Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
More egg on NOMAD's face or a conspiracy to de-list AFF from AIM ahead of IMIC shareholder approval. Where's your money on this one?
This being a new company formed through a reverse takeover of AFF by IMIC a completely new Admission Document is needed. I "bet" you get "our advisers are putting the finishing touches to it right now" if you were to ask them.
There is no honour or pleasure in betting on a certainty, even for charity. It isn't so much that you were wrong but that you were so certain that you were right that irritated me. Even the simplest of research would have indicated to you that you were being falsely optimistic. As for IMIC and AFF being on different "sides", you clearly haven't looked into the background of the key individuals in AFF, IMIC and AIOG, observed the level of close cooperation between AFF, IMIC and AIOG and then drawn the obvious conclusion. The stuff that goes on in public view is only a small fraction of what is really going on and what is really going on revolves around Sundance negotiations and the Mbalam Convention. IMH and untutored O of course.
On the one hand.... hxxp://www.sedar.com/GetFile.do?lang=EN&docClass=13&issuerNo=00029954&fileName=/csfsprod/data147/filings/02085635/00000002/s%3ASEDARAfferroMining3Second-AmendingAgr2013.pdf "Outside Date means October 31, 2013, or such later date as may be agreed to in writing by the Parties, acting reasonably;” On the other hand.... http://www.londonstockexchange.com/companies-and-advisors/aim/publications/documents/a-guide-to-aim.pdf "With an institutional placing, admission usually takes place within a fortnight of Impact Day. The admission process may continue for up to about a month after Impact Day [release of AIM admission document], either if there is an offer for subscription to the general public or if the company’s shareholders need to approve any aspect of the transaction in a general meeting." "An AIM company will need to issue to the market a statement of its intention to seek admission to AIM ten business days before the proposed admission date. The Nomad will draft and issue that statement. It will also arrange the formal application for admission to AIM, which must arrive at least three business days before admission."
Thank you for the support. The responsibility for delivering the strategic rail and port infrastructure lies with Sundance (or rather their Cameroon subsidiary) under the Mbalam Convention with the Government. IMIC are clearly in negotiation with Sundance wih a view to taking this on with their Chinese friends, which will have financial implications for IMIC that are probably not yet fully determined. Hence one reason for this delay, which is now certain to extend into next month (and therefore not a worthy subject for a bet), and for the price discrepancy we discussed previously.
In the continuing absence of an AIM Admission Document from IMIC, perhaps this shines a small light on what might be contributing to the hold up. http://www.asx.com.au/asxpdf/20131022/pdf/42k67t3vc73tbl.pdf
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?
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?
until the RNS confirms that the pilot just got off the ship as per 2 below.