Intl Min&IN Crp Share Discussion Threads

[deltrotter] 12/11/2015 12:01

Yup. Although the Afferro BOD saw the downturn coming, the IMIC one didn't. It takes two to make a market I guess!

[noirua] 12/11/2015 11:52

IMIC is basically trying to survive in this very difficult iron ore sector for producers and those who are aiming to become producers. The position is near impossible for IMIC who are just laying out the ground for a hoped for recovery in iron ore prices in the period 2018 to 2021. Many other companies are in the graveyard or preparing their own plot and I would like to think IMIC are attempting to avoid this situation as painful as it is for shareholders and loan stock holders.
Yep! Just grin and bear it for the next 3 to 6 years, that's it.

[bsg] 11/11/2015 15:17

Could the suspension be orchestrated to keep the share price high, so as to issue us with as few shares as possible.

[scorpione] 11/11/2015 14:55

Unbelievable! Just received the conversion notice from IMIC's registrars and the text is below; that's it! Getting more and more irate by the minute about this bunch of sharks!!!

To the Holders of the Convertible Loan Notes
Known as
INTERNATIONAL MINING & INFRASTUCTURE CORPORATION PLC
8 per cent convertible loan notes due 2015
ISIN GB00BFWH2412
6 November 2015
Ladies and Gentlemen
CONVERSION NOTICE
In accordance with Clause 5.3 of the instrument constituting the Convertible Loan Notes, notice is hereby given that
the Company wishes to convert the outstanding balance of interest and principal in accordance with the Instrument.
New ordinary shares in the share capital of the Company should be allotted shortly after 19 December 2015 at which
point we will write to you again.
Yours faithfully

[scorpione] 11/11/2015 14:54

Unbelievable! Just received the conversion notice from IMIC's registrars and the text is below; that's it! Getting more and more irate by the minute about this bunch of sharks!!!

To the Holders of the Convertible Loan Notes
Known as
INTERNATIONAL MINING & INFRASTUCTURE CORPORATION PLC
8 per cent convertible loan notes due 2015
ISIN GB00BFWH2412
6 November 2015
Ladies and Gentlemen
CONVERSION NOTICE
In accordance with Clause 5.3 of the instrument constituting the Convertible Loan Notes, notice is hereby given that
the Company wishes to convert the outstanding balance of interest and principal in accordance with the Instrument.
New ordinary shares in the share capital of the Company should be allotted shortly after 19 December 2015 at which
point we will write to you again.
Yours faithfully

[scorpione] 11/11/2015 09:54

rossannan, if your stockbroker for the sipp a/c phones the registrars they should be able to get hold of the conversion notice. That's what I have been informed so I am getting mine to call them and request it.

[diesel] 11/11/2015 09:50

Scorp..that's it though the interest level shows the risk, the bond holders will either not see the interest or have their bond repaid...and how did they manage to organise this without a NOMAD.

[scorpione] 11/11/2015 09:32

Diesel wishful thinking perhaps and I take your point however they managed to attract investors for their latest bond proposal. There must be investors out there prepared to sit out the long recovery in commodity prices and China's continuing development; especially if they are offering juicy interest of 15% pa!

[diesel] 10/11/2015 23:09

Why would anyone invest in IMIC, they have achieved little over the last couple of years, their share price has collapsed, the market for iron is much weaker than when AFF was around and they could find anyone to assist in moving this forward.
One more thing, what was the point of the 8% interest on the loan note, you couldn't sell them so why an inticement to keep them?? or did it make it look like a nice sweetener for those who weren't directors and couldn't have the cash up front?

[soul limbo] 10/11/2015 20:40

IMIC – too toxic for AIM, but why?

By Ben Turney | Tuesday 10 November 2015

[scorpione] 10/11/2015 18:08

che7win - I see your point but then again they are earning generous salaries from this company and being on the inside could always negotiate other deals even if they survive as a private company. I think that like me, most CLN from the AFF purchase would rather get paid out asap rather than wait on a wing and a prayer that we might become multi millionaires in about 15 + years time.

I spoke to the investor relations person.

[irenekent] 10/11/2015 17:58

How about Simon Thompson on Inv. Chronic. He's on the warpath after the debacle at Globo.

[nav_mike] 10/11/2015 17:51

Anyone know any good muck-raking journalists?

As irenekent said above, their total inability to find a Nomad, speaks volumes.

[scorpione] 10/11/2015 17:47

Irene it's around £33 million; I suppose the best thing for us is that they become a private unlisted company and they find other long term investors that would stump up the cash to pay us out.

[che7win] 10/11/2015 17:39

NAV,
yes, you are right, it stinks.

They come across on the IMIC website as all about integrity - yet if they do that surely it would jeopardise their ability to raise funds in the future due to a trust issue?

Scorpione - who were you speaking to at the company?

Surely - if they relist they won't want to wipe out ordinary shareholders either and will do it above board?

How to they deal with other convertible bonds?

What about bonds already converted - they lose out too - there are a lot of loans that have already been converted into ordinary shares - is Cooper going to let his own loans now converted into ordinaries just lapse?

e.g.:

[irenekent] 10/11/2015 17:18

With hindsight would you want to buy anything from these people at a boot sale?

This is not just about those of us who were Afferro shareholders, but also IMIC shareholders who were left without much chance of ever being able to sell their shares. If nobody is prepared to step into the Nomad shoes there must be some very large rats smelling out there. We need an EGM and not in Cameroon either.

[irenekent] 10/11/2015 17:08

How many of these loan notes are out there? How much would they need to find to pay us all out? There may be less of us than we all think. I am sure they must see us as a bit of a nuisance whilst we are still creditors. If we become shareholders I presume we are no longer creditors but we will be voters and if they list on some dodgy exchange its going to be at a substantially reduced price per share which means we are going to have squillions of shares to vote. The new bond needs to be voted on. I presume that they are going to rush that vote through before we are able to put our oar in. The loan notes are not in default until 20th December so they have a bit of time. I think I'd rather have the cash rather than shares, although that means I'll miss out on my trillionth of the roaring success that IMIC will be in the future (give or take fifty years).