Asa Resource Share Discussion Threads

[nomz] 28/1/2020 18:20

I'm quite looking forward to hearing what the directors have to say when they crawl back out from under their stones.

[silenzi01] 28/1/2020 18:11

timgw - calling for admin was NOTHING to do with the Chinese. We were misled by greaseball Niall Henry 110% to go into admin. He has got his money back by the way!!!

[timgw] 28/1/2020 16:49

It seems to have been a completely pointless exercise for everyone except the Administrators and the Chinese who have successfully trousered the stolen money.

[trevorm2] 24/1/2020 11:02

Restructuring cases Duff and Phelps. Look under A and scroll down.

[casabella2] 24/1/2020 08:42

Has anybody got a link.

[trevorm2] 23/1/2020 20:08

Very soon. Duff and Phelps Web page. New update.

[silenzi01] 23/1/2020 19:46

Timeframe? We are also screwed. I think we should sue Niall Henry and Co. We need to make their lives a complete misery for completely misleading us on the admin path

[trevorm2] 23/1/2020 19:00

Duff and Phelps handing company back to shareholders. Not much left. Richpro well screwed.

[casabella2] 28/12/2019 09:12

So then how much were the creditors owed.What would be left ,have we got any sort of totals.

[asmodeus] 27/12/2019 23:29

Plas - I know it is late at night, but I have looked back through the posts here, and cannot find any that "kick you down.So perhaps you could take this as the first one ? ?

[plasybryn] 27/12/2019 15:24

If only being ticked down for my posts was because the idiot disagreed with me! But unfortunately that isn't the case. So here we can't draw any comfort from those tick downs.
For a very long time, whatever I post and wherever, some anonymous troll always ticks me down. I doubt they even read or understand what I write! It seems, he/she is on their key board 24/7 - very sad. And they don't have the guts to explain their beef or identify themselves. Just putting you in the picture as you may have thought it a bit odd.

[plasybryn] 27/12/2019 14:56

In the 14th November letter it said: The Joint Administrators also expect sufficient funds to be available to pay a dividend to shareholders, however the quantum and timing remains uncertain as this will be dependent on realising ASA’s remaining assets (if this is appropriate to do so and for the avoidance of doubt this may include those located in the Democratic Republic of Congo) and the quantum of creditor claims admitted for dividend purposes.

Again in the latest report it says: On conclusion of the above steps, and subject to receiving the necessary orders, it is envisaged that the Company will be handed back to the directors and shareholders to resume full control of the Company, including any surplus funds held by the Company. The Joint Administrators intend to engage with shareholders regarding the practical steps for dealing with ongoing matters and return of the Company.

So shareholders will still own shares in a Co. with few assets, and it will then be presumably up to the directors (not the Administrators) if they decide to pay us a dividend from the surplus cash (seems unlikely). Or we just have our shares with very little value which will presumably be illiquid and difficult to sell. If true, have the Administrators done anything to protect our interests? Will we get anything at all?

Hope someone has a good handle on this debacle because this seems a long way from the expected outcome.

[plasybryn] 27/12/2019 14:35

Joint Administrators continued to pursue the second objective which, through the sale of Company’s interests in FRGM and BNC discussed below, has been achieved. In achieving the second objective,

(Achieving a better result for the company’s creditors as a whole than would be likely if the company were wound up (without first being in Administration);

the Joint Administrators have managed to realise sufficient assets to enable all creditors of the Company to be discharged in full (together with interest). Following this distribution, the Joint Administrators consider that control of the Company can be handed back to the shareholders.

[timgw] 24/12/2019 16:47

My broker cashed in my shares without asking me and although I was quite irritated at the time I got £5k back out of £10k invested. I have made worse losses!
If RPI are the majority shareholder of the remains they can do what they like with the company and there is no guarantee that the shares will be tradeable at any price.
Next report will be out in another six months time and if you think that the Chinese are bandits there are others closer to home!

[silenzi01] 24/12/2019 09:53

We need all to get together to sue the hell out of likes of Niall Henry

[gpgreen] 24/12/2019 09:42

It made grim reading. Lets not forget that RPI will be the major shareholder of what's let.

[jayboy4] 24/12/2019 08:45

Looks like the company will be returned to shareholders. Wonder what value DRC has as that's the main asset we will be left with. Depending on how the company utilise DRC all may not be lost for us. Or am I being too optimistic

[caedwalla] 23/12/2019 19:32

You can get to it here: hxxps://micro.duffandphelps.com/ukrestructuring/cases?caseId=1381

[plasybryn] 23/12/2019 19:17

The ASA Duff & Phelps report is on the web site.
"It is anticipated the above steps (see report) will still take several months to conclude".
There's a surprise!

[plasybryn] 19/12/2019 16:31

I'm told the updated report should be on the Duff and Phelps web site next week.

[plasybryn] 18/12/2019 10:44

Must be getting close to release of the Administrator's report. I think they said due late December. Keep a watchful eye open for it!

[nomz] 08/12/2019 16:54

Let's also not forget the wonderful Mr Barry Dearing, who got these crooks in in the first place.