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AUM - Australian Mining Investments

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From The AGE:

HIGH-FLYING copper explorer Australian Mining Investments remains suspended from trading while experts vet its drilling results.

The Australian Stock Exchange-appointed experts are looking at results from the Rocklands copper/cobalt/gold discovery in north Queensland.

The ASX yesterday confirmed an Age report that it had called on outside help to determine if the planned release conformed with strict reporting requirements for mineral discoveries.

It also indicated that following discussions between its experts and AUM, the company could return to the lists today.

But there were no guarantees as owners of AUM stock, who paid as much as $10 a share last Wednesday, sweat on the stock's return to trading.

A quick return to trading depends on the ASX limiting its vetting to the latest drilling results. If the vetting is extended to all statements on the Rocklands discovery, AUM could face a lengthy period on the sidelines.

AUM has claimed that Rocklands has an inferred resource of 1.2 million tonnes of (contained) copper equivalent (it gives cobalt and gold an equivalent copper value).

A meeting of shareholders in Cloncurry tomorrow will be asked to approve the issue of 10 million 50 ¢ shares to directors. At a last sale price of $7.11 a share, the options would be worth $66 million. But that assumes the stock holds at its high-flying levels on its return to trading.

>>>> Getting bored now....come on ppl, announce! :p:
 
Reading early News Reports and HC Ifeel it will come out sometime today just like the company secretary said yesterday.I have no direct interest in AUM but am very eagar to see how it pans out for you people. :)
 
Cheers mate...the palms are getting VERY sweaty and time to let Uncle Wayne [and us] get on with the great stock [here's hoping]

Is today the 'day????'
 
http://www.finance.news.com.au/story/0,10166,19748598-462,00.html

AMI investors remain in the dark
From: Herald Sun
By Mandi Zonneveldt
July 11, 2006

SHAREHOLDERS in runaway copper explorer Australian Mining Investments remained in the dark last night, with the company's latest release still being reviewed by the Australian Stock Exchange.

The ASX was believed to be consulting geologists over AMI's latest report on drilling at its Rocklands project near Cloncurry in Queensland.

The corporate watchdog also confirmed yesterday that it was looking at the mining junior.

An Australian Securities and Investment Commission spokeswoman said ASIC was making inquiries, but refused to comment on the nature of the watchdog's concerns.

AMI claims to have found a potentially giant copper deposit in the scrub east of Mt Isa, but geologists and analysts say lack of detail in the company's reports make it hard to determine the size and quality of the find.

More than six million shares in the company were traded last week and close to a million options were exercised.

AMI requested a trading halt on Wednesday after its share price soared from less than $3 to touch $10.

It last traded at $7.11.

The stock was suspended by the exchange on Thursday night.
 
Common sense prevails - and also suggests ASIC believe the find IS good enough to merit re-rating the options price: :D

06-237 ASIC stops Australian Mining Investments executive option vote

Tuesday 11 July 2006

ASIC today filed an application with the Supreme Court of Queensland seeking an urgent interlocutory injunction against Australian Mining Investments Limited restraining the company from putting resolutions to approve the issue of executive options to members at its General Meeting (GM) to be held on Wednesday, 12 July 2006. Both parties agreed to Australian Mining Investments providing an undertaking to the Court that it not proceed with the resolutions in relation to the approval of options until 25 August 2006, with ASIC’s application being adjourned to a date to be fixed.

ASIC was concerned that disclosure of the resolutions to approve the issue of a total of 10,000,000 options with an exercise price of 50 cents to Australian Mining Investments directors, Mr Wayne McCrae (7,000,000 options), Mr Timothy Koitka (2,000,000 options) and Mr Peter Hutchinson (1,000,000 options) is materially out of date. The Explanatory Memorandum to the GM values the options based on a share price of Australian Mining Investments as at 29 May 2006, which was 31.5 cents. Australian Mining Investments last traded its shares, prior to going into a trading halt on 5 July 2006, at $7.11. Trading in Australian Mining Investments shares is currently suspended.

‘ASIC is concerned that members were being asked to make a decision about the remuneration of directors on the basis of materially out of date information’, Ms Jennifer O’Donnell, Executive Director of Compliance said.

‘In particular, on the basis of recent market trading, the value of the options to be expensed under International Financial Reporting Standards could be considerably higher than disclosed to Australian Mining Investments shareholders’, Ms O’Donnell said.

ASIC is continuing to monitor disclosure and trading in Australian Mining Investments and liaise with the Australian Stock Exchange.

http://asic.gov.au/asic/asic_pub.ns...nvestments+executive+option+vote?openDocument
---
 
read what you will into this. released today just before market close...

SYDNEY (Dow Jones)--Australian Mining Investments Ltd. (AUM.AU) is continuing to
negotiate with the regulator over the release of drilling results from its potentially
lucrative Rocklands copper project.
Trading in the company's shares on the Australian Stock Exchange was halted
Wednesday, pending the release of results from recent exploratory drilling at the project
near Cloncurry, Queensland.
The miner says it was unaware of any problems behind the delay of the statement that
was due Monday and continues to await its review by the exchange's independent
geologist ahead of its release.
A spokesman for the ASX couldn't provide a timetable for when the statement would
be released but said it would be "as soon as possible" once it could be ensured
there was "sufficient information out there so the market can be sufficiently
informed to trade."
"We're in discussions with the company over additional disclosure...as we
were yesterday," added the spokesman confirming there were technical issues
involved, as there would be with any exploratory miner.
Investors will be hoping an announcement is made before a shareholders' meeting
0000 GMT Wednesday in Cloncurry.
AUM's share price skyrocketed after drill results released June 29, outlined an
inferred resource of 59 million tons at 2.04% copper equivalent.
From a close of A$1.78 on June 28, the shares touched A$10 on July 5 before trading was
halted. In earl June, the shares were trading around 50 cents.

let's hope that AUM is unaware of any problems because it's a good confirmation for their previous release
 
Interesting article Dcart3r.....thanks for posting.

Let's hope they don't hold the ann up for too much loonger!
 
dcart3r said:
read what you will into this. released today just before market close...

SYDNEY (Dow Jones)--Australian Mining Investments Ltd. (AUM.AU) is continuing to
negotiate with the regulator over the release of drilling results from its potentially
lucrative Rocklands copper project.
Trading in the company's shares on the Australian Stock Exchange was halted
Wednesday, pending the release of results from recent exploratory drilling at the project
near Cloncurry, Queensland.
The miner says it was unaware of any problems behind the delay of the statement that
was due Monday and continues to await its review by the exchange's independent
geologist ahead of its release.
A spokesman for the ASX couldn't provide a timetable for when the statement would
be released but said it would be "as soon as possible" once it could be ensured
there was "sufficient information out there so the market can be sufficiently
informed to trade."
"We're in discussions with the company over additional disclosure...as we
were yesterday," added the spokesman confirming there were technical issues
involved, as there would be with any exploratory miner.
Investors will be hoping an announcement is made before a shareholders' meeting
0000 GMT Wednesday in Cloncurry.
AUM's share price skyrocketed after drill results released June 29, outlined an
inferred resource of 59 million tons at 2.04% copper equivalent.
From a close of A$1.78 on June 28, the shares touched A$10 on July 5 before trading was
halted. In earl June, the shares were trading around 50 cents.

let's hope that AUM is unaware of any problems because it's a good confirmation for their previous release
Click to expand...

It is definitely a very interesting piece of news. I hope the announcement is going to be out tomorrow and it points to positive news. :confused:

Hypnotic
 
I'm curious but did any day trades get burned by the settlement requirements of this play, ie bought for a day trade a fairly large parcel, went into trading halt, t+3 = yesterday,


Anyone get burned?

Surely somewhen went in for a day trade and have had to quickly get access to cash to settle? ? ? ? ?

Just Curious as I thought there were alot of day traders on this
 
Yes YT, You are right...I'm one of those who got burned...and just hoping that when the trading halt is lifted, it is pointing north..else, I'll be burned to beyong recognition... :eek:
 
yes as well young trader,

although i'm not a regular day trader,
I wasnt anticipating having to come up with the mula.
:confused:
i've been on a bread and water diet since.
 
ASIC today filed an application with the supreme court of QLD seeking an URGENT interlocutory injunction against AUM, restraining the company from putting resolutions to approve the issue of executive options to members at its gm to be held wed.
 
Still waiting for the AUM announcement. Its 9;33 am and still no news of an announcement on the website. I've never seen so much scrutiny of a pending announcement like this before. ASIC is also taking a tough approach which is surprising considering that it often sits on its backside doing nothing (e.g. please refer to Westpoint and other financial disasters for more info). Fingers crossed for a positive announcement today.
 
Look!!

Ann just released but don't have access to it yet!

I'm using commsec and a news icon has pop up in the watchlist.

Wish it's a real ann we've been waiting for
 
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