Asa Resource Share Discussion Threads

[timgw] 21/12/2017 15:53

Skiddadle - I was originally with Stocktrade who were brilliant but they sold the private clients to Alliance Trust and it was a shambles from day 1. I should have expected a shambles over this. Not only did they sell my shares without authority they never even bothered to tell me at the time and there has been no paper trail. If I had known on 7th December when they did it it could have been reversed.

It keeps my record intact of never having made a profit on an AIM share!! I suppose useful losses to offset elsewhere but seriously annoying.

[skidaddle] 21/12/2017 15:34

TimGW

In your case I would say it is the brokers that are at fault. They sold your shares without your permission. If the other bidder wins, then you are entitled to the difference from your brokers.

[timgw] 21/12/2017 14:50

I had a word today with the bidder's advisers who told me as diplomatically as possible that there was no way anyone conned out of their shares was going to get them back! No reply from the Administrator.

If another bidder does appear and I lose several thou I will take it to the Ombudsman.

[bogeybazaar] 21/12/2017 14:41

I'm quite disappointed at the Administrators' almost total radio silence over recent weeks as it gives the impression RPI have been and remain in the driving seat, and from recent posts it seems RPI have now successfully hustled and frightened brokerage firms into defying their clients' instructions and handing over the shares. I'm beginning to suspect the white knight with a better offer could be just a fictional 'rumour' seeded by RPI and the Administrators maybe believed it. After all this time if there really had been an offer we/they couldn't refuse then surely we'd know about it by now?

Contrary to popular wisdom it now seems that the turkeys who voted for an early Christmas are the ones who won out and got the gravy, while the rest of us only get the stuffing. But ever optimistic and HTBPW!

[casabella2] 21/12/2017 13:34

Thought we would have had a further update this week.

[loafingchard] 20/12/2017 16:41

For information, I called Jarvis and they confirmed my shares are still in my account , of course I didn't ask them to sell them the Rich Pro.

[asmodeus] 20/12/2017 16:26

I think it was a case of "unless you tell us otherwise, we will assume........". But let,s see what Duff &Phillips have to say.

[timgw] 20/12/2017 16:09

I can tell you with certainty that I have never signed anything in relation to ASA!

A bid generally becomes "unconditional" when the bidding party have over 50% of the shares. Even at that point there is no compulsion to accept the offer. At 75% the bidder has to offer the bid again to remaining holders and at that point I can see that it would be foolish to decline it, although it is not unknown to do so.

I rest my case, M'lud.......

[skidaddle] 20/12/2017 16:00

I wonder if TimGw did the same and signed something if it went unconditional.

The thing is that it is not unconditonally RPI's yet. It could be unconditionally the other interested party's.

What would the broker say if it is ruled not unconditonally RPI's?

For what it is worth, I think the broker has jumped the gun.

Never sign anything until the fat lady has left the stage.

[juju44] 20/12/2017 15:41

Party over

[asmodeus] 20/12/2017 15:40

Redmaynes now tell me that their head office have spoken to The Administrator and been assured that the offer definitely is unconditional. And, apparently I signed a form after the offer was made saying that I would accept it if it became unconditional. It will be interesting to hear what Duff & Phillips say to other enquirers.

[asmodeus] 20/12/2017 15:13

I have told my local Branch of Redmaynes, and they are contacting their Head Office. In the meantime, I have tried to phone Oliver Jones of Duff &Phillips as instructed in their recent letter, but had to just leave a message.

[timgw] 20/12/2017 15:00

I have emailed Mark Skelton the Administrator at Duff and Phelps.

Skidaddle - Yes I will point this out to Alliance. Have opened a formal complaint with them and will pursue this to the end. You really cannot trust anyone nowadays and my personal condition has moved from Ballistic to Nuclear!

Will post any comment from the Administrator when received.

[asmodeus] 20/12/2017 14:44

My Broker is Redmayne Bentley. I will get back to them tight away.

[skidaddle] 20/12/2017 12:54

My Barclays shares are still OK. They required me to opt into selling to RPI, which I decided not to do. This is the normal way to do it.

As far as I know, it has never become unconditional. RPI declared it unconditional, but they are not the ones who decide that, the administrators are.

Phone Alliance Trust up and ask why Barclays stance is that it is not unconditional and that my shares have not be compulsorily sold.

You need a better broker and those shares need to be returned to you forthwith.

You also need to contact the administrators to make them aware of this.

[caedwalla] 20/12/2017 12:48

I use the Share Centre and was afraid they might sell so contacted them and made crystal clear that they were not to sell without my explicit say so. If it is this easy to con stockbrokers the Chinese are going to be cleaning up all round.

[timgw] 20/12/2017 12:35

Alliance Trust have given all my shares to RPI without my approval saying that the offer had become unconditional. I am BALLISTIC!

[skidaddle] 20/12/2017 12:22

Asmodeus

Who is your stockbrocker?

Unless you instructed your broker to sell, they have some explaining to do.

[iamald] 20/12/2017 11:57

Asmodeus - worried me, so I checked, and we are OK, still have our holdings. Suggest a call to a competent lawyer quick!

[asmodeus] 20/12/2017 10:47

Well - my gob has been well smacked ! I didn't accept the offer, and now have just received letters from my Stockbroker that all my shares were compulsorily purcased at 2.1p on December 7th! Further enquiries indicate that "I might receive more" subject, presiumably, to a higher offer. Why has nobody else here had the same experience?

[jacks13] 19/12/2017 20:01

...or longer

[timgw] 19/12/2017 12:46

The potential fly in the ointment however is the criminal investigation into the disappearance of large sums of money from the company allegedly used to buy shares after the "loss" forced the price down. This could run until next Xmas!

[casabella2] 19/12/2017 12:05

As i understand it rpi are now owners of 50%+ of asa shares and have paid out for the privalige at 2.1p to those who sold their shares to them.If a new offer come, us that have held will get the new offer price as will rpi if it is acceptable to the administarors.

[bogeybazaar] 19/12/2017 11:25

Casabella
I'm still confused re the relative positions of those who've already surrendered for 2.1p and those like me who haven't. It seems to me that if RPI emerge the eventual winner at more than 2.1p then we'll all get the higher amount ie the ones who've already folded will get a top-up.

If however the 'mystery shopper' wins then we get whatever they offer, but the ones who've already taken their 2.1p won't get any more. However, since the company's suspended on AIM with tranfers presumably suspended too, do RPI already own the shares of the ones who've accepted the old offer or merely their votes, since in that case I wondered whether the mystery buyer would have to pay everybody their enhanced offer ie treating the surrendered shares as still belonging to the original holders, but subject to a set-off so that RPI are given back their 2.1p.

Any merger and acquisition legal specialists out there with some ideas please?

[casabella2] 19/12/2017 09:42

I think it is for some juju.