Intl Min&IN Crp Share Discussion Threads

[horneblower] 08/10/2015 21:30

Still wriggling.

[miamisteve] 08/10/2015 19:14

This is my read on it looking at the dates.

We know now that the Companies accounts were frozen on the 22nd of September.

I speculate that Strand wanted to suspend them at that point. After which Ethelbert knowing that he needed more time to defer the bond holders said he would provide an emergency loan.

that happened on the 23rd of september, the next day.

23 September 2015

INTERNATIONAL MINING & INFRASTRUCTURE CORPORATION PLC

("IMIC" or the "Company")

Loan Facility Agreement

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 was is drawdowns, so nothing had been made at that point. I speculate that he didnt come up with the money and kept fobbing them off, that it was being wired any day soon and after 2 weeks of waiting they knew it was game over and Strand resigned.

[brettmo] 08/10/2015 18:40

I credit the old AFF board with wisdom in getting out when they did on a crashing market but am furious that they gave themselves a great cash deal. I hope they can sleep easily. As for the new lot, when their names first came up, there was considerable scepticism with suggestions alleging potential integrity issues. Hard to be hopeful now of anything good for us ex AFF victims.

[noirua] 08/10/2015 18:25

INTERNATIONAL MINING & INFRASTRUCTURE CORPORATION PLC
RNS Number : 2520Z - 04 February 2014

International Mining & Infrastructure Corporation plc (AIM: IMIC), the company focused on unlocking the value of African iron ore, is pleased to announce it has listed in Dublin on the Irish Stock Exchange its Convertible Loan Notes issued to shareholders of Afferro Mining Inc ("Afferro") as part of the consideration for IMIC's acquisition of Afferro in December 2013.

The listed Convertible Loan Notes are unsecured bonds due 19 December 2015 each of GBP0.40 nominal value with a total value of GBP33,662,517.60. The Convertible Loan Notes have a coupon of 8% per annum, payable on 19 December 2015.

The Convertible Loan Notes and accrued interest will either be redeemed for cash or converted into IMIC plc ordinary shares at the volume weighted average closing price of IMIC plc ordinary shares in the 28 Business Days prior to 19 December 2015, at the Company's discretion. Such decision will be notified to note holders not less than 20 days prior to 19 December 2015.

[noirua] 08/10/2015 18:09

Published on 23 Dec 2013
IMIC says Afferro's acquisition was an 'achievement'

[scorpione] 08/10/2015 17:00

Yes indeed miami - I will certainly take a look when I find a few minutes

[noirua] 08/10/2015 17:00

Somewhere in the small print of the Afferro 8% simple interest Unsecured Convertible Note is a period of time when the average price is determined. If the shares are suspended or no longer on AIM they may not be convertible, although IMIC make the decision on this.

[miamisteve] 08/10/2015 16:54

Scorpione - That would just be the ultimate contempt, if they convert us while we are delisted and moments before administration.

Would be good time to read the small print in our loan notes.

[noirua] 08/10/2015 16:32

Not the biggest stitch up as a few Chinese companies disappeared into Central China and that was that, Naibu NBU being the latest.
Looking quickly at the situation it does appear that the likes of Chairman Cooper must be one of the few who could maneuver out of trouble into blue sky, provided he is so minded.
Bad news and some good news. Occasionally it's a matter of picking the best of the bad.

[miamisteve] 08/10/2015 16:22

Well. you can see why the Nomad's jumped ship.

they were advised about the tax claim back in August and kept it to themselves.

Even took 18 days to let us know that their offices and bank accounts had been frozen.

listing regulation to release price sensitive information in a timely manner.

worst part about it is that the regulator won't do a thing.

total disgrace.

[scorpione] 08/10/2015 16:22

Given the circumstances it would be better for us convertible loan note holders to be deferred like other bond holders and not converted as in the event of liquidation we would rank above shareholders. I cannot personally see this happening though as the CLN terms are either cash payment or conversion to shares in December 2015. I think we will be shaft... sorry converted as the IMIC board will not give a damn! This is likely to go down as one of the biggest stitch ups ever in AIM history!

[noirua] 08/10/2015 15:43

Operational update -
IMIC is pleased to announce that it has completed a detailed scoping study covering the 4 million tonnes per annum (mtpa) Ntem project, which confirmed the project's economic viability - even at current international iron ore prices. The Company is now engaged in discussions with various parties in relation to financing and preparing the project's next stage, a pre-feasibility study and the definitive feasibility study. The scoping study demonstrated that the Ntem project is capable of generating favourable financial returns, even in the current cyclical downturn in global iron ore prices, and that its final product, high-quality 70% Fe pellet feed, is likely to attract significant demand in Europe and the Middle East.

Finance
The Company currently has outstanding debt obligations of US$100.5 million, excluding convertible loan notes issued as deferred consideration for the Afferro Mining Inc ("Afferro") acquisition (the "Acquisition"), which requires interest servicing of approximately US$5 million per annum.

Cameroon
The Tax Authorities have instigated an aggressive recovery process, which has included the freezing of bank accounts of Caminex SA on 22 September 2015 and closing its Cameroonian offices, which occurred on 30 September 2015. The Tax Authorities have granted leave for the Company to appeal its decision, but this is conditional on IMIC paying a deposit of 15 per cent. of the disputed tax amount. The Company continues to contest the position of the Tax Authorities since it regards this as a spurious tax claim and not in accordance with Cameroonian tax legislation.

[noirua] 08/10/2015 15:41

IMIC update

[deltrotter] 08/10/2015 14:29

All fair points miamisteve - really sorry to see this outcome.

[miamisteve] 08/10/2015 13:35

Del - They knew the iron ore market was going to collapse then they breach their fiduciary duties in giving us the convertibles.

I'll also tell you one annoying thing which Da Silva mentioned in my discussion way back.

If you remember we were originally told that we would get an option of all stock of part cash part stock or all cash.

That was going to go ahead until a shareholder called him and talked about hedging by buying / shorting IMIC stock.

[deltrotter] 08/10/2015 12:59

Hi Livic

What has happened to the value of the asset is relevant. If the asset had value then IMIC would not be in the situation it is in now and would be able to raise cash.

The market was already saying that the iron ore assets were a millstone two years ago when it valued Nkout at next to nothing.

Why the heck did IMIC buy it????

With regards to the corrupt deal structure - the unfortunate thing is that the governing bodies do not agree with you, or do agree with you but will not take action for whatever reason. Either way, shareholders can only sit and weep.

Cheers

Del

[kombimatec] 08/10/2015 12:47

Disappointing

[che7win] 08/10/2015 12:09

Agreed Livic.

[livic1971] 08/10/2015 11:11

Del - What has subsequently happened to the value or the asset is beside the point and in the deal Nkout was valued at little above cash anyway.

The point is the deal structure was corrupt as the BoD have got away with a materially better deal than other shareholders. We were trading at over 100p when Jindal pulled out. Clearly with the BoD getting 120p and us getting 80p whether IMICs offer relative to Jindal represented a good deal I guess depends on who you are...

[deltrotter] 08/10/2015 10:38

One thing the BOD did spot was that the iron ore market was gearing up for a massive collapse.

Shareholders getting 80p was about 80 times what the company (the resource) is worth now.

Luis would still be travelling the world now, looking for backers to get Nkout off the ground, still believing it was worth it.

The other directors saw the writing was on the wall.

Agreed, they got the extra 40p in cash. Still not sure how they ever managed to get that one through - but they did and no one stopped them....

Still sorry to see what has happened to you guys here.

[livic1971] 08/10/2015 10:03

Its this

[e-mail]

I got no response for 2 years except to say we are investigating which of course they weren't. When I asked again I got fobbed off. When I asked via a FOI request for the correspondence my enquiry had generated they had to do something. Then they said they couldn't show me (probably because it would show they did nothing at all but were giving the impression they were). Finally they said it was all fine because we voted for it...

Actually a bunch of fund managers in London with no skin in the game voted for it and that does not mean it isn't corrupt.

Its not going to look great for them IMHO. I think the Guardian will like it as it really does show how pointless the SFO is. My bet is they are also better at getting places with FOI requests.

My guess is they'd prefer to chase some patsy in a 3 bed semi for crashing the trillion dollar S&P than go after actual crooks in suits.