Hey indy, Tom Winnifrith is a well known British journalist with...

Hey indy,
Tom Winnifrith is a well known British journalist with mostly bearish views. Here is the article.

Given the heaps of abuse I took for calling this one as a nil (that is to say worth 0p) HERE and HERE and several other times on BearCast, I may be forgiven for having a celebratory ouzo today as African Minerals appears to have bitten the dust. Needless to say “its tits up time” was announced at no-one is watching O’Clock , 5.36 PM.
The warning for Quindell shareholders is that this company too kept on spewing out upbeat guff to the bitter end - its last upbeat guff prompting a 50% one day spike was just over a week ago. Then first thing this morning the AIM casino suspended the shares. For those who ignore my sage words arguing that I was a crook/stupid it was too late there was no last chance to sell. The same will happen with Quindell in due course.
Essentially the Chinese fellows at Shandong have not released the $102 million they said they’d release in August and there are no alternative sources of funding for working capital (i.e. operating cash outflows).
As such African is now forced to try and sell part of its 75% stake in Tonkolili which it hopes may realise value but it is not exactly negotiating from a position of strength here. Meanwhile the company has also fessed up that Standard Bank has been unable to restructure its existing debt facility. As a bonus the iron ore price has again dropped today.
In a rare moment of honesty, this company which is run by convicted heroin dealer Frank Timis concludes “There can be no certainty that any partial disposal of the Company's interest in the Tonkolili mine will materialise, and even if concluded, there is no certainty of the timing or financial outcome of such a transaction. The Company's ordinary shares will remain suspended pending clarification of the Company's financial position.”
I very, much doubt creditors or the banks will get their money back. Shareholders face almost certain wipe-out. Kerching. As predicted in the Bearcast today another win for me vs the Bulletin Board Morons.