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The Zimbabwe Herald offers a possible clue as to what is going on in this company at http://www.herald.co.zw/mwana-founding-ceo-booted-out/. Get a new board receptive to a takeover, achieve delisting to avoid a market free-for-all on a takeover offer after the year end results and report are issued, and at AGM or EGM receive a recommendation to accept the offer. Who knows but it is where my best guess lies.
Call me an optimist but I don’t see a delisting happening. This is unfortunate timing but let’s get all the bad news out the way so this share can start building a base from which it can move up instead of down.
My point was that basically we only really have until July 25th and not August 25th. 1) If we don't have a nomad before July 25th, either nobody wants to touch Mwana, or they are not really looking for one. 2) If!! we do happen to get the shares suspended on July 25th, then basically they are worth Jack sh-t if you can't trade them. 3) There is a possibility that they might be trying to de-list us on purpose, then we lose out big time. So my point is you said we had until August 25th, when in reality that is to late to turn the situation around for us private investors.
You are telling us what we already know from the RNS. what's your point ? I believe that we will find another nomad before the time is up. Hence the purchase today.
We only have 1 month (By July 25th) to get a new nomad before the shares are suspended, come August 25th we basically get kicked off AIM if we haven't got a nomad. if a replacement Nomad is not appointed by the date that Peel Hunt ceases to act as Nomad, the Company's shares will be suspended from trading on AIM, and if a replacement Nomad is not appointed within one month of the date that Peel Hunt ceases to act as Nomad, admission of the Company's shares to trading on AIM will be cancelled.
I think they will find a Nomad before the deadline of 25th Aug. I have just topped up.
How can the ex-CEO be so bullish when interviewed a few weeks ago (see link below) - it doesn't make sense for investors to sell up now. Mining is a slow business so I can't see what has changed with the fundamentals. The Chinese know Zim well so I see this as a great buying opportunity. If we get a new Nomad and a statement on where the company is going soon we're no worse off. Obviously we need a good CEO also, preferably one that knows the Southern Africa region well but with so many mines under pressure that can't be too difficult. http://www.***********/ceo-interviews/ceo-interview-with-mwana-africa/
With no buyers around!!!! don't see why these haven't fell further.
What a share. Are these wort a punt now? Im watching but not at these prices.
Presumably they had a good relationship with Kalaa and didn't agree with him being deposed. Kalaa wrote to shareholders raising this as a possibility.
Why would the broker resign? I am assuming there are not positive reasons....
Not a surprise to me as it was flagged up in the circular before the vote.
Mwana wishes to announce that it has received notice of the intention of Peel Hunt LLP ("Peel Hunt"), the Company's Nominated Adviser ("Nomad") and Broker, to resign with effect from 25 July 2015. The Company is in discussions with replacement advisers and brokers with a view to the new Nomad being appointed within the notice period set out below. Peel Hunt has indicated that they will fully cooperate with the new Nomad to ensure a smooth transition. In consequence the Company is obliged to give formal notification that, pursuant to AIM Rule 1, if a replacement Nomad is not appointed by the date that Peel Hunt ceases to act as Nomad, the Company's shares will be suspended from trading on AIM, and if a replacement Nomad is not appointed within one month of the date that Peel Hunt ceases to act as Nomad, admission of the Company's shares to trading on AIM will be cancelled.
Hello gorsuch - the widening of spread to put off investors could only go on for so long. At the end of the day the MM got to eventually offer a fair market if there is a splurge in either buy or sell direction (i.e. reducing the spread again). Believe me, I was hoping that it would help deter the sellers but not to be. I am also as disappointed as you are with regards to SP performance. I did get in touch with Mwana London Office today. The Board will have their first meeting on 7th July. I have raised my concerns why the SP has lowered against a backdrop of an upward trend in the mining sector, and relatively unchanged gold and nickel prices, since they have taken over. I have also requested for them to make public a schedule of annoucements and in particular with regards to the company's future strategy. The fact of the matter is that until we know what their intentions are, it is virtually impossible to make a decision on my holdings which is quite substantial - know that I purchased shares when they were right up there back in August 2014 and I have held them since. Understand the pain I am also going through.
They haven't exactly been putting their money where their mouth is! I've a horrible feeling we now have a Wellesley Wood vs Ning faceoff....
QUOTE: " that's the MM widening to protect further drop. I suspect the MM is working closely with MWA to ensure share price does not attract more sells." Well that idea didn't work did it, we now have a bid price of 1.70 which is what our shares are actually worth if we sold today. It's unbelievable that the new board took over nearly two weeks ago and haven't said a word as yet, maybe they have all gone on holiday to celebrate.
Come on then where is the magic wand? Still no CEO appointed. No indication of plans or strategy. Wellsley Wood is VERY quiet. Will we now see a squabble between him and the Chinese? I'm sure Mpinga isn't going to go down without a fight either, and he is politically connected. This is going to get messy. With two loss making mines to fight over!
What's the betting their first RNS will detail their share options.
1.75 is not the price - that's the MM widening to protect further drop. I suspect the MM is working closely with MWA to ensure share price does not attract more sells. Anyone would be crazy to trade when spread is 8.57% wide. Look, I have sent MWA an email requesting for update. Hopefully I will get a response as my queries are being looked at. We have got to give them a chance... no choice but to otherwise this is basically the worst investment ever for me. A great lesson too.
With BNC dropping just over 20% yesterday, and today MWA's bid price dropping from 1.85 to 1.75 which equates to a 5% drop, I think the new BOD are doing a great job so keep it up lads. On second thoughts they are probably just a bunch of t*ssers looking for an extra wage.
Anyone care to share view on MWA's outlook for the remainder of the year? Still nothing from the newly made up board of directors with regards to vision, how they intend to take the company forward and how to address the issue of the downside on nickel and gold prices...
Why the sudden drop - this is awful. Does anyone know what the hell is going on with this company... one problem after another
I see that BNC share price dropped by almost 20% today.
I'd also be interested to hear how they intend turning things around. Wellsley Wood in particular is very quiet, what is his role going forward? Seems it's all about Ning at the minute. I don't see Mpinga going down without a fight either. I expect this to get messy in the short term.
Not counting Mwana the three directors mentioned already have a total of 27 current directorships to look after, one of them alone has about 20, how the hell can you put your heart and sole into 20 different jobs at the same time, a lot of companies must be getting short changed and I hope we are not one of them.