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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Asa Resource | LSE:ASA | London | Ordinary Share | GB00B0GN3470 | ORD 0.1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.925 | 1.85 | 2.00 | - | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
Date | Subject | Author | Discuss |
---|---|---|---|
04/12/2017 16:37 | Was hoping the court case would be more "juicy" than this, like suspending Nings shares until he returned our money. Obviously wishful thinking. | petefurlepa | |
04/12/2017 16:26 | I thought Ning was a fugitive from justice,presumably his barrister knows where he is / | gfrae | |
04/12/2017 16:20 | A feature of the RPI Offer is that they promise to inject capital into the business thereby guaranteeing its solvency and its going-concern status. The third party offer would mean their acquiring the assets presumably for cash and ASA shareholders getting what is left after creditors have been paid. | jacks13 | |
04/12/2017 16:20 | All we know is that someone has expressed a non-binding and conditional interest in the company's assets. But nothing new has been added to that today. | jacks13 | |
04/12/2017 16:13 | What about the second bidder for the company.No mention of that.I suppose that could come under best option area. | casabella2 | |
04/12/2017 16:05 | They are starting a new administration regime with a third administrator added, as detailed in the last rns. The company is deemed insolvent. The administrators are at liberty to accept RPI's Offer if that is thought to be the best option available. Otherwise they can if they think it appropriate sell off (some/all of) the company's assets to other interested parties. In that way they hope to rescue the company as a going concern i.e. by paying the creditors what they are owed. Where that would leave the shareholders is unknown. | jacks13 | |
04/12/2017 16:03 | Regret - can't help. Asmo. | asmodeus | |
04/12/2017 15:54 | Thanks for that casabella. Doesn't seem to mean a lot for us, anyone any thoughts ? | petefurlepa | |
04/12/2017 15:50 | TIDM: ASA RNS Number : 3312Y ASA Resource Group PLC 04 December 2017 Asa Resource Group plc (in Administration) ("Asa," or the "Company") Update on Hearing The Company is providing this announcement following the outcome of litigation between Rich Pro Investments Limited ("RPI") and the Joint Administrators which was heard in Court on Thursday 30 November 2017 ("the Hearing"), as previously announced by the Company on 24 November 2017. In order to deal with an assertion by Mr Ning Yat Hoi in separate proceedings that the appointment of the Joint Administrators on 1 August 2017 was invalid, an application was made by ICO Design Partners Limited ("ICO"), a creditor of the Company, for a new administration order. At the Hearing: (1) The Court ordered that Mr Richard Fleming of Alvarez and Marsal Europe LLP and Mr Mark Skelton and Mr Trevor Birch of Duff & Phelps (collectively, "the New Administrators") be appointed as the administrators of the Company. The previous appointment of Mr Skelton and Mr Birch as administrators of the Company on 1 August 2017 was terminated. (2) The application by ICO for a retrospective administration order was adjourned generally (with liberty to restore). As a result the Court has left open for a future date the questions of (a) the validity of the previous appointment and (b) whether, if invalid, the Court would make a retrospective administration order. (3) Mr Ning was represented, and sought to leave a question mark over the validity of the prospective administration appointment (and in particular as to whether the Company was insolvent). ICO submitted, and it was determined by the judge, that the Company was cashflow insolvent both as at 1 August 2017 and as at the date of the Hearing. (4) The Court ordered that the functions of the New Administrators will be governed by a protocol between the New Administrators (the "Protocol"). In accordance with the Protocol, the New Administrators will together, on a joint and several basis, review and determine (in accordance with the provisions of the Insolvency Act 1986) the appropriate exit route from administration. If the New Administrators consider that by reason of RPI's takeover and finance offer it is reasonably practicable to rescue ASA as a going concern and that a sale of the Company's assets (namely its shares in ASA Headco) would not achieve a better result for the Company's creditors as a whole than accepting RPI's takeover offer, then they will accept RPI's takeover offer. If they do not consider that will be the case, they will seek to realise the Company's assets (through a sale of the shares of ASA Headco Limited or otherwise). Any dispute between the New Administrators will be a matter for the Court. Mr Skelton and Mr Birch will continue to take the lead for all other functions of the Company's administration and in this regard, Mr Fleming is appointed jointly with Mr Skelton and Mr Birch and not on a several basis. There can be no question of the validity of the appointment of the New Administrators, as ordered by the Court at the Hearing. If any creditor or shareholder of the Company requires any further information regarding the agreed functions of the New Administrators under the agreed Protocol, please contact asaresourcegroup@duf Contact Asa Resource Group plc (in Administration) c/o Duff & Phelps, The Shard, 32 London Bridge Street, London SE1 9SG communications@asare Nominated Adviser and Broker SP Angel Corporate Finance LLP John Mackay, Jeff Keating, Caroline Rowe Tel: +44 (0) 20 3470 0470 This information is provided by RNS The company news service from the London Stock Exchange END MSCZMMGZKDNGNZM (END) Dow Jones Newswires December 04, 2017 10:28 ET (15:28 GMT) | jacks13 | |
04/12/2017 15:46 | There is the update.All double dutch to me. | casabella2 | |
03/12/2017 17:28 | Would expect some news tomorrow or Tuesday. | casabella2 | |
02/12/2017 15:39 | When to expect court decision between ASA / RPI ?? | ukgross | |
30/11/2017 21:31 | Has anyone received the login for the court documents ? | ukgross | |
29/11/2017 21:34 | A dog's breakfast, is the expression that springs to mind... I hate to say it. But a shareholder action group sounds like it might be useful... Been away in Glasgow for a few days, so missed out on the latest info - She who must be obeyed - dragged me off to do the Xmas shopping... W. | wstirrup | |
29/11/2017 17:21 | The obvious way forward would seem to be to contact RPI to formally withdraw acceptance and see what their reply is. | timgw | |
29/11/2017 15:35 | Hi TonyBentham Thanks for info. I could be great If you contacted the theTakeoverpanel For your info RPIs last RNS States this ..are NOT NOW UNABLE to withdraw their acceptance” | ukgross | |
29/11/2017 14:38 | I've just had a note from Duff & Phelp's in response to my request for clarification about the legality of Rich Pro's 2.1p offer and any options that I might have to revoke my previous acceptance... and their note states: "Unfortunately, we are unaware of an ability to revoke your acceptance to the RPI offer now the offer has been made unconditional. In light of this, I suggest that you contact the Takeover Panel or seek your own legal advice in this matter." So, in light of the timescales referenced in RPI's last announcement, it appears that the shares of those that accepted the 2.1p offer will be transacted next week with little, if any redress? Please let me know if you have received any contradictory advice? | tonybentham | |
28/11/2017 11:06 | Great post ParkHurst Maybe you or someone else schould inform thetakeoverpanel right away!!! So Thetakeoverpanel kan decide | ukgross | |
27/11/2017 15:56 | The RNS did contain an email for feedback to the Administrator. Maybe people should do so if they are not already in contact. I have not yet got the link for the Court details either. Has anyone else got them? | timgw | |
27/11/2017 12:16 | Hopefully RPI becomes RIP in this deal. | trevorm2 | |
27/11/2017 11:40 | The Administrators say that the other party's interest is 'non-binding and conditional', so it might be that any discussions are at an early stage and they saw no need to go public immediately. They then found it necessary to reveal the alternative interest because of RPI's rns. It looks very much like RPI had got wind of someone else joining the party and decided to snap up the acceptors' shares post-haste. | jacks13 | |
27/11/2017 11:26 | Needless to say I didn't sell any shares to those thugs. The administrators have been working extremely hard getting us as far as we are today and had to take great care not to come out with any information at too early a stage. But RPI were fully in the know when they triggered unconditional. This is relevant for any shareholder who accepted the offer. | parkhurst484 | |
27/11/2017 11:12 | parkhurst848 Good post I agree with you Why did the administreres not before the 25th november inform shareholders about the competing offer ??? | ukgross | |
27/11/2017 11:03 | Re "I'd love Ning's shares to be confiscated". surely they can't use his shares for the count and that they should be quarantined until he returns the money from the HK bank accounts. Was actually surprised his name came up on Friday as I thought he would be keeping a low profile. Parkhurst, does that mean you "sold" yours, some good points made. Personally would like a rights issue and some decent management put in place and no takeover. | petefurlepa | |
27/11/2017 11:00 | Great post parkhurst484. Sets out the current position very clearly. I hope you are successful with your petition. | plasybryn |
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