newboy2
11 May 2018
Re: Dead? yes
Ecologist
03 Apr 2017
Dead? Has the plug been pulled .... along with the cash they owed me from the Afferro take over?
Buy and hold
23 Mar 2016
Re: Corporate action The number of shares you get if you convert is determined by the average share price over the previous 28 days. As they are not listed there is no price, and so the option to convert is meaningless at the moment.
evenlongershot
23 Mar 2016
Re: Corporate action looking at the IMIC website this might be something we have an option on twice a year. Have a look at this, I'm wondering if this is what it's all about - an option to convert to ord shares in IMIC. Going to stick to loan notes (default option) as not sure I want ord shares in an unlisted AIM company![link]
Ecologist
22 Mar 2016
Re: Corporate action Ditto with TDW, ditto the corporate action and ditto equally clueless.I can find nothing on LSE (IMIC dropped their AIM listing) and nothing by Googling ....
evenlongershot
22 Mar 2016
Corporate action Hi folks - anyone there? Anyone like me with a broker (TD Direct) and been notified of a corporate action?I received this:Holders of International Mining & Infrastructure Loan Notes have the opportunity to convert each Loan Note to receive 1 ordinary share in International Mining & Infrastructure Loan Notes.Holders who convert their shares will receive the new stock upon receipt from our custodian.Can anyone tell me what this means? Default option is to do nothing. But should I convert?Yours cluelessly
Buy and hold
01 Dec 2015
Re: URL for ex-AFF Loan Note holders My understanding is that IMIC cannot convert the loan notes into shares on 19th December, because the terms of the loan notes say that they cannot do so unless the shares are listed throughout the previous 28 days.I agree that it's best to vote in favour of the motion, as the alternative would, I suspect, be liquidation, with both the shareholders and the loan note holders ending up with nothing.However if, like me, you hold loan notes, beware of para 6 of the motion: "IMIC will be required to obtain and maintain a listing of the shares during the extended maturity period." To my mind this wording is too vague and woolly to be enforceable.
HPC Follower
30 Nov 2015
Re: URL for ex-AFF Loan Note holders What will actually happen to the IMIC share price is. of course, anyone's guess since trading is presently suspended and there won't be any re-joining of AIM for the foreseeable future whilst the Iron Ore price is so low and nomads are reluctant to provide any support.What we do know is that unless another market will trade IMIC shares, the company is likely to be insolvent and go into administration. Not a lot will be left then for bond holders.On balance, as recommended by the IMIC Board, it is probably then BEST to VOTE IN FAVOUR of the recommendation being put to Loan Holders in the General Meeting planned. This will be carried through, I suspect, by the main Loan Note holders.
HPC Follower
30 Nov 2015
Re: URL for ex-AFF Loan Note holders The proposal refers to a Conversion letter apparently sent to Loan Note holders dated 6th November... I have found this on the IMIC.com web site and this states that all AFF shareholders would receive their loan + interest value in AFF shares (I assume at close to the present share price, perhaps based on the last 28 days of trading).The >10% holder clearly wants a means to get at his cash more quickly since a quick sale of his/her new IMIC shares would certainly drive down the share price and the return. If approved, the loan would continue for another 5 years and could be converted to shares or cash in a "window" every six months subject to willingness by IMIC - and to the provision of additional warrants if not willing.This looks very complicated to me, although I can understand why those with high numbers of Loan Notes may be interested. Personally, I would rather have the IMIC shares and sell them whenever I want to...Anyone else have strong views here as we have only a views days to get our votes in - and most probably won't bother. If there is disinterest and few vote against this, it only needs 75% of the votes cast to pass with immediate impact on the 90% who may not have voted at all. IMPORTANT TO SPREAD THIS AMONGST ex-AFF Loan Note Holders who may yet know nothing about this.
HPC Follower
30 Nov 2015
URL for ex-AFF Loan Note holders [link]
HPC Follower
30 Nov 2015
Meeting Call - I hadn't seen... Not sure I like this... driven by IMIC or a 10% holders of the loan Notes, or both.I'd rather be paid what was promised, but IMIC may not have the money to pay.* * * *19 November 2015Dear Sir/MadamNOTICE OF LOAN NOTEHOLDER MEETING International Mining & Infrastructure Corporation plc (“IMIC”/the “Company”/the "Issuer"
is convening a meeting of the Loan Noteholders of the instrument constituting up to £33,662,517.60 8.00 per cent convertible loan notes of 40 pence denomination due 19 December 2015 (ISIN GB 00BFWH2412) (the "Notes" and the holders thereof, the "Loan Noteholders". The Meeting is being convened for 14 December 2015 at 10.30 am at the Holiday Inn Leicester, 129 St. Nicholas Circle, Leicester LE1 5LX. A single resolution will be put to the Meeting (the “Extraordinary Resolution”. The meeting has been convened by the Company in accordance with Schedule 4 of the Instrument and in response to a request of a Loan Noteholder who holds in excess of 10 per cent. of the Notes. Accordingly, it is inappropriate that the Company provides any commentary in relation to the Meeting or the proposed Extraordinary Resolution or any recommendation as to the action that Loan Noteholders should take. The text of the Extraordinary Resolution is set out on pages 7 to 9 of this document. Notice of the Meeting and a Form of Proxy for use at the Meeting are at the end of this document.IN ORDER TO VOTE ON THE EXTRAORDINARY RESOLUTION AT THE MEETING, PROXY APPOINTMENTS MUST BE RECEIVED BY THE REGISTRAR, NEVILLE REGISTRARS, BY 10.30 A.M. (LONDON TIME) ON 12 DECEMBER 2015.6CREST members who wish to appoint a proxy or proxies by using the CREST electronic appointment service may do so by using the procedures described in the CREST Manual. To be valid, the appropriate CREST message, regardless of whether it constitutes the appointment of a proxy or an amendment to the instructions given to a previously appointed proxy, must be transmitted so as to be received by our agent Neville Registrars Limited (CREST ID: 7RA11) by 10.30 a.m. (UK time) on 12 December 2015. See the notes to the Notice of Meeting for further information on proxy appointments through CREST.Any question in relation to submitting a form of proxy should be directed to the Registrar at the telephone numbers provided on the last page of this document.Yours faithfully,Ethelbert J. L. Cooper, ChairmanInternational Mining & Infrastructure Corporation plc
HPC Follower
23 Nov 2015
Re: Loan Notes due to ex_Aferro sharhold... Since IMIC have not told ex-AFF shareholders nothing more, payment in shares is most unlikely given the dilution implied with so much "loan cash" buying IMIC at their very low price (even if they could do with the money) and I'm sure they have no intention of going out of business ahead of iron ore price increases to justify the work planned to meet long term iron ore needs in China, it seems to me that we will get out cash through loan re-payment.I hope so, as I could usefully do with the money...
Zwaxxob
09 Nov 2015
Re: Loan Notes due to ex_Aferro sharhold... Good news today that IMIC have received funding, so, I expect that we will get payment from our Afferro shares (as I understand it that's 56p per share payable end-Dec15). 40p per share @ 8% p.a. for 2 years
Buy and hold
01 Nov 2015
Re: Loan Notes due to ex_Aferro sharhold... I don't know what is going on, but it seems to me there are 4 possible outcomes:1. The loan notes are redeemed in cash. I suspect this is dependent on the company being able to raise enough share or loan capital from a big Chinese backer.2. The loan notes are redeemed in shares. Under the terms of the loan notes, this is only allowed if the company is listed as at 30.11.15, which will now depend upon the company finding a new nomad. In any case, I suspect the directors will wish to avoid this option because, with the current state of the company, it would massively dilute the shares of the existing IMIC shareholders (rather ironic, because to all intents and purposes this would mean Afferro taking over IMIC rather than the other way round).3. The company agrees with the loan note holders either a deferral or the issue to them of unlisted shares (probably non-voting).4. The company goes into administration or liquidation. I've no reason to think that the directors are not perfectly honourable, but it is by no means unknown for directors of companies to use this route to acquire company assets on the cheap.Anyway, we'll soon see ....
HPC Follower
27 Oct 2015
Re: Loan Notes due to ex_Aferro sharhold... Of course, IMIC are more likely to want to pay ex-AFF Loan Note holders with IMIC shares... but would this be agreed if effectively worthless and/or if IMIC is in administration or equivalent...Inputs here welcomed from those who believe they know what is going on and what the outcomes might be for AFF Loan Note holders.
