Member Info for Investor14

Hope so, all buys today except the 0.75 sell Let's see if they have hit that 100KG target

Is there a seller in the background Ask appears to go down with each but Fully expect a trading update tomorrow; either way price will change - binary bet?

Thank you for your note and it's a distraction to the steady progress the company has been making at the mine level over the last year or so. The recent purchase by Dr. David Li, the president of Bank or East Asia, is a great endorsement for the Group and takes his holding to close to 4%. Our Legal Counsel does not believe that there is any merit to these claims and as with the first lawsuit, we will be instructing them to file opposing papers to this effect. We will be making another announcement in due course. Regarding the smelter, it's progressing well and I would refer you to our previous announcement attached for its current status. We appreciate your continued support and we hope we can reward you and our many loyal shareholders over time. Kind regards, -- Niall Henry Investor Relations Asa Resource Group plc

Reply from AnnA Technically, Transaction “B” is comprised of the following: Receipt of: · New cash - $10.5 million · Vessels and equipment - $6.1 million (fair market value as appraised) in exchange for discounted convertible notes with a fair market value (as appraised) of $16.6 million (nominal value of $31.6 million). No cash outlay on the convertible notes (10, 12 and 15 year terms) with the exception of interest on the Series A Notes. The Transaction “A” is comprised of the following: Receipt of: · Vessels - $8 million (fair market value as appraised) in exchange for $8 million of forgiveness of the principal amount of the Everest Loan Note. The contingent consideration element is only payable out of future net cash flows over the next 18-month period, if earned.

Reply from me; Yes the transaction does bring in $10.5m of new capital however It is at a cost of $32m and forgoing a loan of $8m so almost $40m If it was it was brining in $40m of cash at a cost of $10m then I would agree but it is not the case

The required process of completing and filing the admission document is rigorous and involves not just the Company and its Directors but also the review and consent of the Company’s nominated adviser (finnCap), the Company’s auditors (RSM) and the Company’s solicitors (Norton Rose). Subsequent to this process, the transaction also must be presented to the shareholders for approval. The terms of the convertible notes to be issued to the Sellers (upon approval of the shareholders) allowed the fair market value of the notes to be heavily discounted (as compared to their nominal value). The Company and its Directors had these convertible notes (and their fair market value) appraised by a third-party accounting firm. This transaction will bring in $10.5 million of new capital cash to the Company for use in future acquisitions. The convertible notes do not require any cash outlay for interest or principal payments (with the exception of the Series A Notes for interest) upon conversion or redemption

Hi Anna, Can you ask the independent directors why after having consulted with finnCap, that the terms of Transaction Agreements, amendments to the Everest Loan Note and issuance to Everest and Alan Quasha of Convertible Loan Notes are fair and reasonable insofar as Shareholders are concerned??

Personally don't think news is delayed. Going off previous trading updates they are usually released last day of the month, so by my guesstimate they will be released on Tuesday 31 Jan. Still doesn't explain why people will sell.

Nothing to worry about, small sells; Question is, do you buy now and put your faith in management that they will deliver what was promised, or wait until results are out and decide if it is positive or negative Stating the obvious I know but why else sell when a trading update is days of not hours away!

I got the same reply word for word; must be many disgruntled PIs but someone is hoovering the shares up... Think il put this on the barge pole list; invested heavily in management trust but that has been breached!

Anyone interested in voting against the RT... do we have 9,200,000 between us???? Disgrace of a deal, have emailed the London Stock Exchange Aim Team asking them what they are doing to protect PI's against related transactions which are not in the interests of minority shareholders. Been shafted of epic proportions

Ok so that still leaves GED with c$30m in cash, what does it intend to do with it? I also don't understand why they are buying these old vessels when they don't know when they will be or if they will ever be utilised. Appears to be a transaction of convenience where the majority shareholders have been given a waiver of $12m and have now been given a cash cow in the form of CLNs. GED is baring all the risk whilst ordinary shareholders like me are suffering; Please explain to me how this will generate any value as the admission document is full of cautionary statements; I'm pretty confident if this was a new IPO it would not attract any investment as the only beneficiaries are the majority shareholders... Please can you explain the rationale for such a RT and how confident you are share holder value will increase; please also explain the rationale for issuing deeply discounted CLNs with no conditions and why the cash wasn't used to finance such deals? There are many oil minnows on AIM who with a fraction of cash have managed to secure deeply discounted assets and they have had a transformational impact on the share price why has GED failed in this respect. Please can you reply to this email and all other questions I have asked because from my interpretation of the admissions document this has to go down as one of the worst deals in history; serious questions need asking and answering. I eagerly look forward to the detailed email promised to me earlier

So it would appear we don't have to service the CLNs periodically but how confident are we that the directors will issues shares at maturity or pay outstanding amounts

I would refer you to the Pro Forma Statement of Net Assets of the Enlarged Group (as at 30 June 2016) on page 42 within the Admissions Document. This schedule will give some clarity to the actual and pro-forma cash balance of the Company. The only convertible notes to be issued for new cash are the Series A Notes for $10.5 million. The total nominal value of the convertible notes is $31.6 million but they are deeply discounted due to their terms (long maturity terms, non-payment of interest, etc.) as indicated on page 43 of the Admissions Document.

Hi Anna, Just want to confirm GED is issuing $31.5m worth of CLNs with only CLN A exercisable in cash, the others at the option of GED? GED already has $21m in cash do in total it will have $51m in cash Of this under transaction B GED will buy 8 vessels for $10.5m USD, it will have remaining $40.5m Are my figures correct? What does it intend to do with $40.5m?

Seems like one of the dumbest financial deals iv come across; how is this possibly in the interest of shareholders

6. The acquisition of the Rider Barge and Transaction B Assets to be acquired as part of Transaction B have a fair value of $5.6 million as determined by third party valuations. The consideration comprises the issue of loan notes with a fair value of $16.1 million of which cash proceeds of $10.5 million will be received, with $3 million on completion, and the balance in March and April 2017. The loan notes will be issued in tranches on completion and in March and April 2017 and hence have been split between notes issued and notes to be issued. The key terms of the Convertible Loan Notes issued as part of Transaction B are summarised in Section 4 of Part I and the value attributed to them is summarised below: Convertible A Loan Notes Nominal value Convertible B Loan Notes Nominal value Convertible C Loan Notes Nominal value Fair value adjustment Convertible Loan Notes fair value Convertible Loan Notes to be issued Convertible Loan Notes issued Convertible Loan Notes fair value $’000 10,500 6,100 15,000 31,600 (15,460) 16,140

Does anyone know why they are raising $31.5m? Or do I have my figures incorrect

Do we have 9m shares amongst us to vote this down?!!!!

Correct me if I'm incorrect, but are we paying c $2m a year interest for the CLNs? How is this a good deal? Il put this question to Anna