Asa Resource Share Discussion Threads

[plasybryn] 11/4/2023 10:21

Your post 209 was encouraging but no progress yet. Please keep up the good work.

[casabella2] 11/4/2023 09:26

Not seen or heard anything but will keep trying.

[gpgreen] 09/4/2023 08:33

Would be nice to have an update. The website talks of having an AGM and presenting a financial statement for the company. Nearly three years on from coming out of administration you would have thought we should have some news soon!

[casabella2] 18/9/2022 16:32

Very interesting. This sort of thing takes ages to sort out. Looks like people are fighting the cause.

[plasybryn] 18/9/2022 14:17

Asa Resource Group plc is formerly a London AIM listed mining and exploration company which had gold and nickel mining operations in Zimbabwe and diamond operations in South Africa. Previously it was known as Mwana Africa plc. In 2017 it experienced financial difficulties which caused the Company to enter into Administration in August 2017.

The financial challenges had been brought to a head as a consequence of perceived irregularities in Zimbabwean subsidiaries under the direction of Ning Yat Hoi and Kwan Yim Chiu, former executive directors who were assisted by other employees brought into the subsidiaries by them.
Post Administration
Asa Resource exited from a period of Administration under the supervision of the High Court in August 2020. Asa Resource is the holding company of a Group of subsidiary interests in companies in UK and Africa that include various legacy assets which were not disposed during the Administration.

A new Board of Directors was appointed to manage the innumerable challenges arising from both the effect of administration and the neglect of subsidiaries during the Administration period.

Shares in the company were formerly listed on Alternative Investment Market in London but were de-listed during the period of Administration. There is no current active market for the sale or purchase of shares.

The interests of the Group which have the most potential value are in Democratic Republic of Congo (DRC). These are gold mining exploration rights at Zani Kodo and some property interests.
Current status
The present focus of the Board is to restore the Group and the Company to good standing in all of the jurisdictions in which it operates. This includes regularising and clarifying its subsidiary interests and consolidating the Group so that the inherent value within its asset base can be realised for the benefit of all shareholders.

The actions of the Board have been limited by the ongoing effects of the worldwide Coronavirus pandemic restricting travel.

In the immediate foreseeable future the Board intends to establish an ongoing office and staff presence in Kinshasa DRC to maintain communication links with government and provincial officials, other stakeholders and subsidiary shareholders.

Legacy issues from the Administration remain and the Board is undertaking steps to conclude residual litigation with former directors and collect sums outstanding due to it so as to assist it in financing the expenditure perceived necessary to realise value from its assets in DRC.

[casabella2] 17/9/2022 21:48

Yes, there appears to be life here and looks like something could be on the cards. We as smaller shareholders can only hope the directors can fight for what is right.

[plasybryn] 17/9/2022 20:29

Thanks cassbella2 . Much appreciated. Good someone is on the ball. I think this is most encouraging news.

[bcape] 17/9/2022 10:20

My shares are still listed by my broker, though not tradeable... guess these won't need to be converted to paper versions.

Any return will be better than zero.

Was the money taken by those Chinese directors ever returned?

[casabella2] 17/9/2022 09:42

Investors
Following an open offer in 2017 the majority of the issued share capital of the Company is owned by Rich Pro International Limited. There are many small shareholders who did not accept the offer by RPI at that time. Additionally, there are a number of shareholders with significant holdings who are engaged in dialogue with both the Board and Rich Pro with a view to ensuring that the interests of minority shareholders are not overlooked.

The Board is committed to looking to the interests of all stakeholders, including shareholders both large and small. Whilst the shares remain unlisted there is no open market for dealing in shares.

Steps are underway for paper certificates in respect of shareholdings which were formerly held electronically under CREST to be issued to shareholders. There are no immediate plans to return funds to shareholders or to wind up the Company and there are no immediate plans to seek a re-listing of the shares on AIM or any other stock exchange.

General meetings
Annual General Meetings (AGM) of the Company have not been held since 2016 owing to the Administration. As soon as the Directors are able to lay an annual report and accounts before shareholders an AGM will be convened.

The date, time and place of any General Meeting will be circulated to shareholders and detailed upon this website. Owing to continued travel restrictions it is possible that the full board of directors may not be present in person and a virtual meeting may be held instead.

[casabella2] 17/9/2022 09:34

hxxps://www.asaresource.co.uk/investors
I think this is an update on previous posting.

[bcape] 26/7/2022 18:22

Positive in that some post administration action is being taken & any money recoveries will be better than nothing... though work just to exhaust the remaining assets & cash would not be welcome.

[plasybryn] 26/7/2022 17:43

Definitely of interest. Life in the old dog yet perhaps. Great find. Thanks for sharing. I wonder who the directors are?

[casabella2] 26/7/2022 16:27

hxxps://www.asaresource.co.uk/
Should be https not xx as seen. Don't know if it is of interest.

[skidaddle] 31/5/2022 10:51

Perhaps there's a chance of ASA becoming a shell company?

Personally I wouldn't want Dearing in charge. His character judgement is seriously wanting.

[plasybryn] 31/5/2022 09:44

I wrote Registered Mail to Ian Dearing a week or so ago but haven't had a reply. It seems amazing that Co's are allowed to get away without updating shareholders. Surely the directors have a duty to inform shareholders. I don't understand it.

[casabella2] 24/4/2022 11:47

It would be nice of the company to inform shareholders what the hell is happening.

[gpgreen] 22/4/2022 12:59

Braid - have you had any joy with the FCA? This company needs winding up and any money left distributed amongst the share holders. It is going nowhere !

[plasybryn] 17/3/2022 11:58

Regretfully I believe Ian Dearing is no longer a director but is advising on legacy legal matters only where appropriate. It is disgraceful nothing gets communicated to shareholders. Can that be legal? We were told there would be an update, but nothing as far as I know. I applaud your efforts to report this and bring it to the attention of authorities. More power to your elbow.

[bcape] 17/3/2022 08:43

Thanks for letting know... the situation is less than satisfactory after the money thefts, the hostile offer not recommended by the board, our resistance to sell cheaply, administration, return to life and now silence over the residual cash & assets largely robbed from original shareholders. ,

[braid] 16/3/2022 23:03

I have sent an email to Ian Dearing tonight. I'll let you all know if I get a response. As the months roll by, this is looking increasingly mirky. If not satisfied, I'm going to start pursuing this with the FCA, or whichever authority they recommend.

[trevorm2] 18/11/2021 16:34

Well at least it's not China!

[plasybryn] 18/11/2021 14:45

I see our Business address is Barnes Sq. Methodist Church Sunday school. Heard it all know!!

[casabella2] 02/11/2021 22:36

Cheers. Much appreciated.

[braid] 02/11/2021 20:19

It doesn't sound very good, but not over surprised. I can't help but feel we are being fobbed off so a small group can empty what's left in the coffers. I'll send another email to Mr Dearing - for what it's worth. We need to know what the big plan is and why one year on we are none the wiser. I'll keep you all posted.

[trevorm2] 02/11/2021 15:15

Check out Asa resource companies House. Filing history 29 10 2021. A lot of new directors to take what's left.