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PAF - Pan African Resources PLC Released an RNS on 07-02-2018 in which they stated are no longer in talks to acquire assets from ASA. And as a result PAF's share price is rising. http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/PAF/13525228.html "WITHDRAWAL OF CAUTIONARY ANNOUNCEMENT Shareholders are referred to the announcement, released on SENS on 29 January 2018, wherein Shareholders were advised that the Company had entered into exclusive negotiations with the joint administrators of ASA Resource Group Plc (�ASA�) in relation to acquiring certain of the assets and liabilities of ASA (�the Acquisition�). Shareholders are hereby notified that discussions between the Company and ASA relating to the Acquisition have been terminated and, accordingly, shareholders are no longer required to exercise caution when dealing in Pan African shares. Johannesburg 7 February 2018"
PAF - Pan African Resources PLC Released an RNS today revealing their possible interest in acquiring (part/all ?) of ASA. http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail/PAF/13513064.html "CAUTIONARY ANNOUNCEMENT The Company is pleased to announce that it has entered into exclusive negotiations with the joint administrators of ASA Resource Group Plc (the �Group�) in relation to acquiring certain of the assets and liabilities of the Group (�the Acquisition�), which if successfully concluded may have a material effect on the price of the Company�s securities. Discussions are ongoing and as such there can be no certainty the Acquisition will conclude. Accordingly, shareholders are advised to exercise caution when dealing in the Company�s securities until a full announcement has been made, or this cautionary has been withdrawn. A further announcement will be made in due course. 29 January 2018 "
Wanted:Bosses of company in £3.2m mining scandal http://dailym.ai/2pnVph6
From Plasybryn: As I read this, there were two acceptance dates - 1st Dec & 15th Dec. If the offer "from a substantial publically listed company to acquire the Company's 100% shareholding in ASA Headco Limited" as detailed in the RNS Update, dated 24th November, is accepted by the Joint Administrators to be a better offer than that of the RPI offer, then we all will receive that consideration shortly after the 15th or thereabouts. Of course we don't yet know the format of this "better" offer. Will it comprise of options? Say Cash or Cash & shares, or just shares? All should become clear soon. Anyone else care to comment with knowledge of how these things work? Response by Parkhurst: Plasybryn, great question about format of the alternative offer. I reckon the alternative offer would have to also comprise a swapping facility for those ASA shareholders interested to stay in. It won't be long now before the offer has to be unveiled. Ning and Kwan have been behaving like corporate thugs. After they were fired they have been illegally providing RPI with sensitive management information they had stolen from the Company just before they left. RPI is guilty of flagrant market abuse by making the offer on the basis of information, that was not available to other shareholders. Then with the pre-knowledge of a better offer before the other shareholders were informed they went unconditional, thus bagging a potential 1p trading profit, should the other party win the game. RPI know a thing or 2 about shafting ordinary shareholders. Those of us who held on will be the real winners in the end, I have the feeling. I think an alternative bid would not have been possible without administration. Normally Administration is the less good option. But we're not in normal here: because of the obscenely low level of RPI's offer. I reckon the truth is around the corner, hold your breath.
hi dazzy I took the 2.1 but then I also had 9k to lose when they went into administration and that still represented a profit. I will take that..i think your sentiments were a tad ignorant because generally companies that go into administration can go either way (tho I hold trinity which also bounced..lets not discuss some of the others!) but I am sure with your new found backbone you will profit beyond the 2.1. I for one feel fortunate to have just been paid!
I can see you point Dizzy but don't get too confident. This is an AIM share with African and Chinese connections and personally I do not trust any of them. Those who gave away their shares made a rational decision to do so and have to take responsibility for it. Clutching at straws with postings on multiple message boards will not get their money back. Having said that 2.1p might eventually turn out to be a good deal. Who knows.
Tyrannosauraus, this has put a huge grin on my face!!! you and all the other non believers deserve it. The Chinese may have to pay a fair price now if they want to take it. I dare say they will as the copper is perhaps the more longterm attraction due to every man and his dog chasing the electric powered transport generation for which substantial amounts of copper and nickel will be required. For all those who have held out I'm delighted. Hopefully all being well we may prosper after all.
I've just had a note from Duff & Phelp's in response to my request for clarification about the legality of Rich Pro's 2.1p offer and any options that I might have to revoke my previous acceptance... and their note states: "Unfortunately, we are unaware of an ability to revoke your acceptance to the RPI offer now the offer has been made unconditional. In light of this, I suggest that you contact the Takeover Panel or seek your own legal advice in this matter." So, in light of the timescales referenced in RPI's last announcement, it appears that the shares of those that accepted the 2.1p offer will be transacted next week with little, if any redress? Please let me know if you have received any contradictory advice?
Worth a read and action IMO. Well done Parkhurst. How many shareholders would have rejected the RPI cash offer or would have liked the option to reconsider their position had they known about the higher offer? Let’s rewind and reflect on Friday’s announcement by the administrator in response to the offer being made unconditional in all respects: “The announcement on 21 November 2017 was made without pre-notifying the Company's Joint Administrators and shortly before litigation between RPI and the Joint Administrators is due to be heard in Court in the week commencing 27 November 2017 ("the Hearing"). Given that there are a number of matters which are due to be heard before the Court next week, the announcement by RPI came as a surprise both to the Company and to the Joint Administrators. The Joint Administrators have now received a non-binding and conditional offer from a substantial publically listed company to acquire the Company's 100% shareholding in ASA Headco Limited ("Headco"), its immediate subsidiary holding company which in turn owns, directly and indirectly, all of the Company's material assets. The Joint Administrators believe that, if this offer is accepted, and the applicable conditions are satisï¬ed, all the creditors of the Company would be paid in full, and from the balance of the proceeds of the sale, shareholders of the Company should receive signiï¬cantly more than the 2.1p per share offered by RPI.†The implications of this statement are: 1. If RPI and its advisors had knowledge of the higher offer, irrespective if it was conditional or not, were they then not in a more privileged position than the shareholders who accepted their offer? 2. By acquiring the shares of those that accepted do they stand to make a proï¬t? If so, was this not insider trading? 3. How many shareholders who, if they were aware of this higher offer would have withdrawn their acceptance? Surely the regulators must look at this scenario and ensure that all shareholders are put on a level playing ï¬eld as this is their primary responsibility. If you want to join in on a petition, send an email to: higheroffer@asashareholders.com and we’ll form a group. A concerned shareholder
I don't think the " I'm alright Jack " scenario actually works just for you, if RPI get ASA then you all get 2.1p, if it's sold to someone else then the RPI deal is dead and you all hopefully get a higher offer, but your concern for all the PI's is heart warming.
I really do hope that those who accepted the 2.1p are committed. It will serve them right for having no backbone. Those that have held out, fair play. We may not see a full return on our investments but at least it�s better than the Chinese contingent being allowed to rob us in the face of the law. Forgive me all you non believers who sold out, I�m feeling a little smug.
Good to hear from the administrators. Does this mean that shareholders who have accepted the 2.1p are committed or is it non binding as yet? The administrators are suggesting there is greater value than 2.1p. Can anyone clarify??
americus. India was never a superpower lol. the USA is Britain, where do you think the citizens came from? They came from the same place as the ones who setup infrastructure there. India will only take whatever it is allowed to take.
A half decent response. Not the best as your just factual! Give a passionate heart felt script and I may feel your on the same page. Not a chap who said �I told you so� how many of those ******s are about. Your in or your out. What r u?
A half decent response. Not the best as your just factual! Give a passionate heart felt script and I may feel your on the same page. Not a chap who said �I told you so� how many of those ******s are about. Your in or your out. What r u?
dazzyduk: Things ,,,,THEY are MOVING.. They are Changing.. What is a TABOO.. is becoming the NORM.. What is IMPOSSIBLE is becoming the REGULAR.. Been any where on Mainland China..Didn't Think so... INDIA was the super POWER for 19 Centuries..Followed By CHINA...as Number 2.. Then the BRITISH,, Yes us.. Pumped OPIUM in China and Destroyed INDIA from the INSIDE.. In 20th Century BRITISH EMPIRE became the Number 1 Superpower.. Then USA Ceized all that ILL GOTTEN LOOT from the colonies.. Ciezed them all from the Canadian and US Banks.. GAVE Britain in return for that GOLD the Special Relationship Instead of that LOOT Which GB had to LUMP it.. HOW can you Keep a 19 Century OLD SUPER POWER from NOT Rising? China is Trying to use this transition to Overtake INDIA They are Betting on a NAIVE.. BRAINWASHED... INDIA.... Not.. An Awakened.. Self Realized India.. So Await the Indians..to Takeover it all.. By the way I warned this,, About the Steel Industry in UK,,, I was Laughed at.. Did the same about Car Industry.. They all laughed at me.. But Looking Back.. Who is Laughing?? NOW??
Can I ask who likes being shafted at this price except for the spineless who�ve already sold out. Y know when y gotta go over the hill n y don�t know what�s ahead of you, that�s the make or break of a mans spirit! If you don�t go over, you�ll never know because you didn�t have ****** to stand together, n if any of you are institutions who�ve sold your soles because of a ledger, then shame on you. You have power over the destiny of others because of your combined income of the many contributions you receive from your pension fund investments. Well, you need take a step back and ask yourself if what you do is ethical and morally right or are a shorter and you sell out your fellows for the sake of reward in the short term. This is why the Indian and Pakistani and Chinese have grown so rapidly. They stand together. Us brits....well I�m alright jack!!! Tell me I�m wrong with justification and I�ll listen, we all should listen. Whose brave enough now to reply. Not many I�m sure. Let�s see.
Forgive me if I�m mistaken.....is this not a nation with a history of palms crossed and silver applied. I�d dread to think how the stationary companies keep up with the manufacture of brown envelopes. You all catching my drift here?!?! To be blunt......we are being shafted!
The Chinese contingent are quite clearly having our pants down. Apart from The gold and platinum, asa has copper licences. They are are about to rob shareholders of their very patience. I wouldn�t be surprised if there isn�t �50 million cash at bank with the way commodity prices have gone. The breakup value has to be beyond 2.1p. If they get away with it, I personally will pursue the administrator for not looking after best interests. Besides, I�m sure the employees would much prefer a rule other than Chinese. Mugabe gone will pave the way to removing the threat of indigenisation. Hold your nerve those that haven�t bolted. Even if it�s out of principle. It�s an Englishman�s right. Those that have sold out already....I�m Ashamed of you
Won't get any money while company in administration.GLA. See broker!
I'm not selling. Got clarification on the offer. They still need the shares to takeover. Only those who have accepted can not change their minds now. No change for those of us that have not accepted. RPI want to couse confusion to panic holders into taking 2.1 pence. Been told it's best to wait for announcements from the company or the administrators
My broker told me that paymentwould normally be due two weeks after the offer becomes unconditional
This is an RNS from RPI, not the Co., not the Administrator. RPI are desperate to get their hands on the Co. Be careful as this smells of fast practice imo. We will need a more balanced explanation of where we are & the options.
They now have 53% acceptance and bar has been lowered to 50% +1 share. I think this means that all those who accepted should get the offer price of 2.1. Anyone know when it gets paid?
The administrator is Mark Skelton at Duff & Phelps. Why not contact him directly?