Member Info for Renegade

Over 7M bought again this morning. Another 1%+ gone somewhere?

Figures taken from ADVFN and slightly adjusted to reflect the 1M late sell that was not recorded: Volume = 22,016,123. Buys = 20,362,123. Sells = 1,654,000. Ordinary shares issued = 694,014,407 Bought today = Approx 3% of the company (ish).

Have always thought a TO was on the cards for AFE, regardless of the SP. In reality nothing has changed except the world ecconic climate (LOL). Its always been about licences/testing/IPR that has been completed thus far. The mining was always a red herring IMHO. In my book, there has to be a value on the above.

Yep I do. Not too many to worry about but enough to maintain an active interest. Should these shares fail, my losses will offset against my other CGT profits. Failure may be some way off yet though. Why? a. Investors are still buying in. b. The II's have not bailed out yet (one has even bought in). Therefore I deduce that: a. The NAV melt down is seen as far greater than the current SP. b. The II's are privy to information that we are not. The II's intend a buyout of sorts. A provisional offer is on the table. The II's are poor investors - NOT. There is a plan!

£1.21m. Never been lower!

Most likely. My thoughts are that the likes of Allard, The IFC and the rest of the II's have too much invested in this share to walk away now. As a common PI, I ask myself, has there ever been an UNOFFICIAL offer for the company (or part of it)? Hence, it seems strange to me that the II's have NOT thrown in the towel yet! To be fair, neither have they declared that they have added further shares to their portfolio. If there has been an offer, the likelihood is that it may only extend to the completion of the BFS. Boom or bust, thats the $64,000 question. A new placing to finish off the BFS will be cheapest option and therefore, is most likely. Any other alternative is unthinkable at this time.

African Eagle Resources is pleased to announce that all the resolutions put to the meeting were passed at the Annual General Meeting held earlier today. http://www.africaneagle.co.uk/news-article.asp?nid=1711531.xml&xml=http://cws.huginonline.com/A/139385/PR/201306/1711531.xml

Nudged, pushed or voluntary?

http://www.africaneagle.co.uk/news-article.asp?nid=1711171.xml&xml=http://cws.huginonline.com/A/139385/PR/201306/1711171.xml

£30K+ What ever next?.

On 15th May 2013 the Company announced that the Directors are currently in discussions with major shareholders in relation to the provision of funding for the Company and other potential transactions. Further financing how? Additional shares?

AFRICAN EAGLE RESOURCES PLC - Important Information African Eagle Resources PLC (AER) is proposing a Capital Reorganisation of its Ordinary shares on the following basis: Each Ordinary GBP0.01 share will be subdivided into 1 New Ordinary GBP0.001 share and 1 Deferred GBP0.009 share. Important Information & Other Key Dates: On 15th May 2013 the Company announced that the Directors are currently in discussions with major shareholders in relation to the provision of funding for the Company and other potential transactions. Accordingly, the Directors believe that it is important that they have sufficient flexibility to continue discussing these funding options, including providing the power for the Directors to issue new Ordinary shares in the Company, including for cash if required, if they determine that is in the best interests of the Company and shareholders as a whole to do so. The effect of the Capital Reorganisation will be to decrease the nominal value per Ordinary share by a factor of ten to GBP0.001. The purpose of the Deferred shares is to ensure that the Capital Reorganisation does not result in a reduction of capital of the Company. The Capital Reorganisation is subject to shareholder approval at the Annual General Meeting to be held on 24th June 2013 and is expected to become effective on 25th June 2013. No application is being made for the Deferred shares to be listed on the Official List or admitted to trading on any stock market or securities exchange. These shares have extremely limited rights and benefits attached to them rendering them in effect, economically worthless and will therefore not be updated on to your account. Should you retain your holding, we will notify you in due course once your account has been updated or upon receipt of any further information from the Company. Should you wish to find more information about the Capital Reorganisation, please visit the AFE website, www.africaneagle.co.uk/.

Liquidation The means by which the business activities of a company are brought to an end. The process is similar to the administration of a deceased estate, however a company may not be declared bankrupt under the Bankruptcy Act but must be wound up in accordance with the Corporations Law. Liquidation is sometimes synonymous with winding up. http://www.lse.co.uk/financeglossary.asp?searchTerm=liquidation&iArticleID=885&definition=liquidation

So what is the NAV on liquidation? Thoughts!

http://www.proactiveinvestors.co.uk/companies/news/57688/african-eagle-to-prepare-2012-accounts-on-break-up-basis--57688.html "Today, the company said it planned to continue discussions with major shareholders and third parties over funding or some other form of transaction".

FWIW, I still feel that the Bod (for all their faults) are being tight lipped on this one. The melt down value of AFE is far greater than today's SP. DYOR and you will surely see that.

Interesting that SALKELD INVESTMENTS LIMITED, GLOBAL CARBON TRADING LIMITED, THE CLARKE FAMILY TRUST, procured 3.7% of AFE on 20 May 2013. WHY? Speculative? http://www.africaneagle.co.uk/news-article.asp?nid=1704134.xml&xml=http://cws.huginonline.com/A/139385/PR/201305/1704134.xml

All of your comments noted. My questions are plenty but the one that I would ask now is, "if we are in such bad shape as we are led to believe, why haven't the major II's done something about it"? Have we had a bid for the company and if so, why was it rejected? Too low! Are there any other bids still on the table? Is the bad new flow being managed? Is there likely to be a management buy out? Why are the MM's grossly reporting buys as SELLS. What is the NAV of the company?

Deferred shares are a form of stock that is sometimes issued to key people within the issuing company. Usually, executives or directors of the company are eligible to receive deferred shares of stock. As part of a deferred share issue, the holders of the shares may not redeem them as long as they are in the employ of the company. Because a deferred share strategy involves issuing shares of stock that are essentially locked from active trading by the recipients, they tend to provide larger dividend payouts than either common stock or preferred stock. In the event that the company is doing well, the dividends can lead to a substantial nest egg for the employee. However, it is not possible to participate in a deferred share stock program once employment is terminated for any reason. When the employee is no longer with the company, the shares are converted to preferred or common shares at the current market value. Another important aspect of a deferred share stock program has to do with when the stocks are honored in the event of a liquidation or bankruptcy of the company. All obligations must be met before the shareholder will see any return on the deferred share account. This means that not only will creditors be paid off first, investors who hold preferred or common shares of stock will be paid before the deferred share holder receives any type of compensation. My thoughts: The above can be read in one of two ways: a. We are doing well and dare I say it, are in the process of being sold (the BoD are preparing for better days ahead - their nest egg). b. We will go into liquidation or bankruptcy (if this is the case, why do we need to introduce deferred shares?). Alternatively, is this being put in place to deter an hostile bid at such a low SP? Remember, the II's are in the same situation as most PI's. Loosing capital. http://related.wisegeek.com/related/?kw=Deferred+Compensation&rt=ChBRqgttAAstaAp8ZIdyAE_5EhVEZWZlcnJlZCBDb21wZW5zYXRpb24aCGbd0rgyp10-IOqfmsYCKAFI6p-axgJSEwjOmfzmjsO3AhUPZHwKHYY1AOQ&url=http%3A%2F%2Fwww.wisegeek.com%2Fwhat-is-a-deferred-share.htm

http://www.proactiveinvestors.co.uk/companies/news/56949/african-eagle-resources-sets-out-plans-to-retain-nickel-licences-56949.html