Asa Resource Share Discussion Threads

[nomz] 12/10/2018 15:23

This is the last article I could find. I can see they've made a miraculous turnaround since July
hxxps://www.chronicle.co.zw/bindura-nickel-corp-in-the-red/

I don't know where you got the idea that the smelter is finished. It isn't. And I doubt it ever will be.

Also gold mining in Zim a shambles at the minute, even before the recent low gold prices are considered

hxxps://www.sowetanlive.co.za/news/africa/2018-10-09-zimbabwe-miner-riozim-to-sue-central-bank-over-dollar-payments/

And the DRC licences have been revoked due to non-payment (read first administrators report). How much is owed is anybody's guess.

And at least $80M in liabilities (read last administrators report).

Bonne chance if you think you'll get anything back

[bcape] 12/10/2018 14:53

ASA went into administration by choice of the directors, post the "Chinese" management of Bindura Nickel Corporation(BNC) making an unauthorised withdrawal of cash leaving insufficient money to pay some creditors, to avoid the "cheap" take-over by those who offered to buy all of the ASA shares for 2.1p - but many, like myself, turned down the offer because the company was severely under-valued in terms of its assets & potential.

Major capital investment had gone in from ASA shareholders to re-build the foundry in particular, work which was then incomplete.

BNC (c.52% owned by ASA)has continued as a going concern (on the ZSE); the foundry is completed and the business has been largely turned around as far as I can tell.

Meanwhile, I understand the two missing "Chinese" turned up in Hong Kong and have been involved in ongoing discussions with administrators, major shareholders, creditors, etc. The last I heard was that an agreement was close a few weeks ago which would at least see creditors paid & current ASA shareholders okay. Nevertheless, I have no idea what decisions may have been made, incl. a) whether ASA may just return as a going concern to the AIM market or b) one party is prepared to buy the other shareholders out & pay off any remaining debts in order to gain full control of ASA, whether private or otherwise.

I suspect the recent Bindura share price improvements are due to growing revenues, payment of debt, improvements in Zimbabwean markets post the election & hope that matters are finally coming to a close on ASA's future. Hopefully, the missing money was also returned.

The bottom line is ASA is not yet dead and the administrators may well give us some positive news soon... I certainly hope so.

[nomz] 11/10/2018 08:48

Exactly. Not much point putting money in the bank in Zim

[petefurlepa] 11/10/2018 08:29

Unfortunately just appears to be people buying stocks for the safe haven trade as bond notes collapse.

[skidaddle] 10/10/2018 22:44

If the shares had been sold either the administrators or the new owners of Bindura ( because that's what they would be ) would have announced it to the Zimbabwe stock exchange.

[timgw] 10/10/2018 20:01

The ASA holding in Bindura is an asset of the company currently in administration. There is no certainty that these shares are still held and may well have been sold to raise cash to pay creditors. Not sure what is the cause for excitement.....?

[skidaddle] 10/10/2018 19:10

BIND • 0.0840 ▴ 0.0140 (20%)
Market Capitalization: $104.13m
Something going on or it could be a technical breakout on the charts a year in the making.

[skidaddle] 09/10/2018 09:12

Up another 6.19% yesterday.

[skidaddle] 08/10/2018 08:43

And yet the share price is up 94% in the last six months.

[nomz] 07/10/2018 14:55

That article is years old

Here’s a more recent one
hxxps://www.chronicle.co.zw/bindura-nickel-corp-in-the-red/

Struggling to be a going concern. Even the Chinese have realized this is a complete basket case

[petefurlepa] 07/10/2018 14:29

7rh Oct

hxxps://www.financialgazette.co.zw/bindura-nickel-corporation-restructures-its-board-at-agm/

Bindura Nickel Corporation restructures its board at AGM
BINDURA Nickel Corporation restructured its board today at its annual general meeting to reflect the interests of its Chinese shareholder, China International Mining Group Corporation. Board members Ngoni Kudenga, Kalaa Mpinga though eligible did not seek re-election while BNC technical director Thomas Mashungupa resigned from the board although acting chairman David Murangari there had been plans to second him (Mashungupa) to the Mwana Africa board. “Technical director (Thomas) Mashungupa would have been withdrawn from the board of directors of BNC in order to take up another assignment within the Mwana Africa PLC Group, but he chose to resign in advance of the AGM.” Through a secret ballot, the company's shareholders unanimously approved the removal of finance director Herman Jacobs and…

[casabella2] 07/10/2018 11:51

hxxps://www.financialgazette.co.zw/asa-takeover-bid-collapses/

ASA takeover bid collapses

RICH Pro Investments (Richpro) has failed to raise enough capital to acquire a 100 percent stake in ASA Resources (ASA), The Financial Gazette can reveal. ASA, which has a controlling stake in Bindura Nickel Corporation (BNC), is currently under administration as it was suspended from trading on the London Stock Exchange’s Alternative Investment Market (AIM) last year. Muchadeyi Masunda, the BNC chairman, told shareholders at an annual general meeting last week that the group is now looking for new investors. “The bid has not yet materialised and subsequent to that, the joint administrators have offered other prospective investors the opportunity to acquire the same shares,” he announced. The administrators are evaluating various other bids while prospective investors are carrying out…

The article is dated the 7th of October.Still life in the old dog yet.

[petefurlepa] 07/10/2018 08:36

4th October 2018 Unfortunately you have to pay to get the whole article. Maybe someone else can find something.

[plasybryn] 07/10/2018 08:08

What was the date of the article?

[petefurlepa] 07/10/2018 05:54

hxxps://www.financialgazette.co.zw/asa-takeover-bid-collapses/

[timgw] 03/9/2018 19:39

This one will run until there is no money left to pay the administrators. It will be interesting to see what has been sold to pay their own fees!

[nomz] 03/9/2018 16:33

Hute17, don’t forget to subtract $80 million

[trevorm2] 03/9/2018 16:19

Asa resource group companies house filing history. Administatiom extension to 29/11/2019.

[hute17] 03/9/2018 15:50

I doubt very much that it will take that long, rather expect something in the next few weeks. Interesting, that despite low Nickel prices the BNC share price has now gone up to 6$ct per BNC share, representing a value of over 2,5p per ASA share. DYOC

[trevorm2] 02/9/2018 00:34

November 2019 from what i read.

[plasybryn] 31/8/2018 08:57

The Administrators will want this buttoned up by November I'm sure.Fingers crossed.

[timgw] 28/8/2018 18:48

Next report not legally due until end of November. By then the Administrators will have run up a total of six million pounds in fees!

[casabella2] 27/8/2018 20:59

News this week?

[juju44] 08/8/2018 19:17

I was one of the lucky ones took the crooks money . Lumpen can never beat these guys

[plasybryn] 08/8/2018 18:47

This is what share price Angel said on 31st July following a visit to the Country."Zimbabwe is a land of opportunity with greater potential than most. The election should mark a turn to a brighter future whoever wins"