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In the absence of an AIM Admission Document for their Shareholders to approve by the end of this month, an interesting Preliminary Results from IMIC yesterday I thought. The cash balance is £30,012,441 and their AFF shareholding has a "fair value" of £15,336,852. They recorded a loss after tax of £6,146,377 this last year. The exceptional items of £1,370,073 are costs associated with the acquisition of AFF and the finance costs of £2,223,017 are as a result of the raising of finance during the year. There were also fair value adjustments recognised in respect of the loss on the Afferro shares of £567,217 and movement downwards of the embedded derivative of £1,312,150. Despite paying BOA ML a sizeable fee as top cover for the coordinated raid on the AFF cash, they admit they underestimated the task caused by AIM and TSXV dual listings. Clever people. At least one of them must have bought themselves a Masters from the prestigious (if only in the mind of its alumni) Crass Business School.

"Subject to inter alia IMIC shareholder approval [when, again?], final court approval and the satisfaction or waiver of the conditions to closing" and this from the people who only yesterday admitted they had already been caught out by the regulator on multiple counts. "Inter alia" by the way covers a universe of stumbling blocks. And if that wasn't enough...."These dates are subject to change and confirmation on the final timetable for the Arrangement and a further announcement will be made in due course." So, a little early to be offering yourself an apology.

We have been warned! http://www.proactiveinvestors.co.uk/companies/news/61420/imic-in-unique-and-favourable-position-to-exploit-iron-ore-revolution-in-west-and-central-africa--61420.html “The acquisition of Afferro is likely to generate significant value by allowing it to unlock the value of the assets in Cameroon, but more importantly, will act as a key differentiator to gain access to other projects nearby,” the analyst added. “In addition, Afferro is the first of potentially several opportunities for IMIC to integrate junior miners and build up a substantial portfolio of assets, which is likely to become increasingly valuable. "

Sell all your AFF and IMIC shares.

All very interesting but my input gives the reader a possible explanation for the discrepancy. You two seem only to be suggesting that anyone with a set of devalued paper qualifications can know that there shouldn't be a discrepancy because there are clever people such as you involved in the deal.

IMICs stated purpose is to be the GASOL of mining, where the overlap with AFF in the form of Mr (iron ore Guy) Pas and Mr Cooper can easily be found by anyone with access to a computer.

Are you sure that you don't mean GASOL rather than AFREN?

Suppose, just suppose, that the team behind AFF/IMIC/AIOG don't actually want this to go ahead for reasons related to their strategy of taking control of multiple companies. After all, a stand alone AFF with market quotation is going to do much better than an IMIC share with failing interests in Guinea and half cock initiatives in Liberia once SDL announce the results of the Mbalam Convention infrastructure tender. If you were them why would you pay any more than 80p to the likes of you and me once you had a controlling interest? And by the way, someone with probable interests in both bailed out of IMIC big time a short while back. I wonder if they anticipated an IMIC share price collapse?

http://www.dailynews.co.tz/index.php/local-news/22205-envoy-counsels-on-income-retention-from-natural-gas

This morning's IMIC RNS is clearly giving the WAFM market confidence that they, IMIC, are serious about their Cameroon strategy.

The synergistic relationship with whatever is going on regarding the Cameroon Government, AFF/IMIC/AIOG (same people really) and Sundance underpins the value prospect of WAFM. We can't possibly know why the founding directors bailed out and provoked the drop in sp but it just might be something to do with WAFM being an obvious next takeover target once the AFF/IMIC pantomime concludes.And just who are Rosy Mining?

http://www.petradiamonds.com/investors/financial-reports-and-results/fy2014-analyst-guidance-conference-call.aspx

until the RNS confirms that the pilot just got off the ship as per 2 below.

Price Drop, my suggestions: 1. Founding Director moves off to pursue other interests . Confidence sapped. 2 Large shareholder with connection to Board sells holding (Angstrom) Confidence further sapped. 3. Rosy Mining Ltd buys in but the Company isn't prepared to say who Rosy Mining Ltd are. IMIC toehold perhaps? 4. Apr RNS saying mid June for additional drills but no conformation of milestone reached provided. 5. Sundance announcement on Cameroon Mbalam Convention infrastructure slips solution to 2014. 6. Iron Ore Rally assessed as temporary. 7. Opportunities elsewhere. 8. That's probably enough....

Before we get to that stage, WAFM is probably going to have to weather a bid from the new AFF/IMIC/AIOG Group. They may be expecting it; why else have they recruited a company secretary based in Canada?

For what it's worth, I can see that the IMIC RTO of AFF has sucked some of the cash away from WAFM, Equally though, it's worth remembering that SDL are currently examining tenders from rail and port infrastructure providers and that a decision there will have a profound effect on WAFM. IMIC/AIOG have been suggesting they are a shoe-in and I recall that the President of Cameroon recently visited Geneva at the same time that IMIC entered the market for AFF shares (coincidental I'm sure). The time frames for both the RTO and the SDL decision appear to be almost identical but I'm sure IMIC/AIOG would like to conclude the AFF RTO before SDL declaration and avoid even more fuss.

This may have had a small part to play in this rally. "IMIC, the infrastructure and mining company which recently made an agreed bid for West Africa-focused miner Afferro, is looking at more investments in the region as it strives to open up a Cameroon export route for iron ore. "We won't stop at Afferro ... we're looking along the development corridor," Haresh Kanabar, chairman of IMIC, said in an interview on Friday". http://www.theafricareport.com/Reuters-Feed/IMIC-bets-on-West-African-promise-with-more-deals-ahead.html

I think it more likely that IMIC will pull out (but keeping their now substantial holding) rather than be kicked out, causing AFF sp to fall until resurrected by a POSCO JV perhaps. They might do this so they can concentrate on fronting a bid for SDL which still includes the infrastructure and port. Once this becomes known, AFF controlled by IMIC will still be able to negotiate off-take for China partners and, of course, it will cause an un-stranding valuation increase for everyone from the West Congo to Kribi, which would be nice for WAFM too.

Read out from the lead organiser of CIMIC 2013 http://allafrica.com/stories/201306050986.html?aa_source=acrdn-f0 I wasn't alone in expecting some announcement on the Mbalam Convention so when it didn't come there was a minor sell off, I think. The aside reported from the Sundance rep was that they would be deciding on a partner this month with an announcement in about three months time. This time frame fits in well with IMIC's approach to AFF which, if there had been an announcement, would be regarded by even more people as nowhere near good enough. IMIC will be looking to conclude whatever it is doing with AFF before the SDL announcement, I would have thought. A Canadian Plan of Arrangement takes about 60 days to complete, I read somewhere.

Hi, it certainly has been an interesting day for my Cameroon interests (AFF, IMIC and BVN but not here). As for the 29th-31st it may not be crucial but it's certainly very interesting. Having just given everyone holding AFF the opportunity to share in IMIC Incs future good fortune without actually having any shares or votes, I'm confidently expecting news that Sundance have given over rail/port to IMIC and their partners followed by a grandstand announcement about plans and funding to stiffle any rebellion. By coincidence there was a rail related good news announcement last week that bore all the hallmarks of being coordinated with a Presidential level push for development as does today's BVN RNS. WAFMs recent rise points to something imminent soon too.