Asa Resource Share Discussion Threads

[jayboy4] 27/11/2017 10:39

Hope ning does not benefit from any takeover money comming back to shareholders. His shares should definatly be consfercated

[skidaddle] 27/11/2017 10:11

Re:

"“The announcement on 21 November 2017 was made without pre-notifying the Company's Joint Administrators and shortly before litigation between RPI and the Joint Administrators is due to be heard in Court in the week commencing 27 November 2017 ("the Hearing")."

This may actually be used against RPI in the Hearing which starts today.

RPI's RNS seemed to suggest that the Administrators had given their blessing for the RNS to be posted. It's obvious now that it was intended to force their interests onto shareholders and frighten them into acceptance.

I get the feeling that RPI's grip on the situation is gradually loosening. Which is why they panicked into posting the RNS.

I'd love Ning's shares to be confiscated.

Just sitting on my hands and waiting for things to unfold.

[parkhurst484] 27/11/2017 09:07

How many shareholders would have rejected the RPI cash offer or would have liked the option to reconsider their position had they known about the higher offer?

Let’s rewind and reflect on Friday’s announcement by the administrator in response to the offer being made unconditional in all respects:

“The announcement on 21 November 2017 was made without pre-notifying the Company's Joint Administrators and shortly before litigation between RPI and the Joint Administrators is due to be heard in Court in the week commencing 27 November 2017 ("the Hearing").

Given that there are a number of matters which are due to be heard before the Court next week, the announcement by RPI came as a surprise both to the Company and to the Joint Administrators.

The Joint Administrators have now received a non-binding and conditional offer from a substantial publically listed company to acquire the Company's 100% shareholding in ASA Headco Limited ("Headco"), its immediate subsidiary holding company which in turn owns, directly and indirectly, all of the Company's material assets. The Joint Administrators believe that, if this offer is accepted, and the applicable conditions are satisfied, all the creditors of the Company would be paid in full, and from the balance of the proceeds of the sale, shareholders of the Company should receive significantly more than the 2.1p per share offered by RPI.”

The implications of this statement are:

1. If RPI and its advisors had knowledge of the higher offer, irrespective if it was conditional or not, were they then not in a more privileged position than the shareholders who accepted their offer?

2. By acquiring the shares of those that accepted do they stand to make a profit? If so, was this not insider trading?

3. How many shareholders who, if they were aware of this higher offer would have withdrawn their acceptance?

Surely the regulators must look at this scenario and ensure that all shareholders are put on a level playing field as this is their primary responsibility.

If you want to join in on a petition, send an email to: [e-mail] and we’ll form a group.


A concerned shareholder

[juju44] 26/11/2017 19:10

No wonder the gangsters want this

[skidaddle] 26/11/2017 10:43

Glencore Sees Nickel in Best Shape in Decade Before EVs Take Off
By Mark Burton
November 21, 2017, 11:52 AM GMT

Miner has one of biggest deficit outlooks on back of steel use
Firm doesn’t expect material EV impact on nickel until 2020

Glencore Plc is seeing the best market conditions for nickel in at least a decade, and electric cars are barely playing a part yet.

The miner and trading giant expects nickel’s 2017 deficit at 170,000 metric tons -- one of the biggest in years and more than most market estimates -- driven by a 9 percent demand increase from the steel industry, the top user. The market is tightening amid falling stockpiles and rising premiums for physical deliveries, said Owen Gibbs, a senior nickel trader at Glencore.

Prices recently hit a two-year high amid forecasts from banks including Goldman Sachs Group Inc. and Bank of America Corp. that an electric-vehicle boom will boost demand for battery metals in the next decade. Glencore also expects a strong lift in nickel consumption from electric cars, but not materially until 2020. Once that happens, miners will struggle to keep up with faster usage, Gibbs said.

“The battery sector overlays on a really positive market outlook for nickel, and it’s forecast to be transformational from 2020 onwards,” Gibbs said at a Metal Bulletin conference in Lisbon on Monday. “Where will the primary nickel come from?”

Brightening spot market conditions signal that mainstay usage in the steel industry is still one of the most important drivers for nickel prices. China’s steel production ran at a record pace for much of this year, aiding consumption of nickel used to protect against corrosion, rust and staining.

The pickup in demand has eroded global nickel stockpiles to about 645,000 tons from a peak of 900,000 tons in the past few years, according to Baar, Switzerland-based Glencore.

Nickel climbed 16 percent this year and touched a two-year high of $13,030 a ton on Nov. 1. Still, prices retreated about 10 percent since then on speculation metals had rallied too fast and on renewed concerns about more low-cost nickel supply from Indonesia.

The Asian country’s miners can produce at a cost of about $5,000 a ton of contained nickel, Alina Racu, an analyst at MMC Norilsk Nickel PJSC, said during a separate panel discussion in Lisbon. Racu said Norilsk is “cautiously optimistic” on nickel usage in electric cars, but expects a smaller deficit than some in the market, partly because of more cheap supply this year and next.

Glencore is among the most bullish on nickel’s fundamentals, estimating a bigger shortage this year than Macquarie Group Ltd., Norilsk, UBS Group AG and French producer Eramet. Glencore’s outlook for next year’s deficit of 140,000 tons is also more than those companies predict.

Read more: Tesla truck supercharges hopes for boom in battery metals demand

Peter Grauer, the chairman of Bloomberg LP, is a senior independent non-executive director at Glencore.

— With assistance by Jack Farchy

[jacks13] 26/11/2017 10:23

RNS Number : 4947X 24 November 2017

'Shareholders should note that, as set out in RPI's announcement on 21 November 2017, RPI has also made a non-binding offer to acquire 100% of the issued shares in Headco. RPI's offer will be considered on its merits.
The question as to whether any offer to purchase the shares in Headco should be accepted will not be determined at the Hearing but will be left open for further consideration.'

The Administrators are saying that nothing has yet been concluded. But, whether or not RPI can acquire acceptors' shares at 2.1p as of now, is not clear. If they can and they subsequently sell them on to the other party then the early acceptors will get just 2.1p. If RPI were to succeed in acquiring ASA, but at a higher price then early acceptors would get the higher price. That is my understanding, but do your own etc.

[ukgross] 25/11/2017 22:36

It seems to me that the takeoverpanel have NOT given its consent to extent the latest date that the offer had to be declared uncondtional, which was offer date + 60 days.

If so, it seems to me that there is a right to withdraw accetances ?

Any thoughts from others on this ?

[juju44] 25/11/2017 17:03

If this offer is legally unconditional then RPI effectively control the company so its too late for a counter bid - unless RPI sell their shares to the new bidder . It could well be because of the suspension of trading that the bid is NOT unconditional in which case all the so far acceptors can reverse their consent

[skidaddle] 25/11/2017 13:28

Grammatically you are correct. I doubt that was what was intended though.

I think there are a few here who have learned that you sit in your hands for the most part of a takeover offer process. Early acceptors run the risk of not getting the best offer price, they are also a liability to other shareholders who know what they are doing and know how to hold out for the best offer price but become compromised by other peoples ignorance of how the takeover process works.

[casabella2] 25/11/2017 13:04

If you are "not now unable"says to me that "you are able"to withdraw acceptance.Am i right.

[casabella2] 25/11/2017 13:04

If you are "not now unable"says to me that "you are able"to withdraw acceptance.Am i right.

[asmodeus] 25/11/2017 13:01

Why not just try withdrawing it UKG?

[casabella2] 25/11/2017 12:40

Not sure you can withdraw youre acceptance now.

Offer remains open for acceptance

The Offer remains open for acceptance until 1.00 p.m. (London time) on 15 December 2017 in accordance with Rule 31.4 of the Code. For the avoidance of doubt, as the Offer is now unconditional as to acceptances, ASA Shareholders who have accepted the Offer are not now unable to withdraw their acceptance.
Is the last sentence correct or bad English.

[ukgross] 25/11/2017 11:19

Hi, can anyone instruct me how to withdraw my acceptance of RPI offer ? Please also inform which paragraph from the offer letter which gives right to withdraw my acceptance, now when RPI have made offer unconditional ??

[iamald] 25/11/2017 04:45

Well - I wrote to Glencore as a shareholder asking if they may be interested; no reply but....? Hope the early acceptors can withdraw if a better offer does materialise, but I've had nothing yet. Still can't try a limit buy, but depending on the offer, I would keep mine up to 8p for the long term if possible!

[juju44] 25/11/2017 00:39

We have not lost out yet . Fat lady has not yet sung

[jayboy4] 24/11/2017 19:07

Good news at least RIP are not getting away with a low offer. Sad thing is either way the small investors like us have been taken out before the really big gains that we all invested here for. Chinese got to greedy and messed this up. Hope they Loose out or made to offer a much higher price

[juju44] 24/11/2017 17:16

RPI could well lift their offer if they dont already have control.I think we are all still in the pot .

[jacks13] 24/11/2017 17:09

But is it that simple BIZZ2BIZZ?

Re: JUJU you're F....D! You've informed RPI that you except their kind offer and your shares will be transferred at the registrars to them for payment....whenever!

If RPI are permitted at this time to acquire the acceptors' shares that could defacto trigger the Zimbabwean ownership approval clause, with whatever might follow from that.
If the Zimbabwean authorities were to then rule that the assets are no longer ASA's to dispose of then all shareholders would stand to be affected. The acceptors' shares might well ultimately remain with RPI but the conclusion of the deal at this time has to be in some doubt until the issue has been clarified.
There is one other aspect to this, the flip side if you like. Given the current (at least under Mugabe) close relations between Zimbabwe and China, the authorities might actually favour a Chinese bidder and the alternative party might not be Chinese.

[gwr7] 24/11/2017 17:09

I wonder if the other company is Glencore.

[juju44] 24/11/2017 17:07

I know but I shouldn't but contested takeovers dont end like this . All sellers get the same . I suspect their unconditional call was invalid and anyway no shars can be traded yet

[juju44] 24/11/2017 17:06

I know but I did . Contested takeovers dont end like this . All sellers get the same . I suspect their unconditional call was invalid and anyway no shars can be traded yet

[bizz2bizz] 24/11/2017 16:58

you shouldn't have sold then you numty

[timgw] 24/11/2017 16:54

Jacks13 <<You had wind of this TimGW?>>

I just pick up clues like the TV sleuth Columbo! No more questions m'lud.....