E-mailed the 3 contacts at deloitte27 Mar 2015 21:31
Dear All,
I am a private investor with a substantial holding in the LSE AIM listed company African Minerals Ltd whom I gather you are the appointed administrator.
Whilst I am aware of the concerns that the region has had over the terrible Ebola disease and the recent economic downturn in commodity prices I am extremely concerned that my and other British shareholder interests are not being properly governed by this company and we as investors are now braced for the worst with in some cases life savings (mine included) being completely wiped out from under them with life changing consequences.
The shares in the company have been suspended since 10th November 14 but since then we have had little or no information as to why the shares were suspended by the LSE and even less information about the goings on behind the scenes from our Board of Directors who are supposedly employed to look after our interests. With the lack of information to hand we are left with third hand rumours of self dealing by board members and in fighting between them and our minority 25% Chinese shareholder.
More recently there was a statement from our Board of Directors of the likelihood of “little or no value to shareholders”. This for me was the last straw since I do not believe that they have considered all of the options open to them that would protect shareholder value which include the selling of the company to a third party. There are also very spurious conflicts of interests from Board members which I will not go into here as there are far too many to mention. (Please kindly Google Frank Timis our Chairman and all will be explained).
African Minerals is a valuable world class asset estimated at 6 billion dollars that was listed as a top ten company in AIM only recently with over $2.5b invested, some of that investment from hard working private investors such as me.
Whilst I appreciate the risks in investment my very real concern is that this company appears to be being stolen from beneath shareholders noses using the veil of recent issues in the region as an excuse and a low commodity price.
I believe that The Rt Honourable David Lammy recently held a meeting in London to discuss the role the UK private sector can play in reinvigorating Sierra Leone’s economy post Ebola, and how Sierra Leone can win back the confidence of foreign investors. As you can see that if the largest employer in Sierra Leone, which African Minerals is; can be taken in such a dubious and none transparent manner by one of our own board members or by a minority Chinese investor (like I believe it will leaving no shareholder value) then this does not instil much in the way of confidence in the region, especially since the company should have been run under UK corporate governance laws.
So far the voices of us private investors have fallen on deaf ears.
I stand to lose my house because of the lies corruption mis information we have been supplied over th