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I don’t know if this helps, but I think shareholders should think very hard before agreeing to the derisory offer, or if you have already done so, I believe you should consider withdrawing your acceptance, which is apparently permitted. Firstly, as far as I can tell you have nothing to lose by rejecting the offer at this stage. But doing so gives us all the potential as a result to get a far better outcome. The more investors who reject the offer, the greater the likelihood of an increased offer. The recent strengthening of the commodity prices which we have all waited so long for, obviously increases the value and attractiveness of ASA Resources and reinforces the need not to commit yourself at this point in time. The Administrator, who is working hard to unravel all the complex issues will be aware of the increasing resource value, which may well, in all probability, lead him to the conclusion that the Co. is totally undervalued at 2.1p. We know that, the Company knows that, and the Administrator will come to that conclusion I am sure. As the Administrator has to report on progress to shareholders within ten weeks of his start date, there is every good reason to do nothing for now and wait for his pronouncement, which should also include information from the Co. on their progress. Given we are talking about alleged serious illegalities here, I can’t see why anyone would want to align with an offer originating from that source. To do so might result in your shares becoming part of a complex legal wrangle which I believe we are all best advised to steer clear of.
Especially given the price of nickel & gold, I just hope the Administrators are making good progress. How long before we get any news?
Personally you would have to be mad to accept Ning's offer and take this on the cheap after his own fraud has collapsed the SP, but each to their own. Read last few paragraphs in attached link. It's clear the BoD strategy on putting ASA into Administration http://www.google.az/url?sa=t&rct=j&q=&esrc=s&source=newssearch&cd=1&ved=0ahUKEwjmr-fTkeHVAhVEG5oKHcMpBeUQqQIIISgAMAA&url=http%3A%2F%2Fwww.herald.co.zw%2Fasa-executives-wings-clipped%2F&usg=AFQjCNE3l4M1R2Wt2hi2Ps0ya1Ile33kzg
My broker advised the same so instructed him to do likewise
i would encourage everyone on this board holding shares to look at yesterdays RNS. if re-iterates the offer at 2.1p and has a deadline of the end of the month to accept. they need 90% I think it says? Personally what other choice do we have? the tiny amount of BOD have not laid out a plan other than to call in the administrators so if this tact is to thwart RPI then some comms would go a long way to appease? 2.1p for me is a reasonable profit for my 400000 shares and is better than zero...thoughts anyone? It does seem like the T/O is the only game in town though.
quite like the use of the word 'hunt'...anyone have any update on here regarding ASA? how long do we think the sahres will be suspended for? and how many BOD's are left at ASA?
Not content with everything that has gone before The Zimbabwe Herald now reports that police are hunting Kwong Po Shum - chief financial officer of Freda Rebecca - in regard to fraud of $214,598 wired to China for goodsnot authorised and not received.
ASA seem to collect court cases like other people collect stamps. http://www.herald.co.zw/asa-in-fresh-shareholder-dispute/
Parkhurst484: That is a great post and I am very much aligned with your thinking. I think the directors have played a blinder by suspending the shares & appointing Joint Administrators. I have great confidence in their skills to bring about a more than satisfactory conclusion. Your personal assurances based on actual knowledge of Duff & Phelps & Mike Skelton, in particular, is very reassuring. If you obtain any feedback from Mark which you can share with us, that would be very much appreciated. Whilst I accept that the process may now take some time to conclude, and will demand patience, as I said I feel our Board have played a very clever card. Suspending the shares & appointing joint administrators has in effect snookered those who would like to obtain our assets vastly below their true value. As I see it the Administrators, appointed by the Directors, are now in control and are acting on behalf of our interests. In summary: 1. control has reverted to our side of the table 2. the businesses can continue to operate & generate cash whilst this is sorted 3. Aggressors snookered. 4. Time is now on our side to resolve matters with full due diligence.This is vital given the alleged misappropriation of funds etc. 5. The Administrators will have the weight of the law behind them to help unravel the many apparent hidden issues, - "undertake an investigation into the prior affairs of the Co." as Parkhurst484 has stated. 6. With the price of gold & nickle potentially improving, our assets continue to increase in value. If the offer of 2.1p cannot now proceed, as seems likely, I don't think we need to be alarmed, as this did not represent fair value and we would have undersold the true value of our shares. Remember that Niall Henry, Director, has circa 30 million shares & his interests are aligned with ours. I have faith they will work to resolve this in our favour.
I see an administrator has been appointed. This will hep protect our assets being taken for a song. I happen to know Duff & Phelps because I worked with Mark Skelton on another project. He is a top-notch operator and knows African mining. Unlike your usual corporate re-structuring consultants where they take enormous fees, I know Mark will be pragmatic and operate in the interests of creditors or shareholders. I’m going to call Mark to understand his strategy and future plans for the group. At least the Zimbabweans must be happy as they will be left to get on with making money at the mine level unencumbered. If this puts a stop to the unwelcome bid of 2.1p from RichPro then i.m.o. this should work out well in the long run. My hunch is that Ning and Hailiang (RichPro) were probably going to split up and sell our assets making a small fortune at shareholders expense — why can’t Duff & Phelps do the same us or we simply trade out of the situation? The board has acted very responsibly, especially if Ning was involved — they made a right mess of Zim assets. As a shareholder, I’m pleased to see that the administrator will undertake an investigation into the prior affairs of the Company — there is unfinished business and we need to know the root of what went wrong.
RNS out
well fernie whilst shares are suspended we don't have any option!
Well - Fernie is not selling because Fernie knows that this share is grossly undervalued. ASA is on the cresp of something fantastic.
could the former BOD be strangling ASA by not releasing funds / fraud then watch them fold only to pick up the pieces for shrapnel? also how heavy weight is the remaining board since the senior guys have been removed? I have held these for years and have 400,000 of them but the RNS we read last week sounded more like a death knoll to be honest and I hope that I am wrong. interesting that the removed BOD are aligned the the buying company from what I have read below...sounds planned..
could the former BOD be strangling ASA by not releasing funds / fraud then watch them fold only to pick up the pieces for shrapnel? also how heavy weight is the remaining board since the senior guys have been removed? I have held these for years and have 400,000 of them but the RNS we read last week sounded more like a death knoll to be honest and I hope that I am wrong. interesting that the removed BOD are aligned the the buying company from what I have read below...sounds planned..
On every count RichPro’s bid is clearly opportunistic — compare 2.1p to the company’s investment case https://asaresourcegroup.com/investors/overview/investment-case and anyone can see this is daylight robbery. I wonder how much the company could be sold if it was broken up? FRM alone must be worth at least 3p per share plus another 3p for BNC. Add Zani Kodo and DRC copper into the equation and you see why Ning and the Hailiang hatched this. If they take over the company then Ning could also stop the investigations into the financial mismanagement in Zimbabwe and alleged fraud. I wonder what the Zimbabwean authorities are making of the bid? If the board could not get the reassurances from the bidder and can get much more for the assets in the open market, then maybe the share suspension could be a good deal for shareholders in the end. These are interesting and turbulent times but happy to sit it out.
http://www.herald.co.zw/asa-resources-shares-suspended-from-lse/
There is a story today on whats happening with this, will send the link in a few minutes
So we don't think the beginning of the end? What value do you think we still have here as I had written these off...
I think the suspension has a lot to do with Ning and his buddies approaching 50%. BOD had few options to stop takeover, at least in short term, this was one. ie. Play the financial problems card - but we wait and see.
FWIW people are taking the 2.1p offer because it is all they are ever likely to get back. Look at the basics - Chinese owned company trading in Zimbabwe with a listing on the unregulated AIM market. I keep telling myself I should have known better but then there are plenty of investors with more to lose than I will. Hey ho.
Not sure what's going on here, behind the scenes, but it doesn't make promising reading. Seems to be one dishonest deed after the other. It's a shame, as their seemed to be some promise here, but just can't trust the BOD. Absolutely no faith in them to do an honest days work
The BOD have done fraud via rns... Lied to investors saying.... cash stolen hasn't affected them... the director rns is a bloody joke..
TEMPORARY SUSPENSION OF TRADING ON AIM ASA RESOURCE GROUP PLC At the request of the Company, trading on AIM for the under-mentioned securities has been temporarily suspended from 28/07/2017 11:00am, pending clarification of the Company's financial position. ORDINARY SHARES OF 0.1P EACH FULLY PAID (B0GN347) (GB00B0GN3470) If you have any queries or require further information, please contact the company's nominated adviser on 0203 470 0470.
The Zimbabwe Herald of July 14th reported that it is believed Yat Hoi Ning is behind the Rich Pro Investment bid to takeover ASA. They say that RPI is controlled by Feng Hailing alleging that he is Ning's ally. One must wonder where our BoD is, why are they silent on this matter and that of the missing gold reported previously?