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For those who think the take over is done and dusted... The RNS explicitly states the take over must have 75% of votes cast accepted, which therefore makes the vote of any institutional investor no more important than that of a retail investor. These rules were brought in to make it for fair for retail investors. So for everyone who keeps moaning thinking this is already over... it’s NOT so long as you keep your shares and vote NO.
I can’t believe the WMH BOD think they can get away with this back door deal they are trying to orchestrate.
The website says there are 3 institutional investors on board, 2 of which are ‘in concert’... anyone know what this means and have any views on the institutional backing?
For everyone moaning about the deal thinking everything is over... if you read the RNS the deal requires 75% of votes cast to vote in favour of it. Therefore if you don’t like it, VOTE AGAINST the deal. This puts the power into retail investor hands
If I read that correctly, it requires 75% of votes in Value AND of votes cast need to be accepted, which firmly puts the ball in retail investors court. I cannot imagine for the life of me over 75% of votes cast (when most will be retail investors) will vote to accept this back handed deal that the BOD are recommending.
I also cannot believe the BOD think shareholders are gullible enough to think shareholders believe this is in their best interest
Just had a response from the insolvency service saying they've forwarded the report onto the correct department, to look into the matters raised etc.
I felt slightly positive from this response, I may be being optimistic, but we have to remember that if they arent aloud to tel us anything then they arent aloud to tel us anything. Therefore whilst not telling us anything the language they've used suggests to me that they are indicating they are taking it seriously.. and investigating. They can't not be. We've done most of the investigating for them and blatantly shown proof of where AIM rules have beeb breached, and how it has effected shareholders as 166 of have lost mind blowing amount for an AIM company. I will be extremely suprised if they are not investigating this case. All the same it will help it we keep on suplying them with info and keep on pressuring them
I have responses from AIM Investigations and from Deloitte, I think people are deffinately starting to listen and pay attention to the scandal thats occurred here. I'll post them on the private BB
Now then Portsm, great news! The quicker we can be represented in this adminsitration process by a proper legal representation to ensure we are classed as unsecured creditors the better we have any chance for any near payout. It would be good to know if Deloitte are trying to contact any of the majors about buying AMI's assets oppose to solely dealing with SISG. Also how has everybody been doing with liaising and recieing responses from the authorities? Weve just sent out detailed 30+ page reports containing all AMI wrong doings, along with Jefferies as NOMAD to the following authorities; FCA AIM Investigations LSE Regulatory complaints SFO Insolvency Service City of London Police These reports have been centered around the misconduct of the AMI BOD and Jefferies as NOMAD.They have just been recieved and we are yet to hear any responses back as of yet. What other progress have people had when dealing with the authorities? It would be also highly beneficial if we could formally complain about the actions of SISG and GOSL to the LSE and other relevant regulators and have them formally investigate into the collusion and corruption that has occured here. I'm sure the LSE would want to know about any potential corruption that may take place when opeting with companies based in SL in future if scandals such as this occure again. Also 4umne has the email addresses of the Financial Times and the BBC; robert.peston@bbc.co.uk help@ft.com If enough of us complain to the media CC'ing email addresses from SISG, GOSL, informing the media of the scandal thats happened here and naming and shaming GOSL and SISG in the article it would ake some noise and really up the pressure. Here are the useful email addresses; greeningj@parliament.uk lammyd@parliament.uk lvyonggang@shansteelgroup.com renhao@shansteelgroup.com; jaramenajara@yahoo.com jkawusu-konte@statehouse.gov.sl Gibril.Bangura@african-minerals.com Right now whilst we still have some time left and the end is not confirmed we really need to be applying every bit of pressure possible form every angle possible.
Guys I agree with Piltick's post massively from earlier. We have 144 shareholders in the group wanting to take action, many more who are suffering losses but not choosing to the join the group. That does not matter. If we want to prevent any back door deal being done, EVERYONE needs to complain to the authorities such as Piltick as included here; We can all keep updating the authorities about the situation and sending them attachments of pdf files with news reports etc. I suggest we pester: confidential@sfo.gsi.gov.uk aiminvestigations@londonstockexchange.com enquiries@biz.gsi.gov.uk Your own MP Other ministers who are involved, such as Justine Greening and David Lammy. The best line of contact when trying to get a response from Justine Greening and David Lammy maybe through your own MP and ask them to escalate the issue to both Justine Greening and David Lammy with their massive SL involvement right now. This is a situation where, if just a few of us complain, like maybe the 10% of the shareholders have already been doing, its not going to apply enough pressure and get noticed. Therefore regarding all of the 144 members who are willing to pay 150 to raise funds for the legal case.. if you are willing to pay that, are you also not willing to write a few complaints that may take a couple of hours?? If everyone of the contacts email addresses posted in here recieved over 144 complaints, I think that will deffinately have some serious impact on pressuring them all to at least look into this scandal thats going on and answer the questions we are demanding to be answered A few press articles naming and shaming the regulators and Greening and Lammy for just standing by and allowing this to happen would be useful as well if anyone has any media contacts. But the EVERY single one of the 144 minority group members and anyone else who is invested here needs complain to the contacts posted above for us to see some results, relying on the few will get us nowhere! We still have this time were things are not yet concluded, lets make the most of it because we will never see this time back!
Im sure Grant and portsm will correct me if im wrong but i don't think we can pay the solicitor directly because we all need to go in individually and provide i.d and sign up. Hence why we are doing this, the guys have been working on this relentlessly for a while now so all options have been considered. So when they advise an option like this best way forward its because all other more feasible options have been considered and discarded for various reasons so we really need to help them and help us all to move forward with this by not going over old ground. When the banking situation is sorted and ready for us to pay they will inform us, in the mean time we ALL need to do everything we can do add value and get answers from the current situation. Right now that seems like complaining to the authorities and regulators and MP's just asking them at least to look into things for us and ensure what is happening is legal and fair, this is a british listed company remember, so it is the regulators job to do this! If we ALL complain we should get some answers and expose any back door deal thats going to destroy our holding here. We already have ministers heavily involved in SL, if we all pressure our MP's and the regulators its the best chance we have in getting answers and potentially even preventing us from being shafted here
If we all complain to the regulators such as the lse and the lse aim investigation team in particular, asking them to look into what is currently happening regarding how a Chinese company can buy the assets of a British listed company in a pre-arranged back door auction with no fair admin process, I think they will at least look into things and be able to find out what's happening for us. Some of us have complained so far but if we all complain to the lse & aim regulator and our MPs we should see some results. I've emailed David lammy and justine greening as ministers with involvement in SL about 3 times each and no response. So I'm going to email my MP tomorrow asking them to at least escalate the issue with the everyone I've mentioned above, if we all did that I imagine we will at least see some answers
Has anyone been in contact with the company recently to find out what has been happening with the court situation, admin application and what will happen when we delist from AIM? Every time I speak to MH he just says the same old 'we inform the market when something material happens etc' Has anyone heard through other channels what has been happening on the above issues? In the mean time I think it would be healthy to keep conversation going on both boards, obviously not all info can be shared on this board hence anyone who wants to know of the relevant progress needs to sign up there as well
In FT's email to me he stated that if Tonkolili is not operating its more cost effective to ship out of Marampa using barges and trucks, as Tonkollili rail has a fixed cost that would not be cost effective for TMC to pay unless the costs are being shared. Plus I think we heard from other soures that TMC rail agreement ended at the end of feb.
Nobones4thedogs I can see your point! I'm having the same problem! For what my holding page shows my valuation and book cost to be at is actually a lot less then what I've invested in AMI in total and therefore lost in AMI in total, i've been buying and selling AMI since 3+ plus per share. Until someone can give further clarification, I've been working out my total losses on an accumulation of profit/losses against each sale of a tranche of shares. Where on the sale of a tranche of AMI shares, I've worked the average of what it cost to buy the shares, then I've just deducted the sell total from the buy total, leaving the balance as the profit/loss made on that single AMI investment. I've then added each of the profit/loss balances against each AMI sale to work out my overall losses on AMI. Then I've obviously added the average cost of my current holding to work out the overall loss. I have no idea whether this is the correct way of doing it but when you have about 100+ trades on AMI mingled in with trades in other companies, its a bit of a head blag! Maybe if there are any accountants or anyone with experience in the field, they could tell us what the correct way is. All transactions and deposits into your share dealing account are saved and easily accessible anyway so relevant parties could request and check peoples claims if they wanted to I imagine.
If we need funds ASAP to pursue the creditors route throughout what could be a very fast moving administration process, I believe £100 per investor would be fair and inviting enough for people to join given what's at stake. Any longer term funding we can discuss and debate the fairest method afterwards. I personally think if we can get a proven no win no fee solicitor willing to take the case on then I think that would be the most sensible and safest option all round. Grant, can'tremember, manu, sit tight, 4umne and everyone great work with the speed that this is moving and the progress being made
Cheers for input Stancoxy but many of us on here will respectively disagree. On the information we had (provided by the BOD) and the market we thought we had a good investment with what we all presumed was $102m left and approved for use in the joint account. I strongly believe the misleading RNS's and the actions of the BOD will be investigated fully and legal proceedings may follow. This is not like LOND where everyone sold, many hundreds of investors have not had that chance here and with the magnitude of the case, the pressure and the energy that many of us have in pursuing this, I am very confident we will be compensated at some point in the future.
Someone mentioned approaching ex-employees to ask if they can help us and provide evidence. I believe this could be a good opportunity and some of them may help now they have seen the damage to people thats been done