Intl Min&IN Crp Share Discussion Threads

[deltrotter] 17/5/2018 20:34

Good luck guys!!

Cheers

Del

[gheebee] 17/5/2018 19:22

I would have been more worried if the directors had put the company into administration with IPs of their choice. These are court appointed and there is at least one other angry creditor besides me! I will try to get coopted as an observer to any creditors' committee unless someone nearer London steps forward. All hope of retribution depends on getting those loans to SIM back from the Cooper bros and on a barrister's opinion about holding Pas and co to account. All still to play for at this time I reckon.

[nav_mike] 17/5/2018 15:38

Gheebee

Would you think this would be an administrator 'friendly' to the company?

There is so much dirt to dig up on the whole Affero/IMIC debacle, that I guess it would all depend on their appetite for the fight, and their likelihood of getting paid

[gheebee] 17/5/2018 14:40

HL failing so far to answer loan note questions with anything other than a generic reply to any shareholders unfortunate enough to be holding when the final whistle blew for them.

Companies House have today published the notice of administration though.

[noirua] 14/5/2018 01:18

Further details contact: The Joint Administrators, Tel: [phone] or Email: [e-mail] Alternative contact: Email: [e-mail]

[gheebee] 09/5/2018 09:03

Having contacted the administrators I've been advised that letters have now gone out to loan note holding brokers explaining the current situation. There are also instructions on gaining access to the case page. Loan note holders should contact their brokers to find out how they intend to handle the flow of information.

[gheebee] 05/5/2018 07:01

The administration reports should make interesting reading when they appear on Companies House beta. I will be contacting the IP team on Tuesday ref a creditors' committee.

[parthus] 04/5/2018 22:21

Delprat on time again

At least we won’t have to hear your mealy mouthed platitudes any longer.

A somewhat minor silver lining...

[gheebee] 04/5/2018 18:11

That's it then.....

[parthus] 28/4/2018 01:12

Delprat:

Ha ha ha

[deltrotter] 27/4/2018 11:42

Absolutely nothing funny about what shareholders have been through here prettygreen.

I am just hoping you guys get something back for the pain you have suffered.

Cheers

Del

[deltrotter] 27/4/2018 10:27

Christmas come early for Afferro holders horneblower!?

Cheers

Del

[deltrotter] 27/4/2018 10:07

A glimmer of hope???

I do hope so for you guys.

Cheers

Del

[gheebee] 27/4/2018 10:06

So, we have had a court meeting that threatened insolvency and now another loan meeting that does the same. The court meeting is now passed and the loan meeting will be over by lunchtime. Interesting times...

[speedsgh] 26/4/2018 10:16

Notice of Loan Noteholders Meeting -

Notice of meeting of Loan Noteholders to be held at 11.30 am on 27 April 2018 at Holiday Inn Leicester, 129 St. Nicholas Circle, Leicester LE1 5LX

NOTICE OF LOAN NOTEHOLDER MEETING
On behalf of the Board of International Mining & Infrastructure Corporation plc (“IMIC”/the “Company”/the "Issuer") I write to you with regard to a proposal (the “Proposal”) to further restructure the instrument constituting up to £33,662,517.60 8.00 per cent convertible loan notes of 40 pence denomination due 19 December 2020 (ISIN GB00BFWH2412) (the "Notes" and the holders thereof, the "Loan Noteholders") issued as part of the consideration for the acquisition of Afferro Mining Inc. in
December 2013.

Meetings of Loan Noteholders were convened on 13 December 2016, 15 March 2017, 15 May 2017, 14 July 2017 and 19 December 2017 (“Previous Meetings”). At the last of those meetings a restructuring proposal was approved by the Loan Noteholders. Payments which would otherwise have been due to certain Loan Noteholders in December 2017 and prior to that were deferred to 30 April 2018.

Since 19 December 2017, the Company has been in negotiations with certain major Loan Noteholders as well as other bondholders regarding the financial situation of the Company, however, an agreement has as yet not been reached and there can be no certainty that an agreement will be reached. As a consequence, the Company seeks to defer further its obligations to pay those Loan Noteholders who seek repayment of
their Loan Notes on 30 April 2018 and is pursuing a proposal to defer all payments due up to 30 June 2018 to 31 October 2018 as outlined further below.

The Meeting is being convened for 27 April 2018 at 11.30 am at the Holiday Inn Leicester, 129 St. Nicholas Circle, Leicester LE1 5LX.

The background and reasons for the Proposal are fully set out in the circular to Loan Noteholders convening the meeting in December 2017, a copy of which is available on the Company's website, www.imicplc.com.

As announced on the Company's website on 7 and 28 March, one of the Company's purported creditors has issued an application for an administration of the Company. The Company intends to contest the application. A hearing is likely to occur on or shortly after 16 April at the Rolls Building of Royal Courts of Justice. Loan Noteholders who wish to attend should check the Company's website for the latest
position. An update will be provided at the Meeting.

THE PROPOSAL
The Company proposes the following amendments to the Loan Noteholders:
• the date for repayment of all existing notices for repayment by any Loan Noteholder be deferred to 31 October 2018.

IF THE PROPOSAL IS NOT APPROVED, IT IS HIGHLY LIKELY THAT THE COMPANY WILL ENTER INTO SOME SORT OF INSOLVENCY PROCESS IMMEDIATELY.

[speedsgh] 26/4/2018 10:08

Court Hearing -

Further to previous announcements, the Company has been notified that the hearing of the application for an administration order will take place at 11 am on Wednesday 25 April in Court 4 of The Rolls Building, Fetter Lane, London EC4A 1NL.

[gheebee] 17/4/2018 06:20

The IMIC website says this was just a procedural hearing. Further update to come.

[parthus] 17/4/2018 00:30

Delprat

Ha ha ha

[scorpione] 16/4/2018 15:44

Did anyone attend the court hearing?

[deltrotter] 16/4/2018 09:51

Thanks GheeBee, fingers crossed for a positive outcome for you guys.

This debacle has destroyed many lives and great friendships.

Cheers

Del