4unme, during liquidations secured lenders and preferred shareholders get the first dibs, followed by unsecured lenders and other parties that have claim on payables. And what's left over goes for equity holders. I doubt there are legal ways to change this priority
I'd guess SGIS would either purchase coal to blend it with tonkoli or buy it from FT. Marampa's iron ore has better % Fe so it'd make sense for the Chinese in terms of transportation cost to ship something of higher quality
Valuation, given the steep fall in iron ore prices and the fact that SGIS holds control of logistics, I doubt valuation would be anything close to the numbers from a year ago. But I think it should be sufficiently high enough to give us back something
Also given that SISG holds control of the infra a lot of people may deem the mine worthless. However, let's not forget that we still have a claim to 75% of the mine so the infra is also worthless on SGIS' side unless they have full control of the mine. In this case the only parties that would put up money for our stake on the mine would have to be SISG itself or related parties, hence we should stick together and not allow the sale to be significantly less than its fair value
I'm not entire sure this was a set by all members of BoD and management since they were desperately knocking on the doors of almost every PE around the world in order to raise some capital for the mine. Where it gets a bit suspicious is how FT used his funds to acquire Marampa instead of injecting it to the company under the logic that by mixing marampa's high %Fe iron ore with tonkoli's iron ore they could get a premium.
If they have plans gain full control and delist the company, they will have do a tender offer to purchase our shares. Keep the faith gents!
Bonds, if I'm not wrong the bonds issued for AMI were convertible bonds. They can only be converted to equity and if they don't plan to go that way then they have to wait in line before the main creditors to get their money back. If this rumor that SISG happens to be true, it just shows clear indication that they interest in gaining controlling stake on AMI but once again. It doesn't mean that our shares have been wiped out
Grant, they are still our shares and they'd likely be traded over the counter. SISG can't take over our ownership just by delisting
I think some people are being overly pessimistic. SGIS getting claim on AIM's asset valued at their usd 200 Mn would raised eyebrows everywhere. Do not forget that major reputable funds such as BlackRock also have positions in AIM