncowarrior] 28/2/2015 18:39

Newsweller, it is all cash flow based. They have none so cannot pay the debt and can't realistically sell anything to pay off the debt.

[broncowarrior] 28/2/2015 18:34

Shandong - absolutely disgusting behaviour. Their intentions become clear.

[cottoner] 28/2/2015 16:50

Times article

Backer tries to seize African Minerals’ mine

The feud between Frank Timis’s African Minerals and his Chinese backers escalated last night as it emerged that Shandong Iron and Steel has taken control of the London-quoted company’s debt and is trying to seize its mine in Sierra Leone.
Shandong Iron and Steel, which signed a $1.5 billion agreement with African Minerals four years ago, has bought out the company’s secured lenders and secured a freezing order preventing any of its subsidiaries from being wound up or liquidated.
It means that African Minerals looks likely to lose control of the Tonkolili iron ore mine in Sierra Leone. Mr Timis had been hoping to combine Tonkolili with London Mining’s Marampa mine, which he acquired out of administration using a privately owned company.
African Minerals and London Mining, both of which were quoted on AIM, were ravaged by the rout in iron ore prices and investor concerns over the ebola outbreak. They had been hugely important for the west African state’s economy because their ramp-up of production led to real GDP growth.
African Minerals is in default on a $163 million overdraft. The debt was sold by a consortium of banks to Shandong.

[earnestwipplethwaiteiii] 28/2/2015 09:45

"Low investor interest"? That's a good one, you'd hardly expect them queuing up to invest with the stock suspended for 3 months.

[casual47] 28/2/2015 09:23

It didn't have a subscription lock on it when I found it. Pablo over on LSE managed to nab it, I have pasted it above. I can confirm it is the whole article.

Anyone read the Times article? Anything new in it?

[earnestwipplethwaiteiii] 28/2/2015 01:50

casual - any chance you can copy and paste to save us the subscription?

[casual47] 27/2/2015 18:44

Good read:

It seems to imply that SSIG is seeking a ruling on some "undisclosed" legal issues relating to the shareholder agreement?

[newswseller] 27/2/2015 17:39

It's only costing them $84m to acquire the whole project since there is 82m in the restricted accountNot sure how it works though if the enterprise value is still multiples of the debt being called in?

[casual47] 27/2/2015 17:39

There is a small chance maybe.....if the high court allows AMI to put the project companies into admin.

Question: When can Shandong legally seize the assets that were secured against the PXF? Can they do it now? Or after X days? Or do they need to wait for the court case to run its course?

[carl19] 27/2/2015 17:35

The project companies have been stopped going into admin by the Chinese, but they can now push the parent company into admin. They get it all.

[casual47] 27/2/2015 17:34

....because they can't -- the injunction is prohibiting them from going into admin.

Shandong does not want admin as they will lose their 25%

They want to seize the assets.

[kirk 6] 27/2/2015 17:33

Why has it not gone into admin then?

[casual47] 27/2/2015 17:30

Looks like a serious conflict of interest to me.

Not sure how a court can agree to this.

Especially with such a vital to the nation asset.

[casual47] 27/2/2015 17:29

If ever there was a time for FT to get favours returned from Gov officials....now is the time.

Now we will see if the Emperor has clothes on or not.

[newswseller] 27/2/2015 17:27

What's more odd is that they own 25% of the companies that they are asking immediate payment from, and in effect could release funds from the restricted accounts to pay for some of it

[carl19] 27/2/2015 17:26

Kirk, Thats just a bit of fluff i think. The chinese have it exactly where they want it.

[newswseller] 27/2/2015 17:23

Kirk Your joking right?

[casual47] 27/2/2015 17:23

Kirk, don't think so

For one "continuing discussions" appears to be a lie as it seems to be clear they haven't been talking for a long time, according to certain rumours.