African Min. Share Discussion Threads

[medved5] 27/4/2017 18:27

Chinese have covered every angle here no comeback on them.

[sapper2476] 27/4/2017 14:44

Old fool. Ive sent you a private message. Regards.

[old fool2] 21/4/2017 09:03

There is a new group being organised to test the legal waters. If you are a shareholder in AMI and are interested in perusing a claim against the company and may be against individuals. If you are interested leave here your email address/telephone number

[nav_mike] 22/2/2016 16:26

Not heard anything either, but any money received would go to unsecured creditors not shareholders.

They are right down at the bottom of the list :(

[w1ndjammer] 22/2/2016 15:27

Can anyone shed some light on this I have not been following proceedings

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15 Dec 2015




Re: African Minerals Limited (in administration) (“the Company”)

London, 15 December 2015

Rencap Appeal

The Joint Administrators refer to their progress report dated 21 October 2015 and note that on 8 December 2015, notice was received from the Supreme Court that Rencap’s application for permission to appeal has been refused. The result of this is that the Court of Appeal decision in the Company’s favour earlier this year is now final.

After legal costs the Company will receive approximately USD $34m. There is also the potential for further costs and interest on costs recovery. Receipt of these monies will allow the Joint Administrators to commence work in respect of making an initial distribution to unsecured creditors. Further communication will follow in due course in respect both the timing and quantum of such a dividend.

Ian Colin Wormleighton and Neville Barry Kahn were appointed Joint Administrators of African Minerals Limited on 26 March 2015. The affairs, business and property of the Company are managed by the Joint Administrators. The Joint Administrators act as agents of the Company and contract without personal liability.

[w1ndjammer] 22/2/2016 15:25

Can anyone shed some light on this I have not been following proceedings

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15 Dec 2015




Re: African Minerals Limited (in administration) (“the Company”)

London, 15 December 2015

Rencap Appeal

The Joint Administrators refer to their progress report dated 21 October 2015 and note that on 8 December 2015, notice was received from the Supreme Court that Rencap’s application for permission to appeal has been refused. The result of this is that the Court of Appeal decision in the Company’s favour earlier this year is now final.

After legal costs the Company will receive approximately USD $34m. There is also the potential for further costs and interest on costs recovery. Receipt of these monies will allow the Joint Administrators to commence work in respect of making an initial distribution to unsecured creditors. Further communication will follow in due course in respect both the timing and quantum of such a dividend.

Ian Colin Wormleighton and Neville Barry Kahn were appointed Joint Administrators of African Minerals Limited on 26 March 2015. The affairs, business and property of the Company are managed by the Joint Administrators. The Joint Administrators act as agents of the Company and contract without personal liability.

[earnestwipplethwaiteiii] 15/1/2016 03:11

Anyone interested in closing a short position here?

[earnestwipplethwaiteiii] 15/1/2016 03:10

Anyone still interested in closing a short position here?

[earnestwipplethwaiteiii] 15/1/2016 03:09

Anyone still interested in closing their short position in AMI?

[knicol46] 24/10/2015 11:12

NEW updated report on AMI joint administrators 25 September 2015
hxxp://www.deloitte-insolvencies.co.uk/a-c/african-minerals-limited-and-african-minerals-engineering-limited-(both-in-administration)/joint-administrators-progress-report-to-25-september-2015.aspx


'There has been a significant level of shareholder interest in the administration of AML and so the Joint Administrators have responded to shareholder queries as far as they are able'

Total spent from joint administrators on case specific matters from 26 March - 25 September 2015: £36k (average rate £825 per hour)

The latest update is they are unsure if there will be anything left to pay unsecured creditors. Shareholders are below this in priority order.

[earnestwipplethwaiteiii] 12/8/2015 03:11

Not so sure, I may have spoken too soon - that Deloitte pdf is from May 12, and today my IG account, exactly three months later, now shows a zero balance, meaning they have taken the 100% margin cover.
Other than that, I see nothing to suggest that the Deloitte proceedings are not continuing as before, though in all probability there will be nothing left for shareholders, as expected.

Durby - it's not so much that HK refused to assist, more that there is no procedure in law there to do what was requested by the UK court, hence HK declined. In any case, that was also several months ago now.

[medved5] 11/8/2015 20:57

All gone lads

[durby] 11/8/2015 16:43

Also read Hong Kong court refuses to assist administrators ...

www.lexology.com/library/detail.aspx?g=5bcdb455-27f7-4e32-b4f0-9da276241f8f

[earnestwipplethwaiteiii] 11/8/2015 15:38

Well, coincidentally I just saw that my IG account today shows a zero balance for AMI and "African Minerals Ltd Proceeds", whatever that signifies. Whether it means that everything is now done and dusted, I don't know, but it does look like it's curtains finally...

[kirk 6] 11/8/2015 15:14

why are they still negotiating?

[earnestwipplethwaiteiii] 11/8/2015 15:06

I'm afraid this may prove to be a long, drawn-out process; Deloitte are negotiating with SISG and concurrently there are legal challenges regarding the auction of AMI's assets. Who knows, we can perhaps expect this to drag on for months and years, as it winds its weary way through the courts. And at the end of it, shareholders will still almost certainly come away with nothing.

[kirk 6] 11/8/2015 15:00

just seen that PDF durby

[kirk 6] 11/8/2015 14:57

Has anyone heard anything regarding the administration process?

[durby] 11/8/2015 14:54

Sorry folks, AMI shareholders are not on the list of priorities for the administrators. In fact AMI shareholders do not even get a mention in the administrators' proposed plan.

www.deloitte-insolvencies.co.uk/a-c/african-minerals-limited-and-african-minerals-engineering-limited-%28both-in-administration%29/uk-insolvencies-african-minerals-joint-administrators-proposals.pdf

[broncowarrior] 11/8/2015 14:02

Yep, wrote too quickly, should have said "feel below a certain standard." Given their experience, that standard to the company would have been very high in discharging their duty of skill and care.

[earnestwipplethwaiteiii] 11/8/2015 13:51

"...failed to fall below..."? Shumting wong dere....