Intl Min&IN Crp Share Discussion Threads

[miamisteve] 08/10/2015 09:36

Livic - Can you give me the SFO email address you were using I would like to drop them a note as well. i imagine a few others would like to voice their disgust.

[miamisteve] 08/10/2015 09:33

I was in Timan when the same Nomad, Strand, resigned.

Afterwards with my involvemenet with the company I saw that they had for months been very lenient on the lapses in compliance and I would assume that Cooper was given several last chances before this event.

Also in Timan we 'received' a director emergency loan shortly before our delisting. So there was obviously some seriously pressing cash calls going on in the background.

With Timan, when the money came in, most of it vanished, and I think Strand, who would not have been paid are jumping ship.

I real disgrace, which in essence goes back to the Afferro Board. Da Silva was good enough to give me a couple of hours face to face and reading between the lines he was against the deal and knew it was a stitch up.

They could have just given us the cash and sold the licenses for a song and we would have all settled for 100p. I would not be surprised if there had been more palm greasing than just the options buyout to get this across the line.

[livic1971] 08/10/2015 09:33

I began speaking to the SFO more than 2 years ago about this and had several emails more recently. I have suggested they talk to the Nomad about why they have resigned before the proverbial hits the fan.

I don't anticipate getting any money back but frankly these guys should not be running companies and should get jail time. If this goes South as it will, then I have a long email correspondence with the SFO which will come to light and paint them pretty poorly.

The SFO can't say they weren't warned.

[gheebee] 08/10/2015 08:55

rossannan

vmt. ]

[nav_mike] 08/10/2015 08:21

Advisers dont normally resign on a whim - they like collecting their fees too much.

No doubt they dont want their name associated with whats coming

[scorpione] 08/10/2015 08:07

There you go guys! Expect to be issued shares in a de-listed IMIC; it will be many many years before we get our money or maybe not at all if they go bust! What a stitch up! Meanwhile ex Afferro directors enjoying full takeover proceeds in cash............absolutely criminal!

[gheebee] 08/10/2015 07:45

No one out-sceptics me when it comes to Cooper but this one caught me by surprise.

[nav_mike] 08/10/2015 07:03

It spoke volumes that much effort was made to renegotiate the other bonds well ahead of maturity, but there was never a word about the large amount of money owed to ex-AFF holders.

Priorities eh?

Still at least we can all sleep well at night knowing that the AFF directors were protected from all this nasty business by being paid out in full in cash.

(cue arrival of del telling us all how lucky we should feel)

[miamisteve] 08/10/2015 05:05

Think that's game over.

The stitch up isn't over yet of course, watch for the license to be sold for peanuts and in a round about way end up back with Cooper and his cronies.

[horneblower] 07/10/2015 21:45

Come on, guys. There was never a hope of getting our money back. Do the directors of Afferro and IMIC go straight to prison? Not a chance. Ha ha.

[noirua] 07/10/2015 21:41

Mr Cooper is the Founder and Chairman of African Iron Ore Group Limited (“AIOG”), IMIC’s strategic partner. Mr Cooper has been instrumental in the formation of an alliance of large Chinese state-owned corporations to support IMIC and AIOG projects through provision of an integrated package of rail, port, power and ore-processing infrastructure solutions.


Maybe there is a plan to amalgamate AIOG and IMIC as one company. That would help solve quite a few problems. Or maybe an agreed takeover bid by AIOG for IMIC.

[taffer87] 07/10/2015 20:56

how's it relevant anyway.. no assets. Afferro is worth nothing in the current environment.

[che7win] 07/10/2015 19:34

Other than government debt, can't see how there would be a hierarchy.

[the stigologist] 07/10/2015 19:08

Even within the debt structure there will be a hierarchy though, some more senior than others ?

[che7win] 07/10/2015 19:03

Nav,
If it goes into Admin, surely bondholders have first claim on the assets?

[noirua] 07/10/2015 17:12

This does look very serious as cash runs out at the end of the year.and that would render all loan notes etc., as worthless, because there is nothing in the coffers left to pay staff and directors and no chance of obtaining any income. Only way out is to go cap in hand to all the Chinese infrastructure companies and AIOG, offering them a stake in IMIC for a bail out.
IMIC does have some other interests that may be dumped in favour of Cameroon.

Major shareholders:

[taffer87] 07/10/2015 17:11

is this the end?

[nav_mike] 07/10/2015 16:55

Meh...do we go from here to the dreaded 'Pending clarification of the company's financial position' or will it go into Administration with the assets passing into some pre-pack stitch up....

Come on guys - I thought you were at least going to be inventive in your efforts to rip off us AFF note holders

[noirua] 07/10/2015 15:35

7/10/2015 - At the request of the company trading on AIM for the under-mentioned securities has been temporarily suspended from 07/10/2015 3:10pm pending an announcement.



15 June 2015

International Mining & Infrastructure Corporation plc (AIM: IMIC), the Company focused on unlocking the value of iron ore in Africa, provides an update on discussions in relation to the restructuring of its US$30 million 9 per cent. bond due to mature in 2017 (the "Bond"). The Bond was raised through the Company's 100 per cent. owned Canadian subsidiary, Afferro Mining Inc ("Afferro") and represents the last of the four major IMIC group bond instruments to be restructured.

The Company is in advanced discussions with the holders of the Bond (the "Bondholders") regarding modification of certain terms of the Bond. The Company has received assurance from the Bondholders that certain proposed amendments to the terms of the Bonds are acceptable and is currently in the process of formalising the Bond restructuring. In accordance with these discussions and pending completion of final documentation, the interest payment of US$1,350,000 due on 20 June 2015 in respect of the Bond will be delayed until 20 December 2015.

A further announcement will be made in due course, setting out the amended terms of the Bond, once the restructuring has been finalised.





23 September 2015
International Mining & Infrastructure Corporation plc (AIM: IMIC), the Company focused on unlocking the value of iron ore in Africa, is pleased to announce that it has entered into an unsecured loan facility agreement ("Loan Agreement") with Heretown Securities Corporation Ltd which provides a loan facility of up to a maximum of USD $1,000,000 (the "Loan") for working capital purposes.

Under the Loan Agreement, the Loan may be drawn down in tranches of varying amounts, where any amounts drawn down and subsequently repaid cannot be redrawn. The Loan shall be repayable by 31 December 2015 and shall bear interest at a rate of 10% per annum which shall be paid together with the capital sum of the Loan at the end of the loan facility period. The Loan may be extended by mutual agreement.

[blah blah] 07/10/2015 15:23

IMIC suspended at 3.10 pending an announcement. Gulp!