African Min. Share Discussion Threads

[casual47] 07/3/2015 15:04

Bones, it has been done before.

AMI being listed or not is a technical point not material to success or failure.

[bones698] 07/3/2015 14:48

Still missing the point , in a months time the shares will be delisted unless ami can find another nomad which is very unlikely . That will be the end of the shares and value . As for admin you will not get anything back , if you are thinking that your naive tbh . Ssig control the bod of the operating companies and that will mean them cobtrolling the lot and getting it for nothing . Ami are likely in default with SL gov and so the license can and will be revoked from ami and handed to ssig . The only possible legal action is against the ami bod and nomad possibly but as said previously assumptions and guesses are not enough and there is a real lack of any proof or evidence to say they acted illegally . This would drag on for years at huge expense with the likelyhood of nothing happening imo. Sometimes it's better to lick your wounds and move on . Think many should do that here as dragging it out for years alla Mdx and many others got nowhere .timis and co will be well prepared and have covered up well . Unfortunately a load of pi's who won't be able to agree and have very few funds aren't likely to win imo .

4 weeks and all this expecting a return non sense will be put to bed once and for all .

[casual47] 07/3/2015 14:28

Forwood - are you still reading this thread? As you created it I believe you can edit the text at the top? If so, perhaps might be an idea to delete all the blurb and replace it with info needed to take this thing forward: suggested actions we should take, info in the [e-mail] email, request to send email+holding details and contact details to [e-mail] (assuming this is what Grant wants) etc.

[casual47] 07/3/2015 14:10

He should already have a good number of email addresses from which he sent the earlier mass emails. Perhaps not everyone on those is reading the forums regularly.

The more people are with us the more funds will be available to seek redress so it's worth trying to reach the maximum amount of people. No need to polarise the group into doubters and no-doubters before we have started.

[casual47] 07/3/2015 13:59

Grant already has all email addresses. As not everyone is reading these boards all the time and this post also will be swamped by subsequent posts it would be more efficient for grant to email everyone with what he needs from them.

As much as I agree with Grant that we all need to take action and make calls, the most practical would be for one person to collate all details

[newswseller] 07/3/2015 12:29

Old fool email grant [e-mail] he's organising legal side but could do with some help

[carl19] 07/3/2015 12:17

Everyone from lse is migrating to the new proboard hxxp://africanminerals.boards.net/ in case the lse one gets closed down. remove the hxxp bit from the link shown and replace it with the normal http. ADVFN doesnt allow it to show properly.

[casual47] 07/3/2015 11:58

Are you still stalking the board, Beeks?

[beeks of arabia] 07/3/2015 11:51

Are you a barrister by any chance?

[old fool2] 07/3/2015 11:44

I think it's time for ACTION talking is not going to get us anywhere. Firstly, I think we should contact a barrister to see if we have a case against the company and BOD and their insurers.

Secondly, we must start a fighting fund to pay for initial consultation. There are more than 150 investors in this, if everyone initially contributes £100 each that will be £15,000 to pay towards the cost of consultation with a barrister. I am more than happy to send you £100 to start the ball rolling. Any one has any other ideas?

[earnestwipplethwaiteiii] 07/3/2015 02:32

bones - I largely agree with you. However, there are many tenacious PIs who sank considerable sums into AML, in part on continuing reassurances from the BoD and Jefferies, the NOMAD, that all was well financially when, we now know, it patently was not. And with the more than three month suspension, it's not as if they had the chance to climb out of the rubble after the bomb hit.
Superficially, it looks like a decent case of negligence and/or misinformation can be made. I have no idea whether that's enough on which to build a legal case, that's for the experts to advise. But in my opinion it is worth at least pursuing this angle until a definitive answer on this question, and an estimation of the chances of success, can be ascertained. That at least would give PIs the chance of putting this unsavoury episode to bed.

[bones698] 07/3/2015 02:13

Think many are missing the point of today's rns . Jefferies resigned and ami need to find a new nomad within a month or the shares will be delisted !! Who in their right mind would take this on knowing the skeletons in the closet and legal wranglings it faces . This will end with no nomad and delisting . After that its a case of going after certain parties individually possibly for negligence or misleading imo but it's far more difficult to prove those in a court and unlikely imo . The bod and others have cover in lots of ways which will make it a very complex , expensive and very long battle ultimately likely to fail . Sorry guys but that's what my experiences lead me to believe . The system is badly flawed and against pi's

[casual47] 06/3/2015 21:18

No reason for a fast sale

Seeing as Shandong is already running the show over in SL and AMI's administration does not affect the operations of TIO and ARPS there ought to be no reason for a fast-tracked sale with the excuse it is for the best of the employees and the SL Gov't.

[casual47] 06/3/2015 21:06

ADVFN doesn't remove threads so we're good on this one, but here's the replacement forum in case LSE AMI board goes down:

[casual47] 06/3/2015 18:30

I tend to go along with Earnest/Lord in suspecting that there is no grand plot by FT and Co here. They may have tried to "pull a fast one" but were outclassed and outwitted by Shandong.

If that assumption is correct then FT will want to get something back for his 42.3 million shares (assuming again he didn't sell out). If that is the case then he would, hopefully, be applying pressure on administrators to get a decent deal.

If not FT then perhaps China Railway Materials Commercial Corporation or M&G will.

While I don't expect to see any money I am quietly hopeful I will.

That said, I am prepared to go along with a Class Action too. If only for the experience. As long as the outlay is not too onerous. E.g. 0.5 pence for each of my shares seems reasonable enough.

[loverat] 06/3/2015 18:09

Amazing the way things turn out. I held a few of these and a few BZM. Both suspended.

BZM - a crummy company rises from the ashes and immediately multibags after reaching agreement with the Chinese. This one previously supposedly well run etc looks like it is disappearing without a wimper.

[beeks of arabia] 06/3/2015 17:51

From the action on OBT, it seems that the stake AMI had has been / is in the process of being sold.

Don't know how much will be left from these funds.

[casual47] 06/3/2015 16:58

Ami also still has 75% share debt due to equipment financing loan

[seanywauny] 06/3/2015 16:58

SISG still have the power to offer shareholders fair value here.Mass emails over the weekend from myself to SISG, the Chinese government, UK Ambassador to China etc. Forget MP's here, they're a waste of space and just care about the TV debate.Something along the lines of:'Hundreds of British Shareholders life savings are about to be wiped out due to the indirect actions of a Chinese State Owned Steel company 'Shandong Iron & Steel' SISG......'Send your English version and again in simplified Chinese & Mandarin from google translate.This is our last chance!

[casual47] 06/3/2015 16:57

Earnest, Ami has shares in obt, CFE and stellar. In total they are not more than 10m usd or so.

The PXF, the 400m usd bond and any supplier debt will take precedence over shareholders.

[newswseller] 06/3/2015 16:52

Guys $400m bond remember