Member Info for newbuoy

My broker told me that paymentwould normally be due two weeks after the offer becomes unconditional

Yet more fraud is alleged at BNC. Zimbabwe Herald reports Police have launched a manhunt for Yim Chiu Kwan and Yat Hoi Ning on allegations of defrauding Bindura Nickel of in excess of $2.7Mn, the whereabouts of the suspects remains unknown. Surely there is justification to at least suspend Ning's shares voting rights, and those of CIM, if not confiscate those shares.

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.

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?

Zimbabwe Herald May 10th reported that a major ASA shareholder - CIMGC - was pushing for an EGM to appoint 2 non-exec directors to replace those recently dismissed. Mr Dearing who raised the requisition for an EGM 2 years ago and appeared at that time to be Ning's mouth-piece stated that no proper request had been received from any shareholder of the group. With a good resource base and net assets some 10X mkt cap ASA is a juicy worm for any bird. CIMGC has 16.3%, Ning has 6.3%, Hailiang acquired a substantial stake from Ning and now Sir David Li has moved up to 8%. We minor shareholders have little hope if there is an acquisitive agenda.

No Wideyed you are not alone otherwise the price would be sub 1p. Recent weeks revelations made me feel that we were likely to read of a disaster. But there were some positives which bode well for the future. I just hope we now have a management team that can be trusted and that there are no more hidden agenda working in the background. This is a company with tremendous assets well exceeding the present Mkt Cap which could do well for all concerned if run honestly. I put my faith in Mpinga and let it run with Ning albeit with some reservations so now I can but hope.

Perhaps the projected transport savings of $10Mn to $12Mn p.a. will tilt the figures.

From what I have read the tax credits are by way of a rebate therefore it seems reasonable that they will be paid at the end of the year. As for AISC there does not appear to be an international standard as to what costs go into the pot therefore it is not necessarily a reliable measure and directly comparable between companies. See the study by Price Waterhouse at www.pwc.com/mx/es/industrias/archivo/2015-02-mining-all-in-cost.pdf. It is all too easy to make figures look better than reality, by way of example, at Bindura interest payments of $2mn for the bond were not included in the P&L but capitalised to the Balance Sheet. A debatable accounting practice overstating that company's profit.

I share the view that there will be a long period of instability and even if the faction coming out on top does not go that whole hog of nationalisation/appropriation I fear they will block any attempts at repatriating funds. The sooner ASA turns to developing the DRC gold and diamond resources the better.

and LME stocks are ever so gradually being eroded. Get ready for a significant lift in nickel prices.

If it is any help, in 2015 the Q1 report was released on Aug 25th

Yes. The 19th July has come but not yest gone.

I agree it does seem strange that some 1/5 of issued shares are traded (mainly purchased) and yet no RNS appears. All I can presume is that these purchasers are non-linked, independents acting perhaps in concert but at such a level as to be below the RNS trigger point. Maybe we shall get a clue on Tuesday on the year's results release or a couple of weeks later on the 1st Q statement.

May I suggest for AVM to "fly back up" the BOD needs to establish market confidence in their management by producing the long awaited business review with their plans for exploitation of the Tri K and Souma resources with robust funding options and not mere hand-to-mouth, short-term loans which is all they have trotted out for many months.

More sticking plaster but nothing substantial reported on the business review and future funding. Does Mr Cather know what he is doing with this company? I suppose Elliots must be happy enough but it is extremely worrying that we continue and shall continue for months living from hand to mouth without a proper business plan.

Perhaps "everyone" is waiting for the BOD to get theit fingers out and demonstrate that they know how to run this company. The BOD did state that a business review would be complete by the end of Oct last year, then it was end Nov and yet we still await their opus magnum. The Tri-K was awarded a mining permit in March 15. Guinea has been cleared by WHO to be ebola free so where is the movement on this major project. The mining permit for Souma has been in progress for over a year but no movement. Restructuring finance was supposedly going to be completed at the end of Nov again no movement. I suggest that this BOD should either crap or get of the pot!

As I recall the RNS back in May stated that the Directors believed that the Third Elliott Loan Facility would ensure that the Company would have sufficient funds available to it for its corporate activities until the end of September 2015. And during this time the Company expected to complete its plans for financing and developing the Tri-K project in Guinea and that the programme of exploration drilling and metallurgical test work at Souma in Burkina Faso, which commenced in April 2015, will be completed. Here we are approaching the end of November yet we do not have any information on the company's business review nor future funding nor plans to develop the Tri-K project nor developments at Souma. We do have a seriously reduced SP indicating lack of confidence in the BOD and we have had the departure of the FD. Does anybody have a clue as to what is going on? Perhaps the BOD would like to enlighten the shareholders as to their future intention? Preparing a business review, vision and plan is not beyond the wit of man and ought not to be delayed to this extent. I would do it myself as long as the company paid all expenses!!!

Amidst all of this uncertainty and misguided twaddle somebody has just bought 2,000,000 shares at 1.20 - a £24K gamble. Is this leaky information as per earlier comments?

Well my broker has just sent an alert to the possible suspension of Mwana shares on July 25th unless a new Nomad is in place. I do think the BOD ought to be updating us on progress towards appointing a new Nomad to allow us to make some decisions.

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.