African Min. Share Discussion Threads

[kirk 6] 28/3/2015 09:45

It's one hell of thing to rip of people and run. People lives

[beeks of arabia] 28/3/2015 09:43

That's a hell of a thing to put on a free bb.

[seanywauny] 28/3/2015 01:01

If anyone wants to take a bat to Frank Timis' head you can find him now and then at Scott's Restaurant in Mayfair.

[kirk 6] 26/3/2015 22:41

Fin I have no money left to buy magazines now sorry

[earnestwipplethwaiteiii] 26/3/2015 18:21

Not quite a disaster for me but a hit nonetheless. I'll wait for the definitive word from the receiver that the legal challenge to SISG has failed before I pronounce the situation hopeless, but it does look that way.
The worst of it is that it appears our caring Board are going to try to slink off while we're not looking, having given us the bare minimum in information since suspension, and omitted to tell us at least one vital point about the HK escrow account prior to suspension.

[broncowarrior] 26/3/2015 17:59

You have to put it into admin if you are out of cash. They will likely look at the security SISG have taken to see if it was valid, and see if they can get anything for creditors. But ultimately, don't expect much as shareholders are at the bottom of the creditor queue.

I have written this off as a disaster. If I got a penny a share I woudl be delighted.

[seanywauny] 26/3/2015 17:23

Why would the BOD bother putting this poxy worthless Engineering subsidiary into administration?If the Chinese need it (and it would most likely come in handy to develop phase 2) then obviously they're going to be the only bidders at a silly price.Completely pointless.

[stockriser] 26/3/2015 16:33

Yep looks that way ........
-----------------------------------------------

RNS Number : 6153I

African Minerals Ltd

26 March 2015

26 March 2015

African Minerals Limited

("African Minerals", "AML", or "the Company")

Appointment of Administrators

Further to the announcement of 6 March 2015, the Company advises that pursuant to orders of the High Court in London, Neville Kahn and Ian Wormleighton of Deloitte LLP, 66 Shoe Lane, London, EC4A 3BQ have today been appointed as joint administrators of the Company and of its subsidiary African Minerals Engineering Limited. None of the Company's other subsidiaries are affected by today's announcement.

[shimmysham12] 26/3/2015 16:32

All over administrator has been appointed. Think that's the final nail. Good luck to all here....

[kirk 6] 25/3/2015 10:27

So operations to start very soon!!! With or with out shareholders

[kirk 6] 24/3/2015 17:13

Surely if they don't offer share holders anything and operations start up this is the biggest scam so far.

[casual47] 24/3/2015 16:37

Still a chance to be checked with the class action. The barrister's opinion will be ready soon, at a reasonable cost. If it is positive there is potential for returns yet and the good news would be that we don't need to fund it!

[bones698] 24/3/2015 16:24

Agree it will go for the 1 dollar at best as the debts are so big and the remaining value simply isn't enough to cover it . It willbe all over soon

[warwick69] 24/3/2015 16:02

corrupt as sure as eggs is eggs we need administrator and PDQ or we will have no support SSIG have been blocking the appointment of administrator for past two weeks through the injunction??? SSIG are the enemy

[casual47] 24/3/2015 13:33

Fishy, depends......will it be a fair auction or a corrupt auction?

This is Sierra Leone...and if you read the GoSL statement it looks like they are already sure that Shandong will get the 75% at auction....

[fishyneck] 24/3/2015 13:29

Wouldn't any of the large miners want to take part in such an auction? Or have SISG made partnering them so unattractive its put everyone off??

fn.

[casual47] 24/3/2015 13:25

Not if the auction goes through for a symbolic 1 US dollar

The auction will be organised by SL officials, at the behest of Shandong and with as objective for Shandong to secure all assets.

Can't see fair value being achieved this way

[kirk 6] 24/3/2015 13:01

hang on a minute if they have bourght the debt then shareholders will be left with something?

[kirk 6] 24/3/2015 13:00

bronco will suggest that management have done well and its just down to the iron ore price.

[casual47] 24/3/2015 12:45

I presume he's talking about US pink sheets

Good luck with that!

[earnestwipplethwaiteiii] 24/3/2015 12:43

Yeah, difficult to buy when it's been suspended for four months.

[w0lf0fwallstreet] 24/3/2015 12:41

very diffcult to buy must be short put a order in for 20k still not filled

[casual47] 24/3/2015 12:25

Looks like we won't receive anything through the regular process.

There may be a possibility for shareholders to recoup some funds through the class action.

[earnestwipplethwaiteiii] 24/3/2015 12:24

It is indeed, if what appears to be the case is indeed the case. All the more reason to join the drive to seek recourse legally, if it proves feasible.