Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
ALGU I. If you are not invested here that was a warning bell!!
The offer for AMA valued the company at 16.3p per share (if you combine the Perseus shares and warrants being offered). So as the scheme looks set to come into in effect by next Monday, the AMA price should rise to 16.3p (if not more, in the event that new investors want to pay a slight premium to get in on the stock + warrants) ?
Good luck Fuzz, may see on other more prosperous bb`s TP
I spoke to my broker, TD Waterhouse, this morning and completed an online form which will enable me to trade Perseus shares through TDW after the merger. They will be held in my normal trading account. TDW told me that they are one of the UK brokers who can trade in Australian equities. It seems that some brokers do not offer this service. I have decided to hold the Amara shares I hold (53,000) and await my Perseus shares and the warrants (about 18,000). TDW also told me that I can exercise my warrants by telephoning them with a verbal instruction at any time in the 3 years after the merger. The warrants cannot be exercised online. If Perseus shares increase in value in the 3 years after merger I will still be able to buy them at AUD0.44. Of course, it could go the other way!
My sympathies Tarquin. I also have been a long term holder of this rubbish. I bought in when it was Cluff Gold amidst a lot of the usual hype and disinformation put about by those with vested interests. I watched my investment being used to establish the nature of the resource and fund directorate lifestyles. The share price halved Cluff became Amara and Algy went off to form Cluff Natural Resources. During the following years the share price descended to become virtually worthless and if it were not for the fact that the price of gold has recovered then the share price would still be descending and of course there would be some still funding nice lifestyles from it. This take over offers nothing at all to long term holders, I believe we are being sold out to the next load of freeloaders and so like you have decided to take a very painfully hit and sell up. If anyone is following career paths out there then an interesting comparison between the performance of Amara/Cluff Gold and CNR Cluff Natural Resources.. Draw your own conclusions. To infinity etc etc.
Member of the family has just a few hundred pounds worth of these, trying to understand the warrants. These will be held outside of an ISA in AUD? Are most people selling up at this price? All seems a little complex if owning a very small holding. Thanks
Me too. Finally decided after several years that its time to take the hit and depart. This was the first share I ever bought and undoubtedly has been the worst investment Ive ever made. You live and learn. And this has been a steep learning curve for me. Off to pastures new and hopefully better returns. Good luck and prosperous returns to all who remain Goodbye. TP.
That's me away to look for a gold producer -- small profit but still a profit -- will have a look at Perseus after the love has gone.
In the Scheme Document, the Directors of Amara unanimously recommend that Amara’s shareholders vote in favour of the combination. In addition, irrevocable undertakings and letters of intent have been received from Amara shareholders representing 37.96% of Amara’s issued shares1 . The Amara shareholder meeting to vote on the Scheme is scheduled to be held on 8 April 2016 (UK time). Subject to Amara shareholder and UK court approval, it is expected that the Scheme will become effective on 18 April 2016 (UK time) and that Perseus shares and warrants will be issued to Amara shareholders on 19 April 2016. http://www.perseusmining.com/aurora/assets/user_content/PRU210316%281%29.pdf
I would strongly suggest anyone who has concerns or feels they have been miss informed by their brokers please contact Katharine Sutton, Katharine.Sutton@amaramining.com ( Media Relations with Amara ) She is answering all questions directly. I have been advised by Barclays, my shares will be transferred and held in an International trading account, plus the warrants will also be held. I can however, sell my warrants to a broker in Australia. There is a market to trade the warrants as some investors are very keen on buying more of them, so if you’re interested in doing this please contact Sean Baguley at Bell Potter, an Australian broker, to arrange this (sbaguley@bellpotter.com.au).
sparkyboy1 could you please indicate exactly what Amara said as, in respect of Sipp's HL state that you cannot, they also warn that if you use the proceedure offered by Perseus that if they do not list on the LSE your shares could be worthless. A bold /stupid statement if indeed incorrect coming from such a high profile financial institution. I hope that you were given the correct information in this saga, as one who is hanging on trying to find a work arround to hold on to these shares. Oh the warrants have to be transferred out of an ISA within 30 days, so to get them back under the ISA umberella you need to excersise the warrants and then Bed and ISA the shares ie sell and buy back into an ISA.
Looks like last day of trading on AIM is on or around 15 April
Just phoned AMA and was told that you can keep these shares in your ISA and Sipp apart from the warrants is this true and what is the final date you can sell on the aim market CAN ANY ONE ADVISE
Subject line say's it all, as it appears that many small investors have already bailed out. But I do think that any of us still holding should be asking the question why Amara did not protect it's small investors by stipulating that a condition of sale was that Perseus listed on the LSE. In response to my asking Mr Jeff Quartermaine if he intends to list on the LSE, the response was we will have to wait and see.
Shareholders who use "The Share Centre" will still be able to hold and deal in the shares should the merger with Perseus goes through.
Have just sold out at a 20p,c loss, but do not wish to risk losing it all when AMA is no longer on AIM. (if that is what eventually will happen). AMA is no longer on my watchlist, should a counter offer appear, GLA
Thanks Rainrob & redbeast for the info I will bail out on the 14th latest and take the big hit, we can only hope a counter offer will make an appearance prior to this date but looking increasingly unlikely, anyone with any info or thoughts on a counter offer?
HL says: "It is expected that you will be able to trade your existing Amara Mining Plc Shares until close of business on 15 April 2016."
AMA investor relations told me about six weeks from offer. That makes approx 15 April Wait for date of AMA General meeting and timescale ieffective date 2 weeks later. Would not leave too long Have sold my 700,000 shares with Halifax share dealing as they cannot deal with ASX and have come up with some trumped plan of Depository interest for which we are not even registered on ASX as owners. Will give up Warrants entitlement and buy back if and when they have London listing. Alternative plan would be to buy back through broker that deals with ASX.
Thanks Rainrob very helpful, do you or can anyone say when will be the last day we can trade on the LSE, I would like to push this to the wire just in case that miracle counter offer appears!!
Many thanks rarinrob
No option then but to sell first thing monday, all be it at a loss.
I thought I'd share some of what HL has said about the situation: "Perseus Mining Limited is an Australian based Gold Explorer focusing on under-explored gold belts in West Africa. At present Perseus Mining Shares are listed on the Australian Stock Exchange (ASX) and the Toronto Stock Exchange (TSX). As Perseus Mining Shares are an Australian Security they cannot be held or settled in the UK Settlement System, Crest. To overcome this the Company will create Depositary Interests in the UK which can be held in Crest. Each Depositary Interest will represent one Perseus Mining Share. It will only be possible to trade these Depositary Interests if a market is created for Perseus Mining in the UK. Perseus Mining has stated that it will examine the merits of a listing on the London Stock Exchange (LSE) on completion of the acquisition. If a UK Listing is not obtained you may have difficulty selling this investment at a reasonable price and, in some circumstances, it may be impossible to sell it at any price. It may be possible to trade Perseus Mining Shares on the ASX or TSX. In order to do this you would need to first transfer the Shares into the Australian or Canadian Market. Further details of this procedure are contained in the attached appendix. Will I be able to trade the Perseus Mining Shares with Hargreaves Lansdown? It will only be possible to trade these Depositary Interests with Hargreaves Lansdown if a market is created for Perseus Mining in the UK. Perseus Mining has stated that it will examine the merits of a listing on the London Stock Exchange (LSE) on completion of the acquisition. If a UK Listing is not obtained you may have difficulty selling this investment at a reasonable price and, in some circumstances, it may be impossible to sell it at any price. It may be possible to trade Perseus Mining Shares on the ASX or TSX. In order to do this you would need to first transfer the Shares into the Australian or Canadian Market. This would involve us moving the Shares into a Global Custody Account with HSBC Bank plc. This agreement means that the stock can be held in its relevant overseas settlement system which ensures that trades in the stock can be settled and therefore traded. Whilst the stock is held with HSBC we will only allow sale instructions to be processed and all purchase requests will be rejected. Such a trade would be subject to a number of additional fees on top of our telephone dealing rates. Such fees include any charges to convert the Depositary Interests to Shares, a £15 transaction charge by HSBC, currency service fees to convert the sale proceeds into Sterling and any commission levied by a 3rd party Broker. For example, to trade direct in the Australian Market we would need to use a third-party broker who would levy a fee of 0.35% of the trade value, subject to a minimum charge of AUS$200.00."
Just sold mine, previous posts plus lack of info on whether they are isable and me not understanding the warrants, plus ASX listing made my mind up. Made a couple of grand in a short space of time so happy. Will look to put the funds back into Cey and Hoc come May, when hopefully the miners have corrected a bit. Good luck all.
rfarfa, rarinrob - I agree that it looks like these might not be ISA-able. However, sounds odd that HL say you won't be able to sell these? Perseus shares are listed on the ASX so perhaps need to find a broker that can trade in foreign market (which surprises me that HL say they can't do)