Member Info for GheeBhee

Thank you for uploading that broker report. Having nailed my colours to the mast that this is a mates merger I read the assessment you have provided as an invitation to take the share option and not be tempted by either of the cash offers. I personally don't read in it any suggestion that the Board will reject the IMIC offer but we will know soon enough.

Since Christmas and this is indeed a merger in the form of an RTO, in my opinion. (This a repeat of a previous post) ”One thing he is pretty sure of, though, is that not much will change on the ground. “It’s a bolt-on acquisition for IMIC”, he says. “It’s absolutely bolt-on. The office, team, and management in-country all stays the same.” And as far as the London end’s concerned, Luis is fairly sanguine. “They will have to decide if they want to keep the directors”. http://minesite.com/news/it-certainly-wont-be-like-the-sundance-saga-says-afferros-luis-da-silva-as-imic-sets-the-clock-ticking-on-a-deal

http://www.proactiveinvestors.co.uk/companies/news/56623/imic-repeats-its-us15mln-bond-issue--56623.html With about $40m (was $50 but some used already) and two $15m bonds this leaves IMIC a long way short of the £1.20 x 105m needed if everybody, including IMIC themselves, the AFF Directors, all IIs and all PIs were to opt for Option 2 (50p plus 70p). So standby to read about some irrevocable undertakings to take the £1.40p IMIC share option given by some of the IIs and perhaps some legal slight of hand with the AFF cash, in my opinion anyway.

Meant for Mark, of course, mike having gone into hiding.

IMIC really are dragging this funding business out for all it's worth. http://www.investegate.co.uk/Index.aspx?sector=AIM&date=20130507

Cheer up, Mike, you could always head off to the IMIC page for that heady mix of anticipation and triumphalism that only comes from seeing a plan successfully executed as it happens. Bring Probability with you, he's certain to provide some light relief. http://www.stockhouse.com/bullboards/messagedetail.aspx?p=0&m=32535290&l=0&r=0&s=aff&t=LIST Remember, with Option 3 you get cx7 new shares of all that AFF has plus whatever IMIC brings to the party (mega funding and a sense of purpose perhaps?), You can't fight it so why not try to enjoy it? http://www.investegate.co.uk/Index.aspx?sector=AIM&date=20130507

"Where a shipping berth for a small operation should be available from mid-2014." http://www.investegate.co.uk/afferro-mining-inc---aff-/rns/maiden-mineral-resource-statement-for-ntem/201305070700110483E/ That answers that question. The Iron Ore Port and Railway may be years off but a small scale local operation fed by road is much possible sooner. Presumably, the overdue logistic feasibility report will confirm this when the appropriate moment to release it arrives.

There may be a reflection of the underlying excitement that's building to be seen in this RNS http://www.investegate.co.uk/west-african-mineral--wafm-/rns/director-s-dealing/201305070700170469E/

http://www.express.co.uk/finance/city/397547/IMIC-to-dig-deep-for-Afferro The actual amount of £ms needed could be very small indeed if only the PIs go for the 80p + 20p offer. This deal has to be sold, and can be, as a victory for IMIC otherwise this SP will slump in the very short term whatever happens in the medium to long term (there being few PIs in IMIC at present)..

This deal is now being drawn to the attention of a wider audience. http://www.express.co.uk/finance/city/397547/IMIC-to-dig-deep-for-Afferro

Nothing much new in this one but interesting enough for a glance over. http://www.proactiveinvestors.co.uk/companies/news/56538/excitement-builds-on-west-african-rail-potential--56538.html

All I ask is that you check the credentials of the Board. The Board's holder of the greatest number of shares by far is Guy Pas. Is he the same Guy Pas who has worked so very closely with Ethelbert Cooper since 2002, to their mutual financial benefit? Is that the same Ethelbert Cooper who keeps adding comments to IMIC RNS's and who is Mr Kane's boss at AIOG (you know, the Mr Kane who resigned from the AFF Board to be CEO at IMIC so recently?) Perhaps since they so lucratively offloaded Putu to Severstal (and in doing so got the ex-Russian £ms that make AFF so relatively cash rich) Mr Pas and Mr Cooper have had a massive fall out and are not talking to each other. Could be, I suppose although if they have you might expect more evidence of acrimony and less obvious collusion when AFF and IMIC are putting out their RNS. Possibly though, the separation of Aureus and Afferro was done deliberately to create a pure and friendly "Iron Ore enterprise in a single country" as a target for IMIC to cut its teeth on (have a listen to AFF CEO back in December on that particular "risk" - my earlier post "looking over his shoulder" refers) and to satisfy the Chinese desire for clarity and certainty (who needs gold clouding the issues at this stage?). All supposition and personal opinion on my part of course but if I'm right they aren't so much giving it away as they're giving it back. Bring it on, I say but I expect to have to wait until CIMEC to find out what the full extent of the plan is.

Does that have anything to do with this? "As announced separately today, IMIC has entered into strategic partnerships with two major Chinese SOEs ("state owned enterprises") in connection with an infrastructure and offtake solution for the Nkout iron ore project, Afferro's flagship asset. This solution would have the potential to open up the substantial iron ore corridor running through Cameroon." That last sentence is a bit enigmatic because Sundance/Cam Iron currently have the mandate to organise the substantial iron core corridor in question. Or perhaps they soon will not have.

The target of IMIC RTO, AFF, is a Platinum sponsor for the first ever Cameroon International Mining Exhibition and Conference, 29-31 May 2013. Sundance and Cam Iron can only manage Gold sponsorship but IMIC doesn't feature at all on the public pages http://www.cimec2013.com/?page_id=23 "CIMEC 2013 (1st Cameroon International Mining Conference & Exhibition) will take place from 29-31 May 2013 at the Palais des Congrès, Yaoundé, Cameroon. The event is organised by the Ministryof Industries Mines and Technological Development in association with AME Trade Ltd. The event will feature a two day conference, exhibition and a post event option to visit some of Cameroon’s key mining sites. Theme: “Sustainably developing Cameroon’s mineral resources for the benefit of future generation” CIMEC 2013 will gather international investors, mining experts, and directors of financial institutions, Cameroonian decision makers, development partners and other key actors in the mining industry." Great time and place to make an announcement, I would have thought.

I'm a great fan of both IMIC and AFF and recognise the developing power of China so I'm an even greater fan of this merger, which is what this should be regarded as. Any Board member of AFF sharing that view will already have been looking to negotiate a seat on the Board of this new super group, including the CEO. I agree with you, though, that whatever happens in the next month AFF shareholders who came in before this weekend and stay in will be better off once finality is achieved one way or the other. I'll leave the last words with AFF CEO. "They still have to get the finance behind them, the ball is entirely in their court. But they’ve always been very confident about what they can achieve. Do I believe that they can do it? Yes, from what I’ve seen.” and "All-told, he concedes that the IMIC package is “innovative”, especially the deferred element, but that more information and evidence of real financial firepower are what’s needed now. “There are a lot of elements to this deal”, he says. “We don’t have visibility on what the proforma will be, or the capital structure.” One thing he is pretty sure of, though, is that not much will change on the ground. “It’s a bolt-on acquisition for IMIC”, he says. “It’s absolutely bolt-on. The office, team, and management in-country all stays the same.” And as far as the London end’s concerned, Luis is fairly sanguine. “They will have to decide if they want to keep the directors”. http://minesite.com/news/it-certainly-wont-be-like-the-sundance-saga-says-afferros-luis-da-silva-as-imic-sets-the-clock-ticking-on-a-deal

As already stated: "We are encouraged to see continued strong industry interest in Afferro and will continue to investigate options as they are presented with shareholders' interests always at the centre of everything we do. The update on the IMIC discussions is a development that should be viewed positively especially in respect of the Chinese consortium that IMIC has assembled to address the iron ore infrastructure requirements of the Nkout project. We look forward to further information in the near term so that any eventual process may be further clarified." Doesn't look much like a precursor to rejection to me.

AFF have described Ntem as magnetite itabirite in a form that can be processed and shipped for the cash flow it will generate while waiting for Nkout etc. The trading ratio of DSO to magnetite is as much as x6 so the expert press says and on the face of it that's unattractive as you say. The thing is that if the region only had magnetite it might not have been economically viable to put in the necessary strategic infrastructure. But it isn't and that's the driver of the DSO that makes it all viable even with lower margins I suppose. It's also the consequent low EV/Resource that makes AFF easier to acquire than, say, Sundance and WAFM. As for pellets or not I leave that call to you so have a very good Weekend yourself.

The share option will be good in the short term too if there is a 20p+ market price post reallocation, a manufactured news rush and you can sell your holdings quickly. One of those is a big but and you should by now know which one I think it is but if you don't here's a clue. It's the one not controlled by the Board.

Mining analyst John Meyer said: “It is good to see that despite all the main focus around how the bid and strategic interest in the company will progress that the company are focussing on the task at hand. Progressing Ntem gives them the best shot at developing a iron ore project without the scale of investment required for their Nkout project and the time and cost for infrastructure. “It is likely that the mineralisation at Ntem is different to Nkout and the MRE will provide further information on the scope to develop this deposit. Talks with Posco cover all three potential projects within Afferro’s umbrella and a potential resource at Ntem will be helpful in these discussions.” http://www.proactiveinvestors.co.uk/companies/news/56477/update-afferro-mining-hails-excellent-metallurgical-results-from-ntem-56477.html (an Update)

Equities Research Analysts’ ratings reiterations for Thursday, May 2nd: Afferro Mining (LON: AAAM) had its hold rating reissued by analysts at Investec. Investec currently has a GBX 138 ($2.14) target price on the stock. http://zolmax.com/equities-research-analysts-ratings-reiterations-for-may-2nd-aaam-abglf-adn-anfgy-ar-armh-asbfy-avv-azn-baesy/62145/