Proactive Investor's  Instablog

Proactive Investor
Send Message
Proactiveinvestors is a leading multimedia news organization, investor portal and events management business with offices in New York, Sydney, Toronto and London. Proactiveinvestors operates five financial websites in four languages providing breaking news, comment and analysis on hundreds of... More
My company:
My blog:
  • IMIC Boosts Afferro Shareholding Further 0 comments
    Jul 10, 2013 11:37 AM

    International Mining & Infrastructure (LON:IMIC) now owns 19.15% of fellow AIM-listed African miner Afferro Mining(LON:AFF) (CVE:AFF) after buying another million shares.

    It has now bought just under 10mln shares for around £7.7mln, a move that chairman Haresh Kanabar previously called "expedient".

    The last purchase of shares from IMIC was hailed by the City, potentially saving the company US$10mln in its overall takeover of Afferro.

    IMIC has tabled a 120p a share bid for Afferro, which consists of 80p in cash and a convertible loan note worth a further 40p. It is now waiting on the relevant regulatory approvals for the acquisition.

    IMIC's US$200mln takeover of Afferro will be transformational for the latter's flagship project, the 2.5bn tonne Nkout iron ore deposit in Cameroon.

    The plan is to create the infrastructure required (namely rail and port) to get ore from the mine to the leading export markets of the world.

    The key to this is its partnership with African Iron Ore Group, led by Afren founder Bert Cooper. African Iron Ore has high-level political contacts in West Africa as well as close links with the Chinese.

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Back To Proactive Investor's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers


More »

Latest Comments

Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.