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Afferro Mining: IMIC Takeover Approved

Published 09/22/2013, 06:33 AM
Updated 07/09/2023, 06:31 AM
FTNMX551030
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IMIC takeover approved
Afferro Mining Inc, (AFFA) shareholders have approved the proposed reverse takeover by IMIC, with some 97% of owners having voted in favour of the deal. Subject to receiving all necessary regulatory approvals, the transaction is expected to be closed by the end of October 2013.
Afferro
Afferro has announced the approval of the proposed reverse takeover by IMIC at the extraordinary shareholder meeting held on 16 September 2013, with some 97% of shareholders and 100% of option holders voting in favour of the deal. Earlier, the companies reported that the closing date for the transaction has been extended to 31 October 2013. The successful completion of the acquisition is subject to receiving all relevant regulatory approvals.

Based on the proposed terms of the transaction, Afferro shareholders are expected to receive £0.8 in cash plus a tradable convertible loan note of £0.4 (carrying a coupon of 8% pa) per each share. The key rationale behind the deal is to combine Afferro’s promising iron ore resource base in Cameroon with IMIC’s capabilities in putting together an infrastructure solution to unlock the intrinsic value of these assets. Valuing the company at US$0.13 per tonne of the contained iron, the deal offers plenty of upside to Afferro shareholders, which could be realised through the gradual de-risking of the projects. To this end, the key milestones would be the construction of the railway to connect the projects with the deepwater port near Kribi, as well as project funding.

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