Member Info for Piltick

Excellent email, BT, with much more detail than I gave them, so that's great. I note that part of their reply to myself and others states: "... in accordance with our obligations will be reviewing the events leading up to the insolvency of the company." Well, perhaps we could help them out with that!

Everyone seems to be getting a reply from Deloitt, which is good, even though the replies are all identical! I don't want to sound pessimistic, but I'm not sure that they can do anything about the sham auction, because it falls under SL jurisdiction, but let's wait and see, and hope!

Thanks for distributing the email format. I think it's great. Everyone, please send out the emails to all of these people.

If we consider that AML's 75% was not so very long ago valued at $4.5 billion, then even with the (temporary) low price of IO the present value can't surely have reduced to near zero. So personally I think that if the administrators do their job, AML should be able to get some value for their 75% share, even after deducting whatever is needed to pay off the remaining debts. We will have to wait and see.

Not sure what good buying the bonds would do them, depends what assets are secured by the bonds I suppose.

The RNS is quite clear. The companies going into administration are African Minerals Ltd and African Minerals Engineering Ltd. These are UK companies. The other subsidiaries, which include the "Operating Subsidiaries" are not going into administration because they are SL companies that hold the physical mine, rail and port infrastructures, and there is a SL injunction stopping these companies being put into administration. Simples!

What a horrendous company structure - like a spider's web!

Quint - I share your concerns precisely. It is clear that as long as SISG hold 25% of the operating companies (and hence 25% of the mine and infrastructure) no other mining company would touch the other 75% with a long barge-pole. So there are unlikely to be any other bidders. But if they were to put the entire 100% on to the market, which is what should happen (i.e. the minority shareholder has to accept this and just tag along) then it is conceivable that some of the other big-boys mining companies mighty well be interested. I think this is what we have to impress upon the administrators, that as a 100% operation this entire business was valued at $6.0 billion about 18 months ago, and although the value has undoubtedly reduced recently because of the IO price falling, it must surely still have a value of several billion $ as the min has a life of 60 years.

Actually I see this as good news. My main concern was that SISG was going to steal AML's 75% share of the operating subsidiaries under a sham auction for $1 in a private deal between themselves and FT. Now that we have administrators, it should be their responsibility to ensure that any sale of AML's 75% share is done in a proper and fair fashion. Of course it still comes back to what value they are able to put on it, but hopefully now we are in the hands of unbiased professionals, instead of CROOKS!

Remember that someone at "discussthemarket.com" assured me that even if AML is de-listed from AIM and disappears off this lse BB then all of our historical postings will still exist and will still be accessible on the discussthemarket.com board.

Portsm: the address is enquiries@bis.gsi.gov.uk (bis with an "s", not biz with a "z".

I'm beginning to think that there's politics at work behind the scenes. Misguided politics (as indeed most politics seem to be misguided!) Perhaps our govt. and those in authority don't want to do anything because they don't want to be seen to be causing trouble in SL which is a poor country and has had to deal with the dreadful ebola disease. But if that is their belief, then it's misguided because it's FT with our own BoD plus the Chinese that's carrying out the fraudulent action and stealing the assets from a UK registered company with UK shareholders. If they were to take some action to investigate what's going on and try to protect the shareholders, that would actually be a positive move for future investment in SL. As it is, when this story comes out properly (which it surely will, in time) then I would expect that other investors will think twice before investing any further in SL, in the same way that many people are wary about investing in Russia and China. Our government, regulators and ministers need to open their eyes and try to understand what is really going on.

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. Having said all that, I haven't had much (any!) success from the emails I've sent these people. The sfo say they are only a small unit and can only get involved in the most serious of frauds (is AML not serious enough for them?) Aim Investigations can only act on anyone breaking their own rules, or NOMADS misbehaving. Bis.gsi (Vince Cable's lot) couldn't be ar*ed to reply. My own MP, sadly, didn't manage to reply either. So I'm going to compose a longer more detailed epistle which will hopefully make them understand that I'm not just having a whinge because I've lost some money, but because I believe their is a multi-billion $ fraud going on here. The more of us who write to them, with as much facts as possible, the more chance there is that someone may start to pay some attention.

I think MH is giving us Bulls**t. I cannot see how the SL court can stop a UK company going into admin. As you say, if they were to appoint PWC or someone like that, I'm sure they could find a way through it. Perhaps they are trying to appoint someone as administrator who a pal of FT?

Despite these announcements in the media, of course there is still no RNS or announcement from our own BoD to advise us of what's going on.

We, shareholders of AML, have undoubtedly been swindled and defrauded. It's just a shame that our regulators and those in authority can't see it, don't want to see it.

When you get back on again, have you tried setting a bookmark then you shouldn't need to go through the whole procedure each time?

So, are we back to discussing whether we should be trying to call an EGM? Should we be talking to our solicitors about this possibility? And/or should we be writing again to the FCA, SCO, MPs etc.?

AML is a UK company. Who has the authority to auction off all of its assets? An administrator could, but the company isn't in admin. So normally a Extraordinary General Meeting would need to be called to give the BoD authority to do this. If they do it without getting permission through an EGM, can the shareholders claim that it's invalid i.e. ultra-vires?

And I have a sneaky suspicion that that's the reason the BoD haven't appointed an administrator yet. An administrator might try to get value for the shareholders, but I believe SISG and the BoD want to settle the disposal of the 75% share on their own, before the administrator has a chance to do anything. In my mind, that would be criminal fraud. Shame it seems our authorities are going to sit back and let it all happen.