Intl Min&IN Crp Share Discussion Threads

[horneblower] 23/9/2015 19:24

Noirua...and?

Today's RNS says that the non exec chairman, Ethelbert J L Cooper, has made a loan to the company for working capital of up to $1M at 10%pa repayable 31st Dec 2015.

What do we make of this?

[taffer87] 23/9/2015 15:07

Which platform are you using for the short?

[speedsgh] 23/9/2015 14:50

Loan Facility Agreement -

Today's rns hardly suggests they are flush with cash; I would say it's almost a dead cert that they will be issuing convertible loan note holders worthless paper in a few months time rather than paying out the principal + interest on the notes.

I note the loan facility announced today is yet another related party transaction. They appear to be a rather incestuous bunch!

[noirua] 23/9/2015 10:39

It does look as if IMIC are trying to push out these loans to 2021 and lowering interest to 5%. A difficult get me out of trouble exercise to survive.

[noirua] 23/9/2015 10:08

An old video:

IMIC says Afferro's acquisition was an 'achievement'
Published on 23 Dec 2013
Haresh Kanabar, chairman at IMIC (LON:IMIC), tells Proactiveinvestors that Afferro's acquisition was complex and therefore an 'achievement'.
--
15/06/2015

[noirua] 23/9/2015 07:54

The notes, issued as part consideration for its acquisition of the owner of the Nkout iron ore deposit in Cameroon, have a coupon of 8% per year payable on 19 December 2015 and are unsecured bonds with a total value of £33.7mln.

[deltrotter] 19/9/2015 16:23

Wonder how much they would get for it.

[deltrotter] 19/9/2015 15:10

Do IMIC have any assets they could sell?

[nav_mike] 19/9/2015 12:11

Would be interesting if nothing else, to see the sheer mayhem that would ensue if all ex-AFF shareholders got converted into shares and tried to sell on the same day

I must admit, I did think they would have organised something by now, but as Horneblower alludes to, they are not exactly dealing with a few bondholders who are willing to reschedule. A good majority here I would wager are now hostile to both IMIC and the old AFF management.

[horneblower] 19/9/2015 11:50

Actually, I wonder if they have left things a little late to organise a "proper" shafting.

I assumed they would force a payment rescheduling as with their other debts, or organise another "Irish" debt-raising in order to pay us.

But "our" debt is of a slightly different character to the recently re-scheduled ones. Maybe they can't use the same tactics.

Do they actually have the money to pay us?

[che7win] 19/9/2015 08:07

I wonder if they read this thread, they must be quite pleased at owners publishing that they expect to be shafted.

[taffer87] 18/9/2015 23:09

I am actually quite interested in what scheme they use to shaft us - leaving aside the loss I am set to make.

[horneblower] 18/9/2015 22:32

It's survival of undebtiest.

[noirua] 12/9/2015 11:25

Afferro Mining Inc Shareholder Information


Until a certain announcement is made by IMIC, only out and out gamblers are likely to want the unsecured 8% simple interest, 19th December 2015 convertible loan stock. Maybe an opportunity to sell will arrive shortly after - 46.4p cash or convertible value [company decides] into IMIC shares on 19/12/2015..

[taffer87] 06/9/2015 17:14

rules have changed since - anyway what do you expect. AIM is not a fully regulated market like the LSE.

[taffer87] 06/9/2015 15:30

it was a non resident AIM company. At that time the takeover code did not apply to such companies.

[taffer87] 06/9/2015 14:56

Takeover code did not apply to Afferro.