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http://www.mwanaafrica.com/investors-and-media/news-releases/2015/appointment-of-nominated-adviser-financial-adviser-and-corporate-broker-07-24-2015 Impressive appointments especially Grant Thornton with vast experience in the Southern African region and the mining sector, based in Johannesburg with a footprint in most of Africa. http://www.gt.co.za/mining/
Let's hope the RNS gives more info on reason Peel Hunt quit! It does appear that Peel Hunt did not have the best intentions for Mwana at the time. We as the shareholders lost out due to Hunt Peels suddenly quitting. You would have thought the Nomad could have been a little more tactful and announced the exit after doing some due diligence on a successor. End of the day, the nomad is serving Mwana as a company including shareholders and not just the folk who hired them.
Earlier this year there were several issues raised on this forum about the amount of consultants, directors, engineers, advisors etc… The issue was about the exorbitant amount of funds wasted on human resources at Mwana. Previous directors on the management team were serving on other corporate boards. How can you give a 100% when you are working for several companies? This new management shakeup was needed at Mwana. Directors were over 70 and asking for retirement from Mwana. My feelings are that the Chinese know how to do business in Zimbabwe are fully committed and well connected in the region to turn Mwana into a success. I don’t think Hunt Peel managed the exit procedure very professionally and thus reason for the weak share price. I do understand that Peel Hunt are now giving their full support to Mwana with the new Nomad appointment.
Due to regulations and Peel Hunt will support until ready for a handover
Have you not read the RNS from BNC results yesterday or the RNS form the 9th July, both positive. Mwana are doing there best to finalise Nomad. Mwana are cutting costs to become more profitable. I think your remarks are uncalled for. What is your motive? Are you perhaps hoping the shares are going to drop on your unqualified remarks with the hope of purchasing MWA at an even cheaper price? Do some research and state the facts.
gorsuch, you should give the Mwana London office a call and address your concerns, it may put you at ease?
Not sure why MWA has dropped after the positive results from BNC today, especially considering the current share price. Hopefully we see a positive move with the announcement of the Nomad.
no Newbouy been in this share since 2009. Who is your broker?
My understanding is that a Nomad can only be announced on the 25th due to possible complications with two Nomads. I would have thought that the new Nomad would be announced on the last day of Peel Hunts contract, the 25th. I'm sure everything is already in place and now waiting for Peel Hunts contract to terminate.
Having been in and out of this share since 2009 when the price was around 12p - that was perceived as a cheap! I remember then the biggest issue with Mwana was Bob and his Zimbabwe companies act policies. Is it not possibly a good thing with new BOD? They are Chinese, cash rich and understand how to do business in Zim “connected with government”! The previous BOD with white South African Directors may not have been for the best interest of Mwana, especially operations in Zimbabwe! Mpinga was a different story and a big loss for Mwana, however, the other directors sitting in SA and London and advising on multiple boards could not have been for the best interest of Mwana. Yat Hoi Ning ownes 7.6%, surely his interest must be finding a Nomad and increasing his equity. The company’s assets must be valued at many times more than the 1p and it was only a year ago that there was talk about a dividend! Hopefully Mwana appoint a Nomad, commodity prices go up, Bob to move on and Chinese to add value and funding. Am I being too optimistic! Anyway any further info would be appreciated as as can’t see myself selling at 1p!
And im presuming if a Nomad is appointed and the BOD intentions are solid, share price should rise back to 2p.
The RNS reads "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" If this did happen, I presume our shares will be replaced at current value at the time. Does anyone know if this would happen instantly or would there be a waiting period?