HPC Follower
27 Oct 2015
Re: Loan Notes due to ex_Aferro sharholders Sounds like our ex-AFF Loan Notes may not be re-paid unless IMIC can get extra funding... if they become insolvent then I assume IMIC will be wound-up and the assets will be fought over between the bond and loan note holders... and IMIC shareholders will lose all their money.If IMIC do get extra money, e.g. from their China based partners, they may choose to pay off our Loan Notes rather than cause a 'default' position from a banking perspective.Certainly, I haven't been asked whether I would be willing to see payment deferred in return for additional interest payments or share options, etc.It's not a lot of money in my case, just c.£3,600, but I would rather not lose it and see this put into my bank account for Christmas this year.I guess our position is still better than we would have been in had AFF still been in place - with a much low value "asset" given current commodity prices; and bond holders will have more rights than IMIC shareholders.
Zwaxxob
09 Oct 2015
Loan Notes due to ex_Aferro sharholders I don't like the sound of this...[link] Aferro shareholders will get the money from the loan notes agreed as part of the takeover? (40p per share + 8% interest (x2 years) payable 31Dec15)
Buy and hold
29 Apr 2015
Re: Bond Offer for AFF holders I stand to be corrected, but I don't think the bonds being restructured have anything to do with the loan notes issued to former AFF shareholders. I've seen nothing to indicate any change in the original terms of the loan notes.
HPC Follower
28 Apr 2015
Re: Bond Offer for AFF holders Well, it seems the majority of AFF Bond Holders agreed (as expected), but this was a bit surprising as I wasn't even asked by Barclays Stockbrokers, which holds my bonds in their nominee accounts...This adds 3 years to when we might get a return in cash or IMIC shares... just hope this does pay out eventually.
HPC Follower
21 Apr 2015
Bond Offer for AFF holders Good job we got cash for our holdings as well as those bonds.I assume if AFF bond holders say no, since IMIC have no money, they will have to offer shares in IMIC which will be good in percentage of the company terms, gain access to the assets again but have no means to realise their worth.If we say yes, we will get more interest paid at the end or, I assume, shares for the greater worth.Not sure we have a great deal of choice in reality but to accept the bond offer this time around, like the other IMIC bond holders did recently...
BOWOOD
20 Jan 2015
Re: IMIC market value down 35% My concern is the Loan Notes and other borrowings.
