Intl Min&IN Crp Share Discussion Threads

[horneblower] 30/11/2016 08:44

p, sorry, I'd missed that.
I don't know who that 10%plus holder is. An IMIC related party I imagine.

[deltrotter] 30/11/2016 08:00

Thanks Parthus.

[parthus] 29/11/2016 23:38

Horneblower:

I was referring to this:

Livic1971. 22 nov 2015

Have just got a letter in the post from them, they appear to have been forced to hold an EGM on the issue on the 14th of December in Leicester because a Loan Note holder with more than 10% of them has requested it.

[horneblower] 29/11/2016 23:12

parthus,
I'm not aware of any such large loan holder apart from IMIC themselves. I think us lot are all rather small loan holders.

[woodpeckers] 29/11/2016 11:02

Mining 2017 - "“one of the best lawyers in the industry;" Ha,Ha!!!

Blake Cassels & Graydon is once again one of Canada’s standout mining firms, with seven practitioners listed. In Vancouver, Andrew McLeod is the firm’s highest-nominated lawyer. He focuses on financing, investment, restructuring and M&A both in a national context in Canada and internationally. He is “one of Canada’s preeminent mining lawyers”. Bob Wooder has expertise in M&A and takeovers, where he is “a great strategist and gives practical advice”. In London, David Glennie is “one of the best lawyers in the industry; his mining knowledge is excellent”. He has vast experience in financings and M&A and has advised clients including Reservoir Minerals on a US$135 million acquisition and Afferro Mining on its takeover by IMIC for US$200 million.

[irenekent] 29/11/2016 08:03

If I ever get a response from my brokers I will be voting NO for my paltry 10k of shares in this heap of rubbish. Pity they can't run a business as well as they come up with these schemes.

[deltrotter] 29/11/2016 07:46

Yup, that's why I wonder if we are on for a repeat of 2009/10 in resource stocks Noirua and a repeat of the Parthus/Woody shenanigans.

The good 'ol days....

Cheers

Del

[parthus] 29/11/2016 07:16

Horneblower:

I am confused (unsurprisingly ). I thought there was a large loanholder who managed earlier to get the company to change the terms for us.. Do they still exist ( can't see how they could not )? Do we know who they are ? Or how they might vote ? They too may feel equally agrieved and vote against ?

[horneblower] 27/11/2016 22:31

The numbers will inevitably be against us and a Parthian shot up the bum from us will have no effect... but it makes me feel better...the shysters.

[prettygreen] 27/11/2016 20:35

Written these off long ago - voting against as it appears that's what they don't want us to do. I hope what goes around comes around ....

[deltrotter] 27/11/2016 11:45

He he Parthus, nice one, that takes me back to the good 'ol days of you and Woody 'sparring'.

Thank You!

Cheers

Del

[woodpeckers] 27/11/2016 10:29

parthus, you promised you wouldn't bring that up again! Besides, I'm a reformed character these days... ;-)

[woodpeckers] 26/11/2016 21:09

I agree horneblower, the Afferro (think you've been dipping into the chocolates!} directors really are the ones who should be ashamed of themselves.

Bearing in mind the possibility, dare I say, of our votes not being counted, it would
be interesting to get an idea of our collective holdings and how people are voting. Would anyone be up for this?

I have 3,000 shares and am voting NO.

[horneblower] 26/11/2016 20:53

I have also voted against for the same reasons.
Sod 'em

...although I don't feel as much of a grudge against the current IMIC directors as I do against the ex Ferrero (sic) directors who knowingly sold us out to their own advantage.

Has anyone written a letter of complaint to the AIM authorities?

[woodpeckers] 26/11/2016 19:03

EC, in answer to your question (sorry for the delay in responding), yes. My holding is small and I had already written it off. I would like to make this as hard as I possibly can for them to get what they want, even if it costs me.

Noirua, you are summing it up beautifully.

With the rising price of iron ore, this company can now do well. I'm damned if I will just let them take my share off me without a fight which is what I believe they are trying to push through.

My vote is registered.

[deltrotter] 26/11/2016 18:38

Hi Parthus and Noirua

Seems that we are all agreed - reject.

Noirua - a return to the bull run of 2010'ish?

Cheers

Del

[che7win] 26/11/2016 16:21

Noirua, Fully agree.

[noirua] 26/11/2016 15:18

I have voted against via my TDD account. It is really up to the directors of IMIC to pull the company round as Sundance are attempting to do.
Iron ore looks set to challenge $100 in the fairly short term as China runs down all its iron reclamations.
Chinese iron ore is mainly low grade and more contaminated than elsewhere. The price is set to move up in line with Copper, Zinc and Lead.
Zinc is at a 5 year high. Copper and Lead at 12 months high points.

IMIC know all this!

[parthus] 25/11/2016 00:15

Noirua

So are we agreed that we should reject then ?

[noirua] 24/11/2016 21:46

IMIC can see a bullish situation coming into the picture just as Sundance Resources SDL have today. IMIC hope to clear the deck of their troublesome loans and reap the rewards further down the line. SDL see iron ore prices up from $40 to $70 in November. The US$ is strong so it's add 20% or more to that in local currencies.

IMIC can see that conversion would be at a low market price if a quotation were to come about. Former Afferro shareholders would own most of the company on conversion taking place. That is the reason for calling a meeting on 13th December 2016.


Sundance Resources ASX:SDL

[horneblower] 22/11/2016 23:45

They have made the rules (in 289 above) so as to be able to do whatever they want.
However, the rules could be disputed.

[che7win] 22/11/2016 20:04

As per post 278, I think they are going to ignore votes and do show of hands

[horneblower] 22/11/2016 16:00

From page 11 of the notice of the meeting... see point (ii).



General provisions relating to the Meeting:

(i) The quorum at the Meeting for passing an Extraordinary Resolution at the Meeting shall be two or more Loan Noteholders or holders of a voting certificate or a proxy for, or representative of, a Loan Noteholder present holding or representing at least one tenth of the aggregate principal amount of the Notes then outstanding. At any adjourned Meeting, two or more persons present or being proxies or representatives (whatever the aggregate principal amount of the outstanding Notes held or represented by them) shall form a quorum.

(ii) To be passed at the Meeting, the Extraordinary Resolution requires a majority of not less than 75 per cent. of the votes cast.

(iii) Every question submitted to the Meeting shall be decided on a poll and every Loan Noteholder present in person or by proxy shall have one vote for every £0.40 in principal amount of the Notes of which he is holder.

(iv) If passed, the Extraordinary Resolution will be binding upon all the Loan Noteholders, whether or not present at the Meeting and whether or not voting.

(v) The Issuer shall give notice of the results of the Meeting on www.imicplc.com within 14 days of the Meeting but failure to do so shall not invalidate any resolution passed thereat.