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Great set of docs posted...lots of work pulling that together...very much appreciated. Thx
I realize the PXF was secured but against ALL the assets????...it's like taking out a £20k loan and putting your house as collateral....crazy!!!
Not if AML have already give the mining assetsxaesy to SISG.
can't get the link to work...
Looks like the project companies are not being included as part of the administration process as assets...looks like we (BoD) have already given them away!! That's my reading of this.
I suggest people get involved and join the 144 and increase our voice and numbers. If we don't try nothing will happen and SISG will just take the asset and FT will drfit away with your cash spent. GL and see you all on the new board.
He is already being criticized or looking weak with the banks....another one to put under pressure.
I wonder if there is a deal somewhere where SISG buy Marampa for an undisclosed sum ($102m should do it) if AMI don't rock the boat over Tonkolili....now that would be interesting move. Problem is these guys will have lawyers all over anything they do....Remember that $250k FT lent AMI?
If newsletter has given you access go to activity, then mycommunities where there should be africanmineralsshareholders link..click on it gets you to approved members only and then click on that to enter the discussion.
Don't get too excited. SISG are not shareholders but stakeholders in the project companies they now run. Final nail is to take over ownership of AMI's 75% stake in the project companies by trading the debts for ownership...they will probably buy it for £1!
Everyone knew what was going on apsrt from shareholders...love to know if FT sold his 42m on the QT...
Do we have the full details of the pxf? Did we know our muppet board must have put the full assets of the companies as collateral for a $250m loan...the assets that were valued at the time at $4bn!!
BoD took the view SISG were only 25% stakeholders and hence ignored their views rather than thinking these are the guys with the cash that is keeping AMI going...massive misjudgement on part of the BoD and to try and push through Marampa for FT with Europe strategy totally against the wishes of and no doubt cutting out SISG on any deal was arrogance beyond belief. It's as if they were saying "we have 75% of this so we can do what we like so up yours and if you stop putting the cash inn you will lose it all...". SISG had other ideas!
I wonder....is it possible AMI can continue to own the assets but SISG operate them and take the IO for themselves at cost? AMI can't make any money. All our value is locked up in assets which we can sell stca fair price when IO prices pick up....
Is this like the bank coming in an repossessing your home because you missed your mortgage payments? Even then you'd sell your house and pay off the mortgage and take any equity out..we are not even getting the chance to do that or we have had that chance and nobody wanted to buy and and SISG just took over the assets. I do think legal issues have prevented anyone else buying the assets which stuffed us...BoD really cocked up using assets as collatrral for loans...why didn't they just raise some cash at $4 a share for $500m for 120m shares rather put all the assets in hock for $250m...
Gotta laugh... "The work has been stopped to review how the permit was awarded.” THREE GUESSES ON THAT ONE....
...hasn't smelt right since we were informed we had the $284m to spend on de-slimming to get us into profit ("even at these depressed IO prices" ..!!) which we didn't and the cash all went somewhere (I wonder where??), FT bought Marampa (Hmmmm??) and got a dodgy rail deal and SISG stopped the cash which we had been promised and we went into Admin for what reason Errrrr!!!!
Even if SISG do make an offer for assets how will we benefit? Bondhobers owed $400m, debtors how much..$200m?..then us. At 30pps thats another $160...will they pay $750m on top of the $167m .....and they still need to inject $300m for phase ii which they have already coughed up and was wasted. Best bet for us is still in court...
All will become easier when we have the secure board to communicate the legals on. The hotmail address was just to get the share info together. LSE board will go down once no Nomad is secured at the end of the month. Thx Grant and Newseller for organising the legals. The more who sign up and participate the better.