Asa Resource Share Discussion Threads

[casabella2] 18/8/2017 22:32

Been here over 10 years and no way will i vote to let these crooks take us out .I would sooner throw my shares on the fire.

[caedwalla] 18/8/2017 22:31

Same here. Not selling. The increase in gold and nickel prices has to be helping

[trevorm2] 18/8/2017 22:19

I agree not selling.

[juju44] 18/8/2017 20:11

not selling

[plasybryn] 18/8/2017 20:09

Holding and not accepting offer

[asmodeus] 18/8/2017 20:07

There are lots of people on this board far better- informed, and cleverer than me , who, apart from exbroker, are not saying whether they are selling now, or holding on. Please would they be helpful enough, not to give advice, but just tell as whether they are selling, or holding on. Many thanks.

[trevorm2] 18/8/2017 18:46

juju44 are you taking the offer?

[juju44] 18/8/2017 17:02

nickel over 11000$ . Bindura will makes loads at this level . It would cost north of 500 million to replace it . These Chinese gangsters are robbing us blind

[gfrae] 17/8/2017 21:13

If RPI are acting with Ning and associates,then it may well be the case that money embezzled from ASA (the news of which made the share price collapse )is being used to acquire the rest of the company.

[newbuoy] 17/8/2017 17:37

My understanding is that the Administrators will not record any share transfers whilst ASA is in administration. Therefore RPI cannot claim to have any additional shares arising from the offer until administration is over. Given that the Administrators are investigating many aspects of dealings in ASA it remains to be seen whether any criminal charges might be brought which might impinge on the actual holdings of RPI et al. This is a mess of the first order which I suspect will take months to resolve and might well involve in a break-up of ASA by selling the assets with a subsequent distribution of the proceeds to shareholders - by far a preferable solution.

[newbuoy] 17/8/2017 17:37

My understanding is that the Administrators will not record any share transfers whilst ASA is in administration. Therefore RPI cannot claim to have any additional shares arising from the offer until administration is over. Given that the Administrators are investigating many aspects of dealings in ASA it remains to be seen whether any criminal charges might be brought which might impinge on the actual holdings of RPI et al. This is a mess of the first order which I suspect will take months to resolve and might well involve in a break-up of ASA by selling the assets with a subsequent distribution of the proceeds to shareholders - by far a preferable solution.

[jacks13] 17/8/2017 15:38

Good question dasw and I don't know. There's probably a host of complex rules that could come into play. It is likely, I suppose, that RPI could find themselves negotiating a deal, with the administrators as go-betweens.

If it was concluded that ASA could not continue as a going concern then the administrators would have the task of disposing of some or all of the assets anyway, to satisfy the creditors (which would now include the directors on account of unpaid salaries). RPI would be the first in the queue and the matter of the suspension would be high on the agenda.

[timgw] 16/8/2017 18:53

I doubt very much that the company will come out of administration until a considerable amount of muck has been raked over. With interesting consequences.

[dasw] 16/8/2017 15:10

Does ASA have to exit administration before RPI can start buying the acceptance shares?

[exbroker] 16/8/2017 14:13

The key level here for RPI is 75% at that level you can delist and can control the vote at any EGM. Between 50% and 74.99% you declare the bid unconditional pay out those who have sold to you and call an EGM to boot out the board. You also then have a share issue to dilute the holders who do not take up the shares and to put more capital into the company.
There may be some fantastic assets here but it’s not worth the risks so I have accepted the offer for my 7m shares. I hope I turn out to be an exholder!

[thecynical1] 16/8/2017 13:22

Jacks. Thanks.

[jacks13] 16/8/2017 12:04

Skidaddle - They need 90% before they can force you to sell. With 50%+ they can take over the running of the company. With the powers that gives them they can de-list the company. You just have to join the dots.
Edit : cynical, they only have to pay when the bid is declared wholly unconditional. In simple terms that usually means 90% acceptance and the meeting of any other conditions that might be applicable such as regulatory approval and the like. If the offer is withdrawn you don't get paid and you keep your shares. If RPI want to take up the acceptances already received and take control as a majority shareholder you will get paid.

[thecynical1] 16/8/2017 12:03

I am a bit confused at this stage... Can someone explain to me whether they are now committed to buying the shares for which they have acceptances or does it depend on what happens during the extension? If this is a dim question, pardon my ignorance.

[skidaddle] 16/8/2017 11:31

Jacks13

If the offer becomes unconditional then I will accept the offer.

But I don't have to do anything now.

[gfrae] 16/8/2017 11:06

Looks like the thieves are fighting back.

[jacks13] 16/8/2017 10:31

They have valid acceptances which when added to shares they own amount to c27% of the shares in issue. There are another block of acceptances which are invalid (due to ASA Resources not issuing new certificates on the name change from Mwana Africa and the later sub-division of ASA's share capital). These amount to a further c33% of shares in issue. RPI say this second invalid block will be sorted by 29th August. This means they will have 60%, or more if further acceptances arrive - a controlling interest if they wish to exercise that control as a majority owner.
The Panel Executive has indicated that if ASA exits from administration following the lapse of the Offer, it would consider that to be a material change which would allow RPI dispensation to return within 12 months of the Offer lapsing. A new offer would not have to be at the same price or a higher price, it may be lower. This relaxation would give RPI some leeway were the board of ASA to take a wrecking ball to the assets.

[skidaddle] 16/8/2017 08:38

The corruption of the previous Chinese management has a lot to do with the current situation of ASA and it does look now that they were all involved in some kind of free for all embezzlment of company funds. One could even argue that it was constructive destruction of the company with long-term aim of takeover on the cheap. No mention of that by RPI in their extension waffle.

Let's see what the administrators have to say over time.

[thecynical1] 16/8/2017 07:45

If they get to 90% before the next deadline, they can, as I understand it, make a compulsory purchase of the rest. What happens if they don't? They will own most of a company where they have no real influence until an EGM is held........next step, an improved offer?

Ah....... Intrigue...... Nothing like it.... : )

[casabella2] 16/8/2017 07:10

So there we are.Extended deadline from RPI to accept their offer for another 2 weeks.Looks now like they are begging you to give away you're shares.Might have more chance with a better offer.