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:
  • Afferro Mining Shareholders To Vote On IMIC Takeover Next Month 0 comments
    Aug 23, 2013 2:16 PM

    Afferro Mining (LON:AFF, CVE:AFF) has revealed it will hold a special meeting with shareholders on September 16 to vote on the takeover bid from AIM-listed iron ore peer International Mining & Infrastructure (LON:IMIC).

    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 approval from Afferro's shareholders to give the US$200 million acquisition the green light.

    IMIC's 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.

    On completion of a deal, Afferro will become a wholly-owned subsidiary of IMIC.

    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.