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Sorry correct that to $2billion dollars
Lekoil only up 20% on finding over a billion barrels of P10 resources? and over 700 mmboe of P50? Lekoil say 232 mmboe (P50) and 354 mmboe (P10) is net to them. Ive done a quick back of the envelope economic calculation where they get $10 a barrel net of infrastructure build, cost recovery, royalties and taxation. They are worth about £2 billion. Only problem i can foresee is field pressure (high enough to lose a drill bit) and also tiein to existing infrastructure or the cost of an FPSO
Have read the articles of association. Pretty standard. Although when i read about the rights of companies to invest pensions in any "suitable" investment, i have to shake my head...
Awaiting a copy of the new articles. will read, analyse and post..Will probably be standardised..
Hi Gheebhee, Always good chatting to you, as you force me to go back and re-analyse my positions and thinking! Re amendement of Articles of Assocation i quote from Section 8 of the AGM notice. "New Articles. Resolution 8 deals with the adoption of new Articles of Association. The Company’s Articles of Association date from 2005. That pre-dates the Companies Act 2006. The opportunity is being taken to update the Company’s Articles of Association by asking members to pass a special resolution adopting the New Articles. The New Articles are available for inspection from the date of this circular on the Company’s website, www.imicplc.com, at the Company’s registered office. If you would like a copy of the New Articles emailed or posted to you, please contact the Company Secretary." so it seems a regulatory manadated update no? Here's the link to it.. http://www.imicplc.com/media/pdf/MemorandumandArticlesOfAssociation.pdf On the other note, the £120m worth of equity, it is a tall order, agreed with you. It's probably to protect the interests of existing shareholders, which seem to include their friends and family. So pre a dilution event on the convertible bond, they dilute anyway, so the eventual dilution to current shareholders is less.. Thats what id do anyway!
According to their annual report, 88% of their shares are held by 9 shareholders. Surely all 9 could just have a conference call and say yes or no??
As announced on 11 July 2012, IMIC made its first strategic investment in a junior iron ore miner, Afferro, and then began steps for the potential acquisition of Afferro’s entire share capital. This acquisition is expected to complete, subject to shareholder vote, in the coming weeks. We were attracted to Afferro because it has a number of iron ore projects in Cameroon, notably its 100%-owned flagship asset, the Nkout Project, which is located at the heart of a rapidly emerging iron ore district in the south of Cameroon. It is an iron ore district currently without an infrastructure solution.On 22 May 2013 we announced that we had agreed terms in principle with the board of Afferro in which Afferro shareholders would be offered 80p in cash and a 2 year convertible loan note with a principal value of 40p for each Afferro share. IMIC’s offer values Afferro at between £105 million and £147 million. Post the year end, on 16 September 2013, Afferro’s shareholders voted in favour of the acquisition of Afferro by IMIC. The acquisition of Afferro has taken a considerable amount of time and effort, in part because Afferro had a dual listing, with its stock trading both on the Toronto Stock Exchange and on London’s AIM market. We believe that we are now close to completion and we look forward to developing Nkout into a world class iron ore asset.At the same time as seeking the required shareholder and regulatory approvals we began, along with our strategic partner AIOG, to put the contractual arrangements in place for the infrastructure and offtake solution for the Nkout Iron Ore Project.
Thanks for the answer. Do you think Afferro are a buy, and the transaction will finally close? Excellent news from Gasol.. Ive actually been in to see them before. Interesting company and the West African Gas Pipeline is very interesting. Just operatorship is a problem as well as getting paid! When you say the cash, do you mean Gasols cash or IMICs cash? And who are all these people who are willing to invest in notes/bonds?
You're right on the volume, however its an indicator of sentiment. My main issue with this is on the surface, it's a simple tick the box, attractive transaction. finance in place, approval on Afferro side, court approvals, relevant notifications. The continual delays, apart from being costly, have added an element of uncertainty though. Each delay, magnifies the uncertainty. So where before the chances of the transaction not closing were 99% in my mind, it's now 85%. IMIC need to hold the shareholders approval meeting soon to raise confidence. As an IMIC shareholder as well, it's puzzling why they havent done so.
im encouraged by the counter buys... what you guys think?
Honestly. No idea. Either there's been a breakdown in communication, and they havent notified the appropriate indices team or ??? There will be some funds that have to sell their holdings as a result of the listing rules, however i dont think its many as most of the AIM all share funds are pretty small. What do you think? As ive been proven wrong before, happy to listen to your advice.
Afferro Mining Inc. (UK): Constituent Deletion Changes In FTSE Indices 28 October 2013 Subject to the completion of the scheme of arrangement in relation to the acquisition of Afferro Mining Inc. (UK) by International Mining and Infrastructure Corporation (Non-Constituent), FTSE announces the following change: INDEX CHANGE EFFECTIVE FROM START OF TRADING FTSE AIM All-Share Afferro Mining (UK B66MTK4) will be deleted from the index. 31 October 2013 For further information or general enquiries please contact us at info@ftse.com or call: Client Services in UK: Tel: +44 (0) 20 7866 1810 Client Services in Europe, Middle East & Africa: Tel: +44 (0) 20 7866 1810 Client Services in US: New York: (Domestic) + 1 888 747 FTSE (3873) / (International): +1 212 314 1139 Client Services in Asia Pacific: Hong Kong: + 852 2164 3333 Australia:(Domestic Toll-Free) + 1800 653 680 / (International) + 61 (2) 9293 2864 Japan + 81 (3) 3581 2764 Alternatively please visit our website at www.ftse.com
Spoken to Sippdeal. They confirmed they can trade the notes, however there is no pricing data available to them yet. They will also hold the loan notes, and they will be fully tradeable. Thats one positive result today. Sippdeal, are part of AJ Bell, who aslo administer Halifax/Lloyds/Bank of Scotland trading accounts so the same should apply there. Will keep updated on my research. Now trying to get the bond documentation!
Merlion 88 when you get the prices please post, thanks. I've chased up IMIC this morning, and trying to get prices on the bond instruments. I actually think my broker might be able to give me a bid offer on the bonds already! The quote came up, but no pricing online so theyre coming back to me with a price. Bond details are below. EUR 25000000 12 per cent Convertible Subordinated Bonds due 2016 - GEM Sedol: B9NWDF1 USD 40000000 8.75 per cent Bonds due 2016 - GEM Sedol: BD032Z8 $50,000,000 8.125% Bonds due 2014 - GEM Sedol: B8FT2R8
/it's a very interesting situation to say the least. A tangled web..
As a shareholder in IMIC as well, I've just phoned to ask when the shareholders vote will be. will let you know their reply. On the subject of an AIM admission document, there is one on their site. the question is are they required to provide an updated one?
You should have taken me up on the bet then. I'm actually furious. Massive opportunity cost here for other shares. It seems the delay is all from IMIC's side, and not understanding the complexities of a takeover, plus the 14 day rule. So GheeBhee, I apologiese publicly. I still take umbrage at the remark about Cass Business School. To get a degree from there, you have to be a bit sharper than the nitwits and advisors on IMIC's side.
Same here. Expected the transaction to close a lot sooner. I've got 40,000 shares across my portfolio in this, and its cost me opportunities like IOG, Pressure Tech. Gone into Plethora, and PVCS using IG, but hate the fact you have to pay interest on positions. Will breathe a huge sigh of relief once this is closed.
Thats a much better explanation of why there might have been a delay. However my reading of the situation is that it was due to the company being listed on the TSX and LSE. so permissions needed to be obtained from the courts. It would be highly irregular for a company, in a takeover situation to give notice of delisting to brokers, and the LSE, and not actually delist the company. In fact, I cant think of it ever occurring for the reason NOMAD's and advisers dont like egg on their face. Delaying it, before giving notice of delisting yes. but not actually giving notice of delisting then, delaying. We'll see next week. By the way if they are in negotiations with Sundance, then that wont affect the takeover, although it will affect the commercialization of the project. Different issues
GheeBhee, Sundance and Afferro arent related. Please explain how you see them being related. You also still havent responded to my offer. As said, if this doesnt close next week, I will donate £40 to a charity of your choice. You do the same to mine. IMIC's statement was par de course for the company. They admitted the transaction was more complex than they thought, and that was the main reason for the delay. Pretty transparent no? You're going to have to come up with better arguements than that. Stop letting your emotion cloud your judgement. And given some actual decent reasons why you dont think this will close rather than talking down the stock. And talking down Cass Business School is pretty petty. We cant all be masters of the universe telephone number salary, by my own bootstraps people like you