Member Info for GheeBhee

Cheer up mogo, our role in life is to make the financial elite ever richer. Once you recognise that it gives meaning to it all. I was still reeling from IMICs appointment of a recently retired banker and his unproven start up to help negotiate the deal when they introduced M. Claude Guéant into the equation. He's never out of the French news headlines these days and it's not for the sagacity of his legal advice. I therefore think you might have said "the prudent option might be to take your AFF money IF given and run" instead?

You could try reading back through previous posts to discover others views of the merits of the various options but remember this from your own post: "There can be no certainty that any formal offer for the company will be forthcoming nor as to the terms of any such offer. Afferro advises shareholders to take no action at this time." There is always risk. For example just imagine if, during those discussions with IMIC and their two brand new Strategic Advisers, the Independent Committee of Afferro (The Chairman, and the two non-exec directors) warms to the idea of turning the tables on IMIC. Then where would we be? So if you take the warning in your email seriously you'd watch and wait, wouldn't you?

Mark, I see I'm not going to persuade you. All I will say is that this is a Reverse Takeover of a Canadian company quoted on a Canadian exchange by a non-quoted company according to rules available for all to read in the Toronto Exchanges' POLICY 5.2 CHANGES OF BUSINESS AND REVERSE TAKEOVERS. It's worth reading for the insight it gives on the possibility that this is indeed a joint effort. As for your points, you are spot on but we will have to wait for the initial news release to find out the answers.

The Board, as such, don't own the Company, the Shareholders do. So they value our company quite highly. We all do I suggest. The question should now rather be what value AFF shareholders (the ones not planning to be bought out by cash and innovation at least) put on IMIC so that when we are asked to agree the merger on the terms the two Boards have reached, as we surely will be on 13 Jun, we can be confident that a fair and reasonable balance between old AFF and old IMIC shares has been struck. This mornings IMIC RNS has certainly reduced their value in my calculations.

Mark, as I've said before there have always been strong indicators that this has been a mutually agreed merger since before it came into public view and the perception that there is a real arms length relationship between AFFERRO and IMIC is probably a deliberately manufactured one, in my opinion. This is all entirely legal under Canadian law (and we are talking about the RTO of a Canadian Company by a non-Canadian Company here so see http://www.tmx.com/en/pdf/Policy5-2.pdf). This morning's RNS from IMIC therefore perplexed me. Why have they at this time of all times appointed a Special Adviser who according to press reports is being investigated by his national authorities? I offer no opinion but I have my own thoughts. For a clue see http://www.nytimes.com/2013/05/09/world/europe/claude-gueant-a-sarkozy-ally-at-center-of-corruption-allegations.html?_r=0 Other disinterested shareholders in both AFF and IMIC may be wondering too.

If this http://www.investegate.co.uk/intl-mining---38--infras--imic-/rns/appoints-claude-gu-ant-as-a-strategic-adviser/201305140700066013E/ and this http://www.proactiveinvestors.co.uk/companies/news/56862/imic-adds-french-minister-to-impressive-roster-of-corporate-advisors-56862.html what about this? http://www.huffingtonpost.fr/2013/05/01/affaire-gueant-justice-independance-francois-hollande_n_3194155.html

13 Jun is the first opportunity for an IMIC offer to be put to a vote or, alternatively, for the Board to be asked to explain their handling of the IMIC approach to a gathering of the shareholders: http://afferro-mining.com/wp-content/uploads/2013/05/Notice-and-Information-Circular-FINAL.pdf

SP Angel's John Meyer says "IMIC’s offer looks low given the time and effort to get the project to this stage," he said. "However as the market is not giving Afferro any real value for this at the moment shareholders will need to make the call on whether IMIC is better positioned to negotiate an infrastructure deal then the current Afferro management team." http://www.proactiveinvestors.co.uk/columns/broker-spotlight/12914/broker-round-up-part-2-tyratech-providence-resources-pan-african-resources-kryso-resources-imic-12914.html Not quite on the spot there John I think. IMIC with AIOG and the Chinese partners are clearly better placed to provide the infrastructure (the railway and the port) than AFF. That's not really the question. On 13 June, in my opinion, shareholders will be asked whether they want to merge with the infrastructure providers and access their funds and contacts or remain separate from them and be as dependent on IMIC and AIG as they were previously on Sundance and Hanlong. Except at Ntem, of course, where POSCO may fulfil the funding role as they had intended to do with the equally non binding and non exclusive Legend MOU. That's supposing Numis and I have got it wrong.

Read LtGoldBull's post directly before yours. Remember, you can explain it too: "Why don't they put more RNSs out and let us know what's going on. It's plain courtesy surely? No wonder investors are pulling out, It's the least they deserve."

http://www.proactiveinvestors.co.uk/columns/broker-spotlight/12914/broker-round-up-part-2-tyratech-providence-resources-pan-african-resources-kryso-resources-imic-12914.html "SP Angel says IMIC shares, currently changing hands for 22 pence, are worth 225 pence."

There ought to be a quick one liner about guy ropes on the big tent but I'm afraid it's too early in the morning so I'll pass on it.

Raw materials like Iron ore and conflict afflicted (or the perception that is) West Africa are not currently in fashion. Something very big or very specific is needed to break through this sentiment. For what it's worth I think we will have to wait until 20 May and/or 29 May 13 to find out if we really are sitting on such a thing.

Not advice you understand, but it makes the 50/70p the best deal so long as you convert the note right away, sell the new shares and take the cash (or hold them if you like and also use your 50p to buy on the fall to be decided at the time) - in my risk averse opinion and given your previous risk appetite statements of course.That's what I think GMP Securities were getting at yesterday. That big slice of shares will be consolidated by the way; again only my opinion.

http://www.proactiveinvestors.co.uk/companies/news/56668/imic-confident-on-afferro-bid-after-financing-confirmed-56668.html Some gems: "We are doing everything we said we were going to do." says IMIC Chairman, Mr Kanabar. "He also says the next stage for the bid process will be to sit down with the Afferro board and ink a definitive agreement." Outright hostility not broken out then, Alastair? (yet?). "City broker Investec noted today: "It is impressive that IMIC has raised these funds, and we believe the market will now take this offer seriously." Well, since Investec provide the NOMAD and Broker for AFF that's a pretty non-hostile statement from the holders of 4.7% of all AFF shares (ok, there are probably Chinese walls, I know). Finally, (I do like this one) "Numis noted today: "Looks like a done deal. The Chinese consortium is impressive and IMIC’s infrastructure-based strategy seems sensible given the project challenges.""

Good to see a bit of LSE research finding its way onto Minesite. http://minesite.com/news/stablemates-afferro-mining-and-aureus-mining-are-now-travelling-very-different-paths "Over at Afferro meanwhile, the cash cushion is even greater, although there is admittedly still a very major fundraising ahead if the company is to have any hope of putting its key Nkout project into production. But in a world where no-one can be absolutely sure where the next dollar is coming from, for Afferro to have US$85 million takes a lot of the fear away for investors and directors alike. Instead the uncertainty comes from another quarter. UK-listed IMIC, a shell company with powerful backing is circling Afferro, with a view to taking it over and running its projects for itself. Word has it that Guy Pas, one of the financiers behind African Aura and its predecessor Mano River, has a hand in the IMIC strategy, and if that’s so it might explain why no outright hostility has broken out between the two companies yet." Cheers Alastair!

Should be a very special meeting one way ot the other....http://www.investegate.co.uk/article.aspx?id=201305081105022353E

Not entirely off topic. BZM are looking increasingly stranded by the stalemate in Guinea (legal issues, funding, big miners' strategies). IMIC/AIOG have just signed an MOU with Government of Liberia which will probably offer Guinea a cheaper route to the sea but at Monrovia not at Conakry. BZM would then be in real trouble, being located in the wrong direction. The topicality here is that your observation adds to the perception that IMIC/AIOG are on a roll and AFF shareholders are being invited to join their bandwagon (and on favourable terms too)..

"The Board of directors does not believe that an informed decision can be taken by the Company until such time as a more formal offer and satisfactory confirmation from IMIC's financial advisers, is received." http://www.investegate.co.uk/afferro-mining-inc---aff-/rns/update-on-discussions-with-imic/201304170705035217C/ . It depends on the evidence passed to AFF being satisfactory because the RNS isn't particularly informative.

Someone is enjoying themselves playing around with this news flow.

Welcome back. I see neither of you are convinced that this is a merger not a takeover but if you were you might also see the Ntem news as very positive help in maintaining the re-admission price.