Rusina Mining Nl Share Discussion Threads

[hectorp] 22/4/2010 15:20

10% move up on ENK, useful..

Had a look too at RMLA spreads on IG. You have to call to trade... I wonder if that is normal, think not. 0.35p or so spread for June dated, isnt a bad deal.
Anyone else use these? All mine so far are held stock.

[dickturnip] 21/4/2010 10:30

Thanks Mattybuoy

[mattybuoy] 18/4/2010 14:37

No sorry. Especially as the thread will be dying soon.

[sithuk] 18/4/2010 08:41

Matty: Please can you add a daily, three month and six month graph to the top of the thread?

[dickturnip] 17/4/2010 20:09

Does Rusina still hold these?

FIL-ASIAN STRATEGIC RESOURCES & PROP. CORP. (EXPA NO. 068-XII) PAUL B. AZARCON - Lebak, Sultan Kudarat Gold, Copper, Silver, etc.

FIL-ASIAN STRATEGIC RESOURCES & PROP. CORP. (EXPA NO. 074-XII)

Where does / did Quadrant holdings fit in?

[mattybuoy] 17/4/2010 16:02

I think they should have kept the full ASX listing and made the AIM shares CDIs, as RMLA is now. Alongside the ISA issue we will lose the nice ASX disclosure regime.

[sithuk] 17/4/2010 13:42

How are the spreadbetters planning on handling the merger?

[chipperfrd] 17/4/2010 10:56

zangdook,

The non-qualifying status for RMLA holders will not commence until the merger is finalised and RML shares on the ASX have been converted to ENK CDIs - say late May. I would then expect my broker to notify me officially during June that I have 30 days to transfer the shares out of the ISA accounts.

They will offer me the option to do a 'reverse Bed & ISA' at minimal charge and without further cost, into non-ISA accounts. So on that basis I would tend to leave it as long as possible (mid July maybe) with the high probability that the funding solution for Caldag will have finally appeared and that the share price will have risen to a more realistic level and hence at least some capital appreciation will have occurred within the ISA wrapper.

Currently, that is the way I am viewing it - but subject to a number of variables (merger approval, funding date, etc).
Chip

[zangdook] 17/4/2010 10:00

Thanks, Chip

In that case, I wonder if it's worth holding on till the last minute to sell ISA RMLA shares. AIUI HMRC allow 30 days to sell non-ISAble shares which have somehow found their way into an ISA, and if this applies, assuming the share price gets a boost from certainty once the merger is complete, it may be best to wait until then. I don't want my broker to sell them at a random time of their choosing, though.

Somehow when buying and selling shares to move them in or out of an ISA I always misjudge the price movements and make a loss - done it with RCG, ACHL and POL on dual-listing and a couple of others when taking up new ISA allowances.

[chipperfrd] 17/4/2010 09:47

zangdook,

I believe your last post is correct.

I contacted Rusina about the ISA issue and they had said that they would try to address it. However, I have since spoken to ENK management who appear to be of the opinion that it is just not possible under ASX rules for the new merged company to be listed on ASX other than by CDIs. And a dual-listing via CDIs on the ASX will NOT qualify for ISA under HMRC rules (similar to NGL situation).

The scheme booklet should appear in the next week or so. Apparently there have been a whole host of little wrinkles that have required amendments to suit the ASX so there has had to be a great deal of 'to'ing and fro'ing' between UK and Oz to get the paperwork in shape.
Chip

[zangdook] 17/4/2010 09:26

P3, I think you have it wrong. From p1 of the merger announcement you link to:

"European Nickel plans to establish an Australian listing of its shares through ASX-listed CHESS Depositary Interests (CDIs) such that Rusina shareholders can trade the New Shares they receive on the ASX."

AIUI, ENK shares will continue to be AIM shares and not ISAble. CDIs will be issued to enable Australian shareholders to trade on the ASX, but as the underlying security of the CDIs will be AIM-listed ENK shares, they will not be ISAble - eligibility for ISA depends on the underlying security being listed on a recognised exchange.

Unless ENK either moves to the main market in London or establishes a full listing in Sydney, the shares will not be eligible for ISAs.

I don't know how many RMLA shares are held in ISAs or how seriously the companies take this problem, but I'm impatient to find out what will happen. Assuming that they don't pull a rabbit out of a hat I'll have to sell my RMLA, but I'd like to know as soon as possible so I can pick a good time to sell it and to buy it back outside my ISA. Alternatively if it will be ISAble I'll want to sell my ENK and replace it with RMLA in my ISA in preparation for the merger. I'd much prefer that the company had given a definitive answer when this was first raised, instead of saying they would address it. Address it how? Just say 'sorry, you're stuffed' or sort out a full listing?

I admit, though, I'm puzzled by this paragraph from p6:

"ASX issues or provides such consents or approval required for the admission of European Nickel to the official list of ASX and the approval for official quotation of CDI's in respect of the European Nickel Shares to be issued as consideration to Scheme Participants;"

If ENK is admitted to the official list, why would they be issuing CDIs?

[p3dr036] 16/4/2010 16:59

Thanks zandook - Have read your 2924. however this is some six weeks old and RMLA still haven't clarified the position for UK shareholders with RMLA Aim shares held in an ISA.

However all may not be lost! The link to the full merger announcement has an interesting statement towards the end in the Appendix [page 6 of 8].
see:

=======
Under APPENDIX A Merger Implementation Agreement Summary
Key Conditions
Implementation of the Scheme is subject to a number of conditions precedent, including:
There is this little nugget!!! The tenth bullet point down.

• the European Nickel Shares to be issued as consideration to Scheme Participants are approved for admission for trading on AIM;

I take this to mean a] we are "Scheme participants" and b] that the ENK shares we receive as a result of the merger WILL be traded on AIM as well as on the ASX and will thus be ISA-able for UK residents!!

Game set and match???? I wonder!
Good weekend to all
P3

[zangdook] 16/4/2010 14:56

As I understand it the ASX shares will be depositary receipts for AIM shares, so there's no reason to hold them rather than the AIM shares. Neither will be ISAble. RMLA said the issue would be addressed, but we don't yet know what that means.

I may have this wrong, I haven't been paying much attention since my post 2924.

[p3dr036] 16/4/2010 14:49

My shares are in an ISA with Selftrade. I've e-mailed them asking if they've received the scheme booklet yet or not.
I've also e-mailed Robert Gregory in Perth asking
1. If the Scheme Booklet has been sent out to UK Shareholders yet?
and
2. What arrangements the merged company is planning to allow UK shareholders to continue to hold their shares in a UK ISA.

At present reading the company's announcement it seems we wil have to hold our "NEW" shares on the ASX valued in A$ and it will not be possible to hold them in sterling in an ISA here. Whilst I realise that this is quite possible, it will be a problem for Selftrade nominee account holders as S-T only trade in UK, Europe and the USA. So I would have to go through the "nausea" of transferring my ENK/RMLA "new" shares to a nominee holder that will deal in shares listed on the ASX!

Chipperfrd mentioned this problem a few weeks back and was going to approach RMLA for clarification.

Did you get any answer, chip??
Peter

[monhearme] 16/4/2010 12:22

From 2nd March RNS....

Robert Gregory, Managing Director of Rusina, said: "We are pleased to report passing the first milestone for this transaction. The scheme booklet is now being prepared and is due to be mailed to Rusina shareholders in early April 2010, allowing shareholders to vote on the transaction in early May 2010."

[zangdook] 16/4/2010 10:34

"Rusina shareholders will receive a Scheme Booklet and notice of meeting in March 2010."

Holding my shares with a dozy nominee, I haven't received anything, and I can't find it on the website. Has anyone received it? Is it online? Specifically, does it address the ISA issue?

Thanks

[hectorp] 13/4/2010 11:13

That ENK funding article ( you mention it over there) very timely for the merger event dont you think, ENK could be 2-3 p higher in a month or so IMO.. that would boost Rusina share price considerably at merger, Isn't that the case..

My stragtegy has turned into holding around 2X as many Rusina shares as ENK for the merger.
H.

[dickturnip] 13/4/2010 09:56

Sithuk



Next Steps
It is expected that a meeting of Rusina shareholders will be held in early May 2010 to vote on the proposed Scheme. Rusina shareholders will receive a Scheme Booklet and notice of meeting in March 2010. The Scheme Booklet will contain full details of the proposed transaction and will include an independent expert's report for the benefit of Rusina shareholders. The transaction is expected to be completed by late May 2010.

[clearsoup] 13/4/2010 08:28

Blue again, at last!

[sithuk] 12/4/2010 07:45

What date is the merger going to go through with ENK?

[mattybuoy] 12/4/2010 00:44

Looks like my theory about South Africa doing a Zimbabwe might have something to it. The Boers are getting restive ...