If you are a shareholder or employee of AML and have information on AML, please visit the website below.
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Liu, are you still reading posts on here?
Whilst we can not prove this legally; this sale appears to have been orchestrated by a subsidiary of Shandong to Shandong itself with the tacit support of Government of SL and using an imposed timetable by SL Government as a so called legitimate reason why it was sold within 4/5 weeks from enforcement of the security under the default provisions of the original project finance loan to ensure other interested parties expression of interests was not entertained.
It is extremely sad and disturbing to see this state of affairs.
Whether or not the Receivers were able to stop this transaction once they were appointed on 2nd April will never be proven either way.
I am just sorry for all innocent shareholders of AMI who have lost huge sums of their hard earned savings in this appalling manner.
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HONG KONG and LONDON, April 22, 2015 /PRNewswire/ --
Shandong Iron and Steel announces that it has acquired the 75 per cent stake in the Tonkolili Iron Ore mine in Sierra Leone it does not already own.
Following the acquisition of the stake previously owned by African Minerals (AML), Shandong now owns 100 per cent of the equity of Tonkolili as well as the associated infrastructure company African Port and Railway Services. Shandong now intends to take appropriate steps to return the mine to full production and to protect the assets against the imminent wet season. The mine has been on care and maintenance since November 2014.
The acquisition follows a worldwide sale process run by the security agent, Madison Pacific Trust, assisted by PricewaterhouseCoopers. The sale was prompted by AML's inability to meet the Project's further financing needs and was undertaken in a time frame which reflected the Government of Sierra Leone's anxiety to see a satisfactory resolution of the Project's difficulties by mid-April. Whilst a number of parties expressed interest in the sale process, Shandong was the only party willing and able to take over the AML stake and to provide the support and assistance necessary to return the Tonkolili Iron Ore mine to production.
Shandong has invested more than $1.67 billion in Tonkolili over the past five years, including over $170 million in connection with the recent acquisition of the AML stake, and will provide further funding as required including $600m to progress Phase 2 of the Tonkolili Project, which will see production lifted to 25mtpa.
Shandong will now work with the Government of Sierra Leone, the Project's employees and all other stakeholders in Sierra Leone to ensure this high-quality long life asset, which is of key economic benefit to the people of Sierra Leone and provides employment to many, returns to production in a timely manner.
S7, were you with LOND shareholder action group. Have you got payment from them yet?
If Deloitte can sell the assets more than debt, whatever money left will be distributed to shareholders regardless of whether you join action group or not. If however, if SISG is the only interested party and buys the assets cheaply even bondholder may not get their investment back.
Shareholder action group will be suing directors, accountants and brokers for negligence, misleading information etc. It will be a long legal battle. Unless they want to settle it out of court.
hope this helps