Asa Resource Share Discussion Threads

[nomz] 13/2/2019 08:21

So they sold the DRC copper projects and the proceeds were used to pay the Administrators. Hilarious.

[hute17] 12/2/2019 15:21

BNC now at 8,6$ct per share. This represents a value of 3,66p per ASA share at the current US$ exchange rate. If you consider the 8,6$ct not at the full $ value, but at the exchange rate fom ZIM bond notes, the value is app. 1p per ASA share

[timgw] 03/1/2019 18:27

Having studied the report it does not look like anybody has the desire or finance to buy a going concern, such as it is. It does however look as if RPI are hanging in there to pick ip the pieces for as little as possible. Never has looked like a happy ending other than for the Administrators!

[jayboy4] 27/12/2018 15:27

hxxps://micro.duffandphelps.com/ukrestructuring

Administrators report out on 24th Dec

Click on "A" the scroll down to ASA Resource

[timgw] 22/12/2018 18:47

The next report will be next June. I doubt very much that there is any locked in value left.

[plasybryn] 21/12/2018 17:04

Perhaps this is why the Administrators Report has been held back as they now have something tangible to report. Hopefully we will hear from them early in the New Year. Perhaps in 2019 we will finally realise our locked up value. Fingers crossed

[plasybryn] 21/12/2018 16:48

As much as that!!!

[nomz] 21/12/2018 16:44

Should get enough cash to cover the Administrators fees

[plasybryn] 21/12/2018 16:40

"Asa Resource Group has entered into a sale and purchase agreement (SPA) with a third party in relation to the 74,73% shareholding in BNC. The conditions of the SPA include various regulatory approvals and other conditions as expected with a transaction of this nature. The third party is a United Kingdom-based nickel company with complementary interests in Southern Africa," the notice reads.

[nomz] 21/12/2018 15:24

Did you change the XX to tt in http?

hXXps://www.newsday.co.zw/2018/12/chinese-exit-bindura/

[plasybryn] 21/12/2018 15:13

Nomz - thanks but sorry I haven't been able to open the link so not sure of the details.

[nomz] 21/12/2018 09:58

BNC sold?

hXXps://miningzimbabwe.com/chinese-mining-group-exit-zimbabwe/?fbclid=IwAR3m3yvotrvSfAI3qGYqYfRSE5w7VqKQajVGcJ-JYJt2lMMr-UqYYCjV2yc

[timgw] 16/12/2018 18:41

The law requires a report every six months and the report must be delivered within one month of the reporting date. I am sure that they will all be in the office over Xmas putting it together!

[plasybryn] 14/12/2018 11:32

nomz: That is correct. The legals required them to get a 12 month extension as unfortunately matters couldn't be resolved by the Nov. date. I am assuming that the Administrators should provide shareholders with an update soon.

[iamald] 14/12/2018 11:29

Not looking good. I saw BNC profit claimed up 26% but this will all be lost if they carry on running expenses - UNLESS there is something really big coming...

[nomz] 14/12/2018 08:32

So, checked the Duff and Phelps website. No update report. BUT the administration period has now been extended to 29/11/2019. You couldn't make it up.

hxxp://www.duffandphelps.com/ukrestructuring

Click on A and scroll down

[timgw] 03/12/2018 11:40

I could be wrong. In July they agreed their fees up to 29th November at £3.6m for the year to that date. If they have crystal balls perhaps they could predict the future of the business too!

[wstirrup] 22/11/2018 17:55

Cheers Tim.

I feel like I've been to the proctologist and had my innards reamed out... Chinese Thieves.

W.

[timgw] 19/11/2018 14:18

Ten days to go! Administrators next six month report due 29th November.

[petefurlepa] 15/10/2018 12:23

hxxps://www.herald.co.zw/chinese-firm-gets-iron-ore-mining-rights/

[nomz] 12/10/2018 17:49

The smelter is only a revenue maker if they are mining enough tonnes, and at a high enough grade, which they aren't and were never likely to. Which is why it was a ridiculous decision to start in the first place. So they are paying 10% interest on a bond, for a project which isn't even completed.

Rio Zim is relevant because like all gold miners in Zim they have to sell their gold to Fidelity Partners and get reimbursed from the reserve bank. Except they have no foreign currency so mines aren't getting paid at the moment.

[bcape] 12/10/2018 17:27

During the last 18 months, I had hoped that the remaining 17% of the smelter would have been completed, as this should be a substantial revenue earner.

Guess I'm wrong if you are right... will have to wait and see.

Don't really know why RioZim is particularly relevant here; but I do appreciate that business could be a lot better in Zimbabwe.

I'll try writing to the administrators - they must owe shareholders an update by now.