Asa Resource Share Discussion Threads

[bcape] 18/11/2020 23:53

Looks like 1.925p was the final ASA share price before Administration.

If other information here is right, post administration fees, the forced sale of BCN cheaply & unrecovered theft, the share price ought to re-start around 1.2p a share, for the cash alone. Not a lot, but only about a 50% loss instead of 100% for me; if there are any buyers of course.

It could be an interesting morning or the end of our hopes...

[bcape] 18/11/2020 22:22

ASA Resources is coming out of Administration on 18/11/2020.

What now... the share price was about 2.1p in the bid offer & 1.925p post all the trouble, just before forced administration and the sale of assets to clear debts?

At worst, there is nothing left... anything is better than nothing.

No idea what the opening price might be; will find out tomorrow & possibly get an RNS from the residual directors...

[timgw] 14/10/2020 17:08

I get a feeling that the Administrators have made more out of this than the Chinese ever did!!

[iamald] 06/10/2020 10:12

I contacted Ian Dearing directly, and had this reply a few days ago:

"I regret that I cannot give you any positive news but the suggestion of a complete wipe out might be a slight exaggeration.
The board is trying to re establish operations and make report to shareholders but has been hampered by the difficulties flowing from the administration"

[gpgreen] 06/10/2020 09:31

Who is running this company now? It would be nice to have some more information.

[jayboy4] 04/8/2020 21:40

Can you imagine what price these would be at now with gold going nuts.Real shame the Chinese got too greedy

[skidaddle] 04/8/2020 21:07

What corruption on a massive scale?

[timgw] 04/8/2020 20:53

It is what happens to shareholders when Chinese and African cultural practices combine.

[bcape] 18/7/2020 19:45

The latest report from the Adminstrators, after all admin. & sale costs, and all sustantiated debt payments, indicates that ASA still has £19.7m & and 89,000 US$, and some subsidary companies not needing to be sold.

Barry Deering as still around to manage matters... not sure if the Chinese share holdings are defaulted after their money removal. Next & last Administration Report expected in November 2020.

Original ASA shareholders were robbed, looking at BNC share values now...

[bcape] 18/7/2020 19:45

The latest report from the Adminstrators, after all admin. & sale costs, and all sustantiated debt payments, indicates that ASA still has £19.7m & and 89,000 US$, and some subsidary companies not needing to be sold.

Barry Deering as still around to manage matters... not sure if the Chinese share holdings are defaulted after their money removal. Next & last Administration Report expected in November 2020.

Original ASA shareholders were robbed, looking at BNC share values now...

[nomz] 15/7/2020 13:42

Asa’s holding in BNC was sold last year, along with Freda Rebecca gold mine. Asa is a dead duck I’m afraid.

“Control of Bindura Nickel Corp., Zimbabwe’s biggest nickel operation, has been sold to a company linked to an adviser of President Emmerson Mnangagwa.

Sotic International Ltd., a Mauritius-based firm, bought a 74.73% stake in the company from Asa Resource Group Plc, said Muchadeyi Masunda, Bindura’s chairman. Sotic owns Zimbabwe’s Landela Mining Venture Ltd. and is linked to Kudakwashe Tagwireyi, one of Mnangagwa’s advisers and the owner of chrome, fuel and agricultural assets in the country.

Three companies had vied for Bindura Nickel, Masunda said in an interview. He said the stake was worth between $60 and $75 million. Asa is in administration. The deal involves “a substantial payment” in cash and “a commitment” to provide working capital, according to Masunda”

[bcape] 15/7/2020 12:41

52% owned by ASA, share price now up to 3.9 ZWL

BIND Stock Market Performance
1WK 4WK 3MO 6MO 1YR YTD
+65.34% +226.79% +1007.37% +2511.27% +3479.82% +2333.75%

Surely, existing ASA shareholders should be offered a significant amount if the company is effectively being bought by the Chinese?

My vested interest is nearly 700,000 ASA shares - which in Dec '16 were worth about £15K.

Anybody see any real chance of a return now?

[casabella2] 13/6/2020 06:09

Nice one,That was the lines I was thinking down, cheers.

[timgw] 12/6/2020 10:32

I think it simply confirms the level of corruption in Africa.

[casabella2] 10/6/2020 06:00

Morning.Bit thick,could somebody explain how this affects ASA.

[gpgreen] 07/6/2020 09:24

Sorry that should have been 2.6.20.

[gpgreen] 07/6/2020 09:21

New letter from Duff&Phelps dated 2.7.20

hxxps://micro.duffandphelps.com/ukrestructuring/cases?caseId=1381

[gfrae] 20/5/2020 10:06

braid, your explanation of Dearing's motives makes sense. He claimed to be acting on behalf of small investors when he appeared from nowhere to get rid of Mpinga and put Ning in control. He was almost certainly being remunerated by Ning then, and maybe now.

[braid] 19/5/2020 22:00

I suspect we will hear the result in due course, probably the next few weeks. I welcome Barry Dearing leading this, however, he is almost certainly acting for RPI or whoever put up the cash for the thwarted takeover. After all, whilst I am watching a five-figure sum disappear at glacial speed, the Chinese are in the process of losing an eight-figure sum. So, while we may all benefit, incidentally, from his actions, I suspect he is being instructed by RPI or whatever name they give themselves now.

[plasybryn] 19/5/2020 19:38

Is anyone aware that was a hearing last Friday (15th May 2020)? I understand that the judge when considering the proposed construction of the new Board, (allowing Barry et al onto the Board to try and protect shareholder's interests) reserved judgement.
Frustrating or what?
Anyone know what happens next?

[nomz] 01/5/2020 21:02

I’m with MacGregor on this one. Dearing personally orchestrated the ouster of Mpinga which put Ning in charge. In return he was given a position on the board and the roles of Company Secretary and Legal Counsel. During his tenure in these roles he totally failed to stop unadulterated looting of the company. I’d be very interested to hear his take on this. Actually I’d prefer to hear him explain it to a judge. Reinventing him as the messiah is just pathetic.

[plasybryn] 01/5/2020 19:24

At least he is trying to do something. What are you doing?

[hute17] 01/5/2020 19:18

Strong comment MacGregor, but quite off the mark i.m.h.o. What I read from Plasbryn are the best and most accurate descriptions of the current situation, including the very constructive role Barry Dearing is trying to play.

[mr macgregor] 01/5/2020 18:06

Didn't Dearing appear on the scene as the nobwipe lacky for Emperor Ning? Why is this muppet plasbryn all over him like a rash? Find out in next week's dreary episode.

[plasybryn] 01/5/2020 17:37

I think the main point here is that Barry Dearing is arguing in Court that the Administrators should be compelled to complete a shareholder distribution of the remaining proceeds (post secured creditor payout).
We need to protect our interests given the strength of the main Chinese shareholder.
Ultimately we want Barry to do what ever he can to secure any additional funds, which might otherwise be dissipated, protecting the interests of ordinary shareholders which otherwise would have very little control or clout. Fingers crossed. Goodness knows what the outcome will eventually be! I hope that is a fair reflection of where we are and what is being fought for.