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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Asa Resource | ASA | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 1.925 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 1.925 | 1.925 |
| Top Posts |
|---|
Posted at 19/8/2023 07:51 by plasybryn I've been in touch with a reliable source who wishes to remain anonymous. They are not very optimistic of a satisfactory outcome unless certain transactions go our way.The understanding is that RPI and the directors (some of who have significant skin in the game) are still trying to piece together what's left of the assets. Therefore they still have a very real incentive in retrieving what's left of ASA. However, the value of legacy assets is contingent upon rescuing ASA's jewel in its crown. That is Zani Kodo licences in the DRC, which were allegedly taken by a third party via questionable means despite ASA/Mwana investing over $50m in exploration across a 10-year period. Back in 2016/17 Zani Kodo had a 2.7m oz resource so that would suggest a value in excess of $200m at today's prices. It would need significant investment to realise this value but RPI has deep pockets. My source says if the current directors don't retrieve these licences then what remains will probably be crystallised in an orderly fashion, but will not be meaningful for existing shareholders. So it looks like it's an all or nothing gamble on these licences!I believe there is general frustration on the promised accounts and the anticipated shareholder communication. I wonder are they waiting on a breakthrough in the DRC before going more public - just my hunch. My source's experience considers approaches to the FCA to be largely a waste of time because previous efforts never came to anything. But what other avenue is there?I heard from a separate source that Mr Dearing is no longer a director but he may be assisting/consulting on outstanding legal matters which I guess must directly or indirectly help if the above efforts come to fruition.Like others, I am amazed that there is apparently no investor protection in these circumstances. Some investors believe that the existing controlling owners could in theory walk away with whatever is recoverable, but I understand there is goodwill in sharing the spoils (maybe in the form of a share buyback) if the current directors secure the ZK licences in the DRC. |
Posted at 08/8/2023 20:37 by gpgreen I think the address is farcical, it may as well be a PO box number. You are not going to find a ASA representative there. It is just somewhere to collect the mail from. I think it is done on purpose to stop any shareholder rocking up and challenging the management. Like I said answerable to no one. The website talks about the "objective of increasing the value of the Group’s assets for all shareholders. So tell us what you have done. It is three years this month since we came out of administration. Time we were told of the progress.Asa Resource Group plc Barnes Square Methodist Church Sunday School Church Street Clayton le Moors Lancashire BB5 5NX |
Posted at 27/6/2023 17:17 by casabella2 Today i have again mailed ASA Resources regarding any news. Lets hope i hear something this time.I will post here if i do. |
Posted at 18/6/2023 16:06 by casabella2 I have sent 2 emails to ASA resources over the last couple of weeks and as yet not got a reply. Surely somebody should be able to reply to them. |
Posted at 18/9/2022 14:17 by plasybryn Asa Resource Group plc is formerly a London AIM listed mining and exploration company which had gold and nickel mining operations in Zimbabwe and diamond operations in South Africa. Previously it was known as Mwana Africa plc. In 2017 it experienced financial difficulties which caused the Company to enter into Administration in August 2017.The financial challenges had been brought to a head as a consequence of perceived irregularities in Zimbabwean subsidiaries under the direction of Ning Yat Hoi and Kwan Yim Chiu, former executive directors who were assisted by other employees brought into the subsidiaries by them. Post Administration Asa Resource exited from a period of Administration under the supervision of the High Court in August 2020. Asa Resource is the holding company of a Group of subsidiary interests in companies in UK and Africa that include various legacy assets which were not disposed during the Administration. A new Board of Directors was appointed to manage the innumerable challenges arising from both the effect of administration and the neglect of subsidiaries during the Administration period. Shares in the company were formerly listed on Alternative Investment Market in London but were de-listed during the period of Administration. There is no current active market for the sale or purchase of shares. The interests of the Group which have the most potential value are in Democratic Republic of Congo (DRC). These are gold mining exploration rights at Zani Kodo and some property interests. Current status The present focus of the Board is to restore the Group and the Company to good standing in all of the jurisdictions in which it operates. This includes regularising and clarifying its subsidiary interests and consolidating the Group so that the inherent value within its asset base can be realised for the benefit of all shareholders. The actions of the Board have been limited by the ongoing effects of the worldwide Coronavirus pandemic restricting travel. In the immediate foreseeable future the Board intends to establish an ongoing office and staff presence in Kinshasa DRC to maintain communication links with government and provincial officials, other stakeholders and subsidiary shareholders. Legacy issues from the Administration remain and the Board is undertaking steps to conclude residual litigation with former directors and collect sums outstanding due to it so as to assist it in financing the expenditure perceived necessary to realise value from its assets in DRC. |
Posted at 31/5/2022 10:51 by skidaddle Perhaps there's a chance of ASA becoming a shell company?Personally I wouldn't want Dearing in charge. His character judgement is seriously wanting. |
Posted at 02/11/2021 15:15 by trevorm2 Check out Asa resource companies House. Filing history 29 10 2021. A lot of new directors to take what's left. |
Posted at 02/9/2021 16:53 by braid Below is the response I received from Barry Dearing, yesterday. He has given me permission to pass it on to shareholders. I am not happy with some of the answers, but I do consider it a significant step forward (at least in knowledge terms) from where we were. Personally, and I've emailed this to him, I think we should all push for what he mentions in the second last paragraph: 1. A general meeting 2. Onine updates (preferable quarterly). Anyway, you can all reach your own conclusions and it will be interesting to read your views.Dear ... I am sorry that my lack of speed is discouraging to you. I am unable to give specific answers to all the questions which you pose simply because, in part, I do not have the information and in other part because of what is termed commercial sensitivity. 1. How much money was returned when ASA Resources came out of administration last year? The balance of monies held by the Joint Administrators was released to the company but I do not have the exact figure. 2. How much money does the company currently have? I do not have the exact figure but it is likely a little less than was passed across. 3. Where is the money being held? I am not at liberty to disclose this information as it is commercially sensitive. 4. What plans are in place for this money? Discharge of the outstanding obligations of the company and to further its objectives in the interests of all stakeholders- including shareholders. 5. Ultimately, is the intention to return what value is left to the shareholders? There is no plan to effect any immediate return of company funds to shareholders. The position of the directors is that efforts are continuing to ascertain and assess the interests of the company, through its several subsidiary companies, to determine the extent to which there is a future value ultimately for shareholders in them. As you will appreciate the Joint Administrators were not concerned to maintain the subsidiary companies in good standing nor were they concerned to discharge liabilities arising in relation to them. In consequence of this serious attention is being given to the major subsidiary interest in relation to the Zani Kodo exploration prospect upon which I understand that amounts varying from US$50-60 million have been expended, over the years, by the Group. Significant steps have been taken to make progress in Democratic Republic of Congo in relation to this interest where the public health, pandemic and political influences and restrictions have not assisted in a speedy resolution. I do not bore you with the challenges faced by the return of the company by the administrators without preparation by the board in advance and ongoing assistance from the joint administrators who took control of all of the papers and information. As you will be aware from the Joint Administrators Reports I did seek to obtain cooperation and information from the Joint Administrators to enable the board to take preparatory steps before exit but that was not given voluntarily and an application by me in that behalf to the court was vigorously opposed by the Joint Administrators and rejected by the Court. I am sorry if this information is not all that you would like to have. It is not all that I would like you, and all other shareholders, to have and am even now in discussions with the board about getting outstanding accounts resolved, organisation of a website for dissemination of information and arranging a general meeting which is long overdue. I may assure you that the principal objective of the Board is to retain and increase value for all shareholders. Kind Regards Ian B Dearing Director Asa Resource Group plc |
Posted at 25/8/2021 16:51 by plasybryn silenzi01: Well he got back to braid according to his earlier post.This is the email I have sent. He got back to me this morning asking me for evidence that I am a shareholder. I have now given him the details, so hopefully, the questions below will be answered soon. Dear Mr Dearing Following a conversation with a representative from Duff and Phelps, it was recommended that I contact you. I am a shareholder in ASA Resources and would be grateful if you, as the company secretary/director, could address the following questions: 1. How much money was returned when ASA Resources came out of administration last year? 2. How much money does the company currently have? 3. Where is the money being held? 4. What plans are in place for this money? 5. Ultimately, is the intention to return what value is left to the shareholders? Many thanks for your consideration But not sure if he has answered the questions yet. The Administrator should be able to give you his email. I believe he is a Solicitor and practices up north somewhere I think. No point calling him names or getting stroppy, as that won't get us very far imo. |
Posted at 23/8/2021 16:51 by braid This is the email I have sent. He got back to me this morning asking me for evidence that I am a shareholder. I have now given him the details, so hopefully, the questions below will be answered soon.Dear Mr Dearing Following a conversation with a representative from Duff and Phelps, it was recommended that I contact you. I am a shareholder in ASA Resources and would be grateful if you, as the company secretary/director, could address the following questions: 1. How much money was returned when ASA Resources came out of administration last year? 2. How much money does the company currently have? 3. Where is the money being held? 4. What plans are in place for this money? 5. Ultimately, is the intention to return what value is left to the shareholders? Many thanks for your consideration |
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