Member Info for LordSnooty

Presumably any subsidiaries that AML owns which is not now in admin will remain the property of the shareholders. They are unlikely to have much residual value once the main courses have been devoured by SISG, and my guess is they will be wound up and bought by Timis Corp for next to nothing if they have any value at all. If as you say there are six in admin up for auction, SISG will swallow them, offering bondholders, other secured and unsecured creditors and suppliers whatever Deloitte can negotiate out of them, though they'll be playing a very weak hand. We are at the bottom of that food chain and almost entirely dependent on any goodwill from SISG, which I expect will be in short supply to say the least, given that Timis owns a large tranche of shares that SISG will not be keen to reward, given the history.

this is taken from SP Angel's "Morning View" note yesterday: "African Minerals Limited – Appointment of Joint Administrators - The company announced yesterday that they have appointed Deloitte LLP as administrators to the company. - Neville Kahn and Ian Wormleighton are to act as joint administrators of African Minerals Limited and African Minerals Engineering. - Shandong Iron and Steel (SISG) has taken control of the underlying operating companies. - SISG was a secured lender and a 25% shareholder in Tonkolili Iron Ore and African Railway and Port Services. - Through its secured lending with security over 75% of African Minerals, SISG has been able to take control of the operating businesses. - Therefore the ability to pay out creditors will now depend on SISG. Conclusion: By SISG enforcing its position and taking control over the operating companies Tonkolili Iron Ore and African Railway and Port Services, they now control the outcome of the administration process. This puts them in a better position to dictate on disposal of assets/settlements from the company. Under the PWC administrative process for London Mining the asset was sold for a nominal amount to Timis Holdings although strategic discussions were ongoing and interest had been expressed from strategic parties. The rationale for the fire sale was based on liquidity concerns. We wonder if someone with a vested interest in the Marampa project had been controlling proceedings whether there would have been the same outcome. Click through to the note here: http://www.shareprophets.com/views/11318/sp-angel-morning-mining-note-solgold-african-minerals-stella-diamonds-diamondcorp

I fear the endgame is playing out in classic fashion, including shareholder disbelief and a reluctance to accept the inevitable. There are almost never any white knights in these clean-up operations. We have been royally diddled, essentially by a host of factors combining over time to rack up the risk factor beyond sustainable levels. Which of us would invest in AML knowing what in hindsight we know now? Ebola, a catastrophic collapse in IO prices, corruption, mismanagement....no wonder punters ran for the exits before suspension. More fool us blind fools left holding the baby. Let's hope missteps by the Board have provided a window for some legal recourse.

Perhaps it is all a dream. Perhaps we are not real and nor is XBIO. Perhaps we are but ticks on the rear end of a Bactrian camel.

it has reappeared, perhaps only temporarily.

The only reason for lack of press that I can think of is that the issue of ownership/administration is still sub judice.

http://awoko.org/2014/05/05/sierra-leone-news-fadika-wins-prestigious-africa-builder-awards/ http://africayoungvoices.com/2014/05/gibril-moseray-fadika-is-africa-entrepreneur-of-the-year/

http://news.sl/drwebsite/publish/article_200527375.shtml

Moseray Fadika & Chinese to Resume AML State House has, in a news release, announced that the Board Chairman of Shandong Steel Company of China, Mr Ren Hao and the acting Chief Executive Officer of Tonkolili Iron Ore, Sierra Leone born Mr Moseray Fadika have assured President Koroma of “strong commitment and willingness to re-commence mining operations in the country by mid-April, 2015” as debt owed by African Minerals Limited (AML) has been bought by the Chinese group. The report informs that as government is putting together a robust post-Ebola recovery plan, the Ministry of Mines is determined to play a pivotal role. This saw the Honourable Mines Minister Alhaji Minkailu Mansaray lead executives of Shandong Steel Company and representatives of the Tonkolili Iron Ore to meet President Ernest Koroma at State House yesterday 23rd March 2015. President Koroma expressed delight about the development and stated that it was a timely and welcomed development as the pronouncement was in sync with Sierra Leone’s recovery programme about to commence after the outbreak. He said government is committed and focused on ensuring the continuity of the mines as such development will give joy and renewed hope to Sierra Leoneans and the continued development of the country. “We have to continue mining operations, and as a government, we are fully committed to supporting this project,” he said, and expressed encouragement for the participation of Sierra Leoneans to develop the local content of the mines in the country. The president pointed out that he was encouraged by the process of securing funds for Phase 2 of the operations, which clearly gives the country a “futuristic hope that you are not only here for today but even planning to move on to phase two wherein we can fully realize the potentials of the mining industry.” President Koroma also expressed hope that the partnership with the company would ensure a win-win situation for everybody. Mr. Ren Hao in his statement, registered his commitment to continue the project, saying that the venture is critical to the development of Sierra Leone. He said they are now focused on resuming full operation and at the same time reducing costs. Alhaji Minkailu Mansaray said Shandong has bought the debt AML owed on behalf of the project and have secured enough funds to ensure that even phase two will be taken care of. He added that the company had initially set aside Six Hundred Million United States Dollars but noted that the company’s target is now One Billion United States Dollars that is reserved to ensure the second phase takes off the ground. The Acting Chief Executive Officer of Tonkolili Iron Ore Mr Moseray Fadika pointed out his countless engagements to resuscitate the mining operations in the country and assured that through his leadership the project will become the best in the world. This news was welcomed by Sierra Leoneans worldw

Sorry but you're right, it's your wishful thinking, there is no fairytale ending. What Shandong have done so far is entirely legal - it's our bunch of incompetents who are culpable.

anyone gets excited, the mention of AML was probably a mistake, it's irrelevant now. Almost certainly Shandong will be the only bidder at this 'auction', and their 'bid' will be well below existing debt. Game, set and match.

Can you turn on "Institutional Buying" as well while you're at it?

to come and go; back again now: http://www.nasdaq.com/symbol/xbio

we have risen from the dead. Again. Just like Leeson.

Incomprehensible, please elucidate.

Yes, last RNS was 6th March I think, so appointment of administrators should be on or before 5th April, same with a new NOMAD (if they can find one to 'take the case') - see my post earlier today. In the event that they are still locked in dispute with SISG in the SL courts, I'd expect that they can petition for an extension, though I've no idea of the rules on that.

back at posts here a day or two ago - details are there.

Yes, a salutary lesson, if one were needed, on the perils of leveraged trade. In common with shareholders, us SB and CFD holders had no chance between 10p and 0p to trade out, and hence are responsible for 100% margin.

if AML still require a NOMAD and nobody is stepping up to the plate, they could consider this gentleman: http://www.shareprophets.com/views/11173/breaking-ray-zimmerman-and-zai-the-80-page-reprimand-revealed-and-now-a-call-to-the-aim-regulation-for-strike-off He seems to have all the requisite qualities for a cowboy outfit such as African Minerals.

that no sooner are we listed on NASDAQ than we are de-listed: http://www.nasdaq.com/symbol/xbio I blame Leeson.