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NC has bought the assets for next to nothing, was trading over 10p on those assets alone, he is coming back as a director armed with those assets and more. Short termers selling up. Expect a bounce in the afternoon, directors are being replaced by NC and Kola Karim. Giveaway at this SP.Should get an update after hours or tomorrow with current state of affairs. ATB
Takers, thats what aim is all about, not good for long term investor's who believe in a company.
It's over guys...
peeled off
Just cashed in, as this is dropping now
Cheers Sharky, how did you get to a 2p value.. I thought this was simply an investment holding company with a few holdings I other companies n a bit of cash?
This has already settled, cant see it going much lower, unbelievably cheap for what is happening.
Chunky buys going through. Kola Karim is a major player in Africa. Small sells, big buys, follow the money. MMs will sell back higher. Crazy offloading at .40p. worth 2p assets alone and with new money on board this is going to fly.
Quite a bit of selling this morning, this needs to find some support or we are going down fast! Anyone got a decent calculated value for this SP?
Once this settles and PIs realise it is not going to drop through the floor after yesterdays rise the buying will start again and push back to the .5 and beyond. This is a new era for AFE and sooo cheap. Get in at the beginning of the new dawn.
Appears MMs are shaking this hard...
giveaway SP for assets here.
shake and then back up. don't sell cheap guys. NC is buying these to increase his holding and come in for takeover. With AFE's assets this is 2p minimum. II's got in at 10p. GLA
Up we go... Next stop 1p?
buys at .49p. steady as she goes, Mr Karim is a serious big hitter, He's not coming on board for 1p that's for sure. Shoreline are a massive outfit
buys at .45p
Takeover approach, a couple of % away for NC, what will II's agree to, they bought around 10p, or a new direction in Africa's energy markets for AFE?
http://www.forbes.com/pictures/fjdd45hfi/kola-karim-nigeria-group-managing-director-and-chief-executive-officer-of-shoreline-energy-international/ http://www.shoreline-group.com/ Kola Karim, Nigeria, Group Managing Director and Chief Executive Officer of Shoreline Energy International Karim is the Group Managing Director and Chief Executive Officer of Shoreline Energy International, a Nigerian conglomerate with interests that span oil & gas, power generation, engineering, commodities trading, infrastructure and construction across sub-Saharan Africa. In 2012, Shoreline Energy partnered with U.K-based Heritage Oil in acquiring a stake in OML 30, an oilfield asset in Nigeria for a reported $850 million. An avid polo player, Karim was named Young Global Leader class of 2008 by the World Economic Forum.
15 minutes till market opening...can't wait
Lets see what today brings. NC bringing AFE's assets back and Kola Karim on board, 2p minimum. Broker target 5p.
Good. Tomorrow should be interesting then. Once this news hits the press.
Yes. Pretty much.
As a result, the Company can confirm that, subject to satisfaction of the remaining condition precedent, being the approval of the Tanzanian mining licence authority, a 90% interest in Blackdown Minerals Limited ("Blackdown Minerals"), a company holding substantially all of the Company's assets and businesses in Tanzania, will be sold to Blackdown Resources (UK) Limited, a subsidiary of Cienega S.a.r.l. ("Cienega"), which, as previously disclosed, is ultimately owned by Nick Clarke and his family trusts. http://www.lse.co.uk/share-regulatory-news.asp?shareprice=AFE&ArticleCode=w6408wt7&ArticleHeadline=African_Eagle_Resources_plc__Result_of_GM_and_Approval_of_Disposal_and_Investing_Policy Correction Oops! After todays announcement, NC will hold a further 26.18% of the remaining 100% of AFE (its late, I missed off a zero). Salkeld Investments Ltd = 3.7% http://www.lse.co.uk/share-regulatory-news.asp?shareprice=AFE&ArticleCode=qlc21chc&ArticleHeadline=African_Eagle_Resources_plc__Audited_Financial_Results_for_year_end_2012 In essence Wolfe, we are saying the same I believe.
As I understood it, until today NC was not a major shareholder in AFE, but had purchased all the rights associated with Dutwa and AFE retained a 10% free carried interest in Dutwa. If NC already owned 90% of AFE, he would have had to have made a formal takeover offer (the 30% rule, as you mentioned). Today he became a major shareholder in AFE via his purchase of 26% of the shares i.e. 26% of 100% not 26% of the remaining 10%. In value terms it translates to much the same thing, but because he only had 3.7% of AFE before today, he now controls just under 30% not just over 90% of AFE. What is very interesting is that before today his company Sakeld Investments Ltd owned 3.7% of AFE. After today, they will own 29.88%, just below the 30% threshold, which suggests he is close to making an offer for AFE, but that he isn't quite ready yet.