Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
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1.4 and can't buy! Is it that shoddy businesses man buying more???
informed of this little rats crime and are onto to him. The Chinese do not like it when their Global reputation is dragged through the mud :).
can not buy any now ,
That's a nice little find, parkhurst. At fear of being overly optimistic, I especially like the last little nugget of a paragraph about operating more profitably than previously expected. It vindicates some of the comments made today
Found this today published by company's broker SP Angel: ASA Resource Group* (ASA LN) 1.3p, Mkt Cap £22m – Cash flow expected to be adequate for normal working capital requirements despite missing millions • The board of ASA, less the ceo and fd who were sacked without notice over the weekend have reported further on the missing funds. • The board report $4.3m of funds are unaccounted for. Eg funds which have been paid out but where there is no adequate explanation for goods or services received. o $2.7m of funds relate to the year ending March 2016 o $1.6m of funds related to the year ending March 2017 and have been traced to two companies administered from Hong Kong. o The board is trying to determine if there is any chance of recovering these funds and if the money is still in the two HK companies and may be recovered. o The good news is that the board reckon that “continuing cash flows are expected to be adequate for the normal working capital requirements” of the mines and that each mine has its own banking facilities that are being utilised in the normal way. o There are some costs relating to outstanding creditors and unpaid directors fees and salaries and to some legacy litigation which are expected to be paid in due course from management fees. o A further ~$500,000 is owed to creditors as at 31 March in relation to its exploration around Zani Kodo in the DRC. This is in line with normal working practice. o The board now consists of  David Murangari, non-exec Chairman,  Scott Morrison, senior independent non-executive director, a metallurgical engineer and advisor to Metalor the gold refiners  Olivier Barbeau, non-executive director and a chartered accountant  Niall Patrick Henry, non-executive director  Hu, Yuan Ching, former general manager of Taiwan A-Life Company remains as a non-executive director  Ching Fung Hung, previously an auditor for Deloittes and Grant Thornton and a director of two HK companies remains as a non-executive director http://www.asaukplc.com/about-us/directors • Mr Toi Muganyi, interim ceo and Mr Batirai Manhando, interim executive director, have yet to be elected to the board Conclusion: The realisation that so much money was siphoned out of the company before the directors responsible were fired suggests to us that the two mining operations are operating more profitably than previously appreciated. We see the the misappropriation of funds by Chinese nationals is a stain on the reputation of China and will not help already strained Chinese relations within Africa. *SP Angel acts as Nomad and broker to ASA Resources and its analysts have visited ASA’s Bindura Nickel, Freda Rebecca and Zani Kodo assets.
Some more just now, i can see 1.5 in a day or two, if I can sell at 1.6 it will be a handsome trade and absolute no brainer
You too
You too
lol you're right! I should be off.. Nice discussing with you anyways! Maybe so m8
But I thought you already know what the news is. And, if not trying to convince me or others, you wouldn't waste you're time replying to anything this trading newbie posts. However, I do appreciate your concern, if genuine, in trying to inform and educate us about potential risks. Like, I have heard before, we are all here, investing, for the same reasons. Also, maybe you are right, I may need to man up. I've always been a sensitive soul
Man up ;) I'm not trying to convince just trying to realise what the actual news is..
Also, just an observation, your affect is a tad aggressive. You may be more convincing and come across more credible if you left out insults and profanity. For what it's worth
BNC SP remains at 3ct$ per share, representing a value of 1,286p per ASA share, app. the current SP. Freda Rebecca, Klipspringer and copper reserves still valued at 0 at current SP.
I can only read what is written, I don't have the ability to read beyond that or what was in the mind of those that write them. I will continue in this manner until I am exposed to radiation and somehow gain the ability to read people's minds. Congratulations to you though, for being the first person to do so.
Li Kwok Po David
I agree, dan. Think I will do the same, sit back and wait.
Yesterday was impeccable, thanks to everyone panic selling, this still has the assets and therefore cash generation, i think it was an orchestrated set of RNS'
just have to wait - my average is too heavy and well under water The Assets are great - income generating albeit its not setting any fires Hopefully once this has settled, we can move forward but i can't see 2p+ for a while - just have to sit back and wait
Which Billionaire might that be?
Go t another board sid
That logic is a dangerous path to follow, as the basis for your position is rooted in the info in these rns'. So you may as well ignore any rns, but then you would have nothing to base any of your arguments on.
for some buyers Todays news a may be an opportunity for some profit ,buying low others may hold for a longer time
The bid is slowly ticking up since the initial morning spike....
No sign of the billionaire investor adding yet
I don't see this as a bad rns at all, unless I'm missing something. At Group level there are a number of outstanding creditors, mainly relating to legacy litigation and unpaid directors fees and salaries. These amounts are expected to be paid in due course from management fees payable by BNC and FRGM to the Company. The Board is satisfied that it has established that the total amount of Asa Resource funds that are unaccounted for is $4.3m. Of this amount $2.7m relates to the year ended 31st March 2016 and $1.6m relates to the year ended 31st March 2017. The sum of $1.6m in 2017 has been traced to two Group companies administered from Hong Kong but the Board has yet to confirm whether any part of this sum remains within the two companies. The Board has not relied on these amounts and any recoveries will improve the expected cash position." As they stated, these amounts have not been relied on, and creditors will be paid as normal in due course. I can't quite see from the same angle as you