Intl Min&IN Crp Share Discussion Threads

[noirua] 14/11/2015 11:40

IMIC's present in the ground assets have no value only future high value when the world trading situation recovers in 2018 to 2021, and that appears to be the company's hope.
A sad reality is that if countries continue bombing and smashing up buildings and other assets then they will eventually need replacing, combined with material used for building planes and bombs etc: steel and other metals will suddenly be needed in great quantities.
Meanwhile IMIC is really next to worthless, so my shares will just be that in hope one day they will be good again.

[yorkie52] 14/11/2015 00:20

Anyone else planning to do anything?

Yes. Put them infront of a firing squad.

[deltrotter] 13/11/2015 08:11

Ooops, sorry if I have offended somehow Parthus.

[goliard] 13/11/2015 07:25

Nobody cares parthus. Move on.

[parthus] 13/11/2015 00:33

I was referring to YOU deltrotter.

[nav_mike] 12/11/2015 16:37

IanB

My thought at the time of the last RNS re the new bond, is that their end game is to trigger a default - this is why they have extended the rights of the existing bondholders to stretch specifically over Caminex.

I really want to know if they can extend the security of several creditors (old bondholders) whilst not doing so for another major one (AFF loan note holders).

If they are specifically converting us to side step our claim to equal security, then its shoddy, and a cynical manipulation made worse if the conversion is at 9.75p rather then .975p which even then is probably stretching credibility.

[che7win] 12/11/2015 16:27

Scorpione,
if they don't have the shares listed at conversion time, that is a breach of rule 5.4.

So the conversion notice would then be deemed invalid to me.

This rule is also in breach as it doesn't give enough time to fulfil 28 days - although the bracket might allow them to alter the rule:

"Y is the volume weighted average closing price of Shares in the 28 Business Days prior to the
Final Repayment Date (as reasonably determined by the Company)."

[che7win] 12/11/2015 16:16

I would agree with this statement also:

IanBrewster 12 Nov'15 - 15:35 - 498 of 502 0 0

Under 5.4 it reads to me that the shares must be 'listed' at the time the notice was served (technically they were) AND at the time the new shares are issued.

So if the shares are not relisted, then they cannot convert and must pay out.


The price at the Aim listing suspension is irrelevent now. Getting a listing now may avoid a cash payout - if they do it soon, otherwise I don't know if they have any other devious ways to avoid the obligation. The 28 business days means they should have listed yesterday for the weighted average 'Y' calculation.

Our debt owed to us shouldn't be above other bond holders? Are there any big institutions that were in AFF ordinary shares that we can contact? It's 25% owned on our shares...

[scorpione] 12/11/2015 16:00

rossannan = I only have it in PDF here is the definition in any case:

Listing means the admission of the Shares or Loan Notes (as the context requires) to any
recognised investment exchange (as such term is used in the Financial Services and Markets
Act 2000) or the admission of the same to, or the grant of permission by any like authority for
the same to be traded on, any other equivalent or similar share market and Listed shall be
construed accordingly.

Ian I agree, that's basically what I was told when I phoned them. Question is in that event where do they get the funds? Only another huge successful bond programme would do it!

[ianbrewster] 12/11/2015 15:58

If I was cynical, I would say that:

- the can't convert, so must pay
- they can't pay and the plc goes bust
- all the conditions around the new Caminex bond are triggered
- new owners of all the Cameroon assets
- job well done!

[bsg] 12/11/2015 15:47

How can they payout if they haven't got the money?

[ianbrewster] 12/11/2015 15:35

Under 5.4 it reads to me that the shares must be 'listed' at the time the notice was served (technically they were) AND at the time the new shares are issued.

So if the shares are not relisted, then they cannot convert and must pay out.

[scorpione] 12/11/2015 15:27

Looks like they may have got away with it on a technicality; when they issued the conversion notice the shares were 'suspended' not delisted.

[scorpione] 12/11/2015 15:14

Here is the all important extract from the instrument; personally I think they are breaking the rules. Would welcome other comments though.


5 REPAYMENT &CONVERSION
5.1 Subject to the provisions of Clauses 4.3, 5 and 6, the Loan Notes shall be repayable in the
principal amount thereof together with all accrued b~rt unpaid interest on the Final Redemption
Date, such payment to be made within 10 Business Days of the Final Redemption Date.
5.2 Any and all Loan Notes purchased or repaid pursuant to any of the provisions hereof shall be
cancelled and shall not be re-issued.
5.3 Not less than 20 Business Days before the end of the Initial Period, the Company may, subject
to Clause 5.4, notify the Loan Noteholders that it wishes to convert the obligation to pay
interest and principal to the Loan Noteholders (other than to any Loan Noteholders in respect
of whose Loan Notes the conversion would be in breach of applicable law or regulation) into
the equivalent number of Shares. For the avoidance of doubt, any Loan Notes that are not so
converted will be repaid. If notice is served, on or before the tenth Business Day after the
Final Repayment Date, the Company shall issue and allot, conditional only upon such Shares
being Listed, to each Loan Noteholder such number of Shares as shall represent:-
X divided by Y (rounded down to the nearest whole number )
where
X is the amount of o~rtstanding principal and accrued but unpaid interest owed to such Loan
Noteholders and
Y is the volume weighted average closing price of Shares in the 28 Business Days prior to the
Final Repayment Date (as reasonably determined by the Company).
The issue of such Shares shall discharge the debt due from the Company to the Loan
Noteholder.
5.4 The Company may only exercise its rights under Clause 5.3, if the Shares are Listed when
notice is served and at such time as the Shares issued on conversion of the Loan Notes are
Listed.
5.5 The Company shall procure (i) the Listing of the Shares issued and allotted in accordance with
Clause 5.3 by no later than 10 Business Days after the Final Redemption Date; and (ii) that
each person to whom Shares are allotted on conversion of the Loan Notes is registered as the
holder of such Shares (without registration fee) as soon as practicable following the Listing of
the Shares.
5.6 The Company shall, not later than three Business Days after the Shares allotted on the
conversion of the Loan Notes are Listed, deliver• to each Loan Noteholder such number of
Shares as is calculated in accordance with Clause 5.3 in uncertificated form through the
dematerialised securities trading system operated by the Operator, known as CRCST, to tl~e
account specified to the Company by the relevant Loan Noteholdec. In all other circumstances
(including, for the avoidance of doubt, where a Loan Noteholder has not provided details of an
account to which the Shares are to be delivered), Shares to be delivered following conversion
of the Notes shall be delivered in certificated form and a certificate in respect of the Shares
shall be issued to the relevant holders within ] 0 Business Days of the Final Redemption Date.
5.7 The Company undertakes that it shall use all reasonable endeavours to procw~e that
immediately prior to a proposed conversion of the Loan Notes in accordance with Clause 5.3,
the directors have sufficient power to allot such number of Shares to satisfy in full the
outstanding rights of conversion without first having to offer the same to any existing
shareholders of the Company or any other person. The Shares issued on conversion of the
Loan Notes in accordance with Clause 5.3 above:
(a) shall be credited as fully paid;
(b) shall carry the right to receive in full all dividends and other distributions declared,
paid or made on the Shares on or following the Final Redemption Date; and
(c) will in all other respects rank parr passe and form a single class with the relevant class
of Shares in issue on the Final Redemption Date.
5.8 If a Loan Noteholder (i) is or may (in the reasonable opinion of the Company) be resident in
Canada or (ii) shall have supplied a Canadian address to the Company in respect of his holding
of Loan Notes, the Company may, subject to applicable law and regulation, discharge its
obligation to pay sums due in sterling to such person by tendering Canadian dollars (at the spot
rate quoted by HSBC Bank plc for the purchase of Canadian dollars with Sterling prevailing at
the date that is two Business Days prior to the Final Redemption Date).

[scorpione] 12/11/2015 15:11

Here is the all important extract from the instrument; personally I think they are breaking the rules. Would welcome other comments though.


5 REPAYMENT &CONVERSION
5.1 Subject to the provisions of Clauses 4.3, 5 and 6, the Loan Notes shall be repayable in the
principal amount thereof together with all accrued b~rt unpaid interest on the Final Redemption
Date, such payment to be made within 10 Business Days of the Final Redemption Date.
5.2 Any and all Loan Notes purchased or repaid pursuant to any of the provisions hereof shall be
cancelled and shall not be re-issued.
5.3 Not less than 20 Business Days before the end of the Initial Period, the Company may, subject
to Clause 5.4, notify the Loan Noteholders that it wishes to convert the obligation to pay
interest and principal to the Loan Noteholders (other than to any Loan Noteholders in respect
of whose Loan Notes the conversion would be in breach of applicable law or regulation) into
the equivalent number of Shares. For the avoidance of doubt, any Loan Notes that are not so
converted will be repaid. If notice is served, on or before the tenth Business Day after the
Final Repayment Date, the Company shall issue and allot, conditional only upon such Shares
being Listed, to each Loan Noteholder such number of Shares as shall represent:-
X divided by Y (rounded down to the nearest whole number )
where
X is the amount of o~rtstanding principal and accrued but unpaid interest owed to such Loan
Noteholders and
Y is the volume weighted average closing price of Shares in the 28 Business Days prior to the
Final Repayment Date (as reasonably determined by the Company).
The issue of such Shares shall discharge the debt due from the Company to the Loan
Noteholder.
5.4 The Company may only exercise its rights under Clause 5.3, if the Shares are Listed when
notice is served and at such time as the Shares issued on conversion of the Loan Notes are
Listed.
5.5 The Company shall procure (i) the Listing of the Shares issued and allotted in accordance with
Clause 5.3 by no later than 10 Business Days after the Final Redemption Date; and (ii) that
each person to whom Shares are allotted on conversion of the Loan Notes is registered as the
holder of such Shares (without registration fee) as soon as practicable following the Listing of
the Shares.
5.6 The Company shall, not later than three Business Days after the Shares allotted on the
conversion of the Loan Notes are Listed, deliver• to each Loan Noteholder such number of
Shares as is calculated in accordance with Clause 5.3 in uncertificated form through the
dematerialised securities trading system operated by the Operator, known as CRCST, to tl~e
account specified to the Company by the relevant Loan Noteholdec. In all other circumstances
(including, for the avoidance of doubt, where a Loan Noteholder has not provided details of an
account to which the Shares are to be delivered), Shares to be delivered following conversion
of the Notes shall be delivered in certificated form and a certificate in respect of the Shares
shall be issued to the relevant holders within ] 0 Business Days of the Final Redemption Date.
5.7 The Company undertakes that it shall use all reasonable endeavours to procw~e that
immediately prior to a proposed conversion of the Loan Notes in accordance with Clause 5.3,
the directors have sufficient power to allot such number of Shares to satisfy in full the
outstanding rights of conversion without first having to offer the same to any existing
shareholders of the Company or any other person. The Shares issued on conversion of the
Loan Notes in accordance with Clause 5.3 above:
(a) shall be credited as fully paid;
(b) shall carry the right to receive in full all dividends and other distributions declared,
paid or made on the Shares on or following the Final Redemption Date; and
(c) will in all other respects rank parr passe and form a single class with the relevant class
of Shares in issue on the Final Redemption Date.
5.8 If a Loan Noteholder (i) is or may (in the reasonable opinion of the Company) be resident in
Canada or (ii) shall have supplied a Canadian address to the Company in respect of his holding
of Loan Notes, the Company may, subject to applicable law and regulation, discharge its
obligation to pay sums due in sterling to such person by tendering Canadian dollars (at the spot
rate quoted by HSBC Bank plc for the purchase of Canadian dollars with Sterling prevailing at
the date that is two Business Days prior to the Final Redemption Date).

[deltrotter] 12/11/2015 12:06

Noirua isn't defending them is he, just saying it as it is IMO.

[parthus] 12/11/2015 12:03

CHRIST !

The apologist is back again defending the indefensible.