International Ferro Metals Share Discussion Threads

[tomboyb] 15/9/2015 10:34

www.proactiveinvestors.co.uk/companies/news/110795/International%20Ferro%20Metals

Practitioner reports interest in International Ferro operations
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08:43 15 Sep 2015
At a creditors’ meeting the BRP said there are a number of interested parties.

International Ferro Metals’ (LON:IFL) South African ferrochrome operations have a chance of being saved with some bid interest, according to the country's Business Rescue Practitioner.

At a creditors’ meeting the BRP said there are a number of interested parties but details of the potential bidders and possible offers were not provided.

IFL put its businesses in South Africa (IFMSA) into their equivalent of administration last month after a slide in ferrochrome prices pushed it into the red.

A bid process would take two to three months to implement, said the BRP, and the rescue plan publication deadline has been extended until 30 November 2015.

[holmess] 15/9/2015 09:25

Looks like a positive step to me. They've given sufficient time to get the bids in to maximise the sale price.

[konil] 15/9/2015 09:06

i think its the brp that has suggested the date be pushed back and the creditors have agreed, in order to expedite the whole thing through interested parties.

anyway, doesn't really matter either way, what matters is what will be left for shareholders who are last in line.

[tomboyb] 15/9/2015 08:34

Looks like Creditors have pushed back the BRP and will pursue interested parties -

International Ferro Metals

Update on IFMSA Business Rescue process
15 September 2015
International Ferro Metals Limited
(“IFL” or the “Company”)
Update on IFMSA Business Rescue process
In relation to the Business Rescue process of IFL's subsidiary, International Ferro Metals (SA) (Pty) Limited (“IFMSA”) a meeting of creditors has been held with the Business Rescue Practitioner (“BRP”) and the following key matters were discussed at that creditors' meeting:
The BRP informed the creditors that, based on his findings to date he considered there to be a reasonable prospect of rescuing IFMSA. The rescue would most likely entail a sale of the assets/business and/or equity of IFMSA.
The BRP also informed the creditors that there are currently a number of interested parties. However, details of the potential bidders and possible offers were not provided.
The BRP envisaged that a bid process would take two to three months to implement, whereas pursuing the currently interested parties should accelerate the process.
In order to allow sufficient time to finalise the bid process, the BRP proposed a motion to extend the date for publication of the Business Rescue Plan until 30 November 2015, which motion was passed by the requisite majority of the creditors.
It was resolved to establish a committee of independent creditors. The committee's role is to consult with the BRP in relation to the implementation of the Business Rescue for IFMSA.

[tomboyb] 02/9/2015 22:32

I would also say all operations shut down to preserve value -

If the market did improve and the buiness as a going concern then this would probably be worth much much more -

However, this is where opportunity arises - - for someone else

[tomboyb] 02/9/2015 22:26

Not sure at this juncture -

Net assets at suspension were around 20p per share. We do have a shareholder in Jiuquan Iron & Steel which owns 29% of the equity in IFL bought at much much higher prices. IFL have a large array of operations and significant assets to debt.

Downside is the ferrochrome market, increased labour costs in SA, and load shedding issues -

Our market cap was £5mill on suspension with NET assets around £100 million -

[rettah] 02/9/2015 22:01

Any guesses to what price they might be able to sell for? Net assets in the last accounts were approx 20p per share. Last director buys were at 7.10p. I guess they'd like something approaching 10p. Probably wishful thinking!

[konil] 02/9/2015 16:29

can't see the difference!

isn't it the same as before?

[tomboyb] 02/9/2015 15:25

Pennyfalls 2 Sep'15 - 15:17 - 1550 of 1550 0 0

Ps...I was referring to the website!..

So was I -

[pennyfalls] 02/9/2015 15:17

Ps...I was referring to the website!...

I neglected to mention that, for those who are wondering what the hell I'm talking about.

[pennyfalls] 02/9/2015 15:17

Ps...I was referring to the website!...

I neglected to mention that, for those who are wondering what the hell I'm talking about.

[pennyfalls] 02/9/2015 15:15

Indeed :o)

[tomboyb] 02/9/2015 14:37

Penny -

Better "Tarty" than a "bulldog chewing a wasp" eh -

[tomboyb] 02/9/2015 13:52

We are not bust yet - Solvent buisness looking for a buyer -

There have been expressions of interest - However shareholders need to hear about them

[pennyfalls] 02/9/2015 13:41

After eons of tardiness it looks like IFL has bought some new clothes, popped on some lippy and is heading off on the town looking to pull..

Now looking very professional, now it's bust!!

Touting for a new beau, me thinks

[tomboyb] 28/8/2015 12:28

It comes with a reputation -

EVO was another that had its reputation tarnished -

[crossdresser] 28/8/2015 11:54

not the first or last broker to muck up, in fact I don't think I've ever read a post on any of these BB's that was actually complimentary about any broker. All part of the sport I say

[tomboyb] 28/8/2015 11:47

That may well be so Crossdresser - However that in itself defeats the purpose of a broker - In this particular stance the " House Broker" -

There would no point of a broker and "ANY" target if they were "just like us" -

Every target would be cloud Cuckoo land from 1p to 100p -

[crossdresser] 28/8/2015 11:39

NUMIS don't sit at board level they're just analysts working on the same info we get DYOR

[crossdresser] 28/8/2015 11:36

Happy to re-list with new shareholder or injection from existing parent. It would change the market's / crowds view of this company and send the price well above 20p on NAV alone. Whatever happens, I held, my choice and here we are, sure I'm not wrong though

[tomboyb] 28/8/2015 11:30

Having said that - I wonder what Numis must be thinking with their buy "NOTE" and "15p" target just a few days prior -

[tomboyb] 28/8/2015 11:26

That is correct "crossdresser" -

This gives the company time and a 6 month grace period to sort things out - The shutting down of furnaces indicates a preserving of all value -

SP Angel in a note mentioned the significance of the Assets here - However that will obviously depend on what can be achieved for shareholders -

To achieve 5p per share would equate to 25% of Net Asset Value or thereabouts -

There is a possibility of relist, however I think it is more likly an offer for teh company or the two subsiduries and a distribution -

[crossdresser] 28/8/2015 11:24

Also, the fact that we are now all over the news will only generate more interest from interested parties......

[crossdresser] 28/8/2015 11:09

We haven't gone bust yet so why all the doom and gloom? We're in SA's version of administration on the request of the company not one of it's creditors, this is a good thing and bursts the on-going negative cycle this company has been in. IFL now get the chance to cut overhead and sit down and negotiate sensibly with the potential bidders mentioned without the chaos that was previously consuming everybody's time. Potential outcomes are:-
1) Injection of cash from investor and re-list as a going concern
2) Company sold to bidder and monies distributed amongst shareholders
3) Sold off in bits and monies distributed amongst shareholders
We've not gone, just in a period of consultation. I would not and did not sell out at .75p. There is value here definitley but what it is nobody on this board or any other knows so we will have to wait and find out what the results of the discussions are

[themoreiwantyou] 28/8/2015 10:56

Expect the worse; hope for the best. The worse is zero.