Asa Resource Share Discussion Threads

[asmodeus] 18/4/2017 20:58

Calm down madame. We can read.

[big bear billy] 18/4/2017 20:49

Can they get money from Darwin, henderson or Crede?

Conversion loan notes.

Only them would give money to companies in distress.

[deadly heisenberg] 18/4/2017 20:45

BTW

It's not bold font.

just in case you make the wrong decision.

[redtrend] 18/4/2017 20:30

I would have preferred you kept it all in red bold... but then I am biased

Your subliminal message in blue bold has won me over though... I shall heed your advice and buy some shares tomorrow.

[deadly heisenberg] 18/4/2017 20:20

Hey Red


Can you comment on the excerpt below? What do you think this means from today's RNS?

Thanks in advance.






The cash analysis reveals that there is a pressing need for cash at ASA, FRGM and BNC levels and that the matters now under investigation have prejudiced their normal cash flows.

[dark energy] 18/4/2017 20:16

are you talking from experience? LOL !!!!!!!!!!!!

Tell us how many avatars you have.

Crazy to think many people can't have the same opinion.


Shall we accused you being Mreasy? Not going to stoop to your level

[redtrend] 18/4/2017 20:14

How many handles do you have?!

[dark energy] 18/4/2017 20:12

Most of these investment & ipo do go sour.

Are you saying everything you buy goes up? Well does not look that way as MrEasy is down -50%.



Cut and run.


In this case, pillage what you can bailing out.


Don't know exactly what they been doing.


It will take a few months before auditors find out.



BY then it would have already ceased operation.

Look at the post above 2329.



Clearly states they need funding quick.

[caedwalla] 18/4/2017 20:02

If this is a scam it is not a very clever one because the Chinese will have got away with less cash than they invested in the business. Or am I missing something?

[23915825] 18/4/2017 19:43

Bankruptcy looms

[deadly heisenberg] 18/4/2017 19:34

One should expect the worst case scenario here.


The Company has identified that funds are still to be accounted for by Group subsidiaries managed from Hong Kong. This is a matter that Ernst & Young will be attending to.



who's going lend a company who's going to be cash flow negative, potentially already insolvent?








The cash analysis reveals that there is a pressing need for cash at ASA, FRGM and BNC levels and that the matters now under investigation have prejudiced their normal cash flows.

[deadly heisenberg] 18/4/2017 19:32

We need to know how much cash they have in their coffers? If they can sustain the operations.

Doubt they can.






3. Going concern
The Directors, having considered the Group's and the Company's current trading activities, funding position and projected funding requirements and the Zimbabwean environment for the period at least twelve months from the date of approval of these interim financial statements, consider it appropriate to adopt the Going Concern basis in preparing the Interim Financial Statements for the six months ended 30 September 2016. The Group's business activities, together with the factors likely to affect its future development, performance and position are set out in the Interim Operational Review above. The financial position of the Group, its cash flows and liquidity position are as set out in the Financial Review section of this report.

The group reports a profit for the six months ended 30 September 2016 of $3.1m (H1 FY2016: $4.3m loss). As at 30 September 2016, the Group held cash of $1.1m (H1 FY2016: $9.7m).

During the six months to 30 September 2016, BNC and Freda Rebecca's respective cash flow contributions to the Group fell due to cash obligations related to operating activities and capital expenditure at each mine. However, the Group worked hard to reduce its corporate overhead structure, resulting in corporate costs of $2.4m compared to $3.4m for the same period last year, and minimise exploration expenditure on its gold and copper exploration assets. Nevertheless, the Group's cash balance of $1.1m is significantly lower than it was six months ago at year end when it was $7.4m.

[deadly heisenberg] 18/4/2017 19:28

Statement of Cash Flows

The Group had cash balances of $1.1m (H1 FY2016: $9.7m, comprising $0.1m (H1 FY2016: $2.3m) held by BNC, $0.2m (H1 FY2016: $2.1m) held by Freda Rebecca, and $0.8m (H1 FY2016: $5.3m) by Other Asa Group entities. Cash balance of $9.7m at 30 Sept 2015 included part of the outstanding proceeds from BNC smelter bond.

The Group generated $4.0m (H1 FY2016: $2m utilisation) in cash from operations, being a utilisation of $3.4m (H1 FY2016: $2.7m) by BNC offset by positive cash flow generated by Freda Rebecca of $8.5m (H1 FY2016: $5.6m) and other Asa Group of $1.1m (H1 FY2016: $4.9m).

The Group utilised $11.2m (H1 FY2016: $13.4m) in investing activities, comprising $3.5m (H1 FY2016: $8.8m) utilised in investing activities at BNC of which $3.1m (H1 FY2016: $4.7m) was in relation to the smelter re-start. Freda Rebecca invested $5.1m (H1 FY2016: $2.3m) in capital expenditure, and the Group invested an additional $1.4m (H1 FY2016: $1.5m) in intangible assets in MIZAKO/Zani Kodo. Other Asa Group entities invested $1.2m (H1 FY2016: $0.8m) of which $0.9m (H1 FY2016: $nil) related to the acquisition of Asa Meat, the abattoir in South Africa, and $0.1m (H1 FY2016: $0.6m) was spent in relation to copper exploration activities in SEMHKAT.

INTERIM FINANCIAL STATEMENTS (UNAUDITED)

CONSOLIDATED STATEMENT OF PROFIT AND LOSS (UNAUDITED)

For the six months ended 30 September 2016

[bennie_m] 18/4/2017 19:20

How do you know the estimates are true?

Do you believe fraudsters, incompetents?

How do you know more scams are not going to be uncovered? The probability is quite high.

How do you know there are no other misleading statement?


This is busted flush.

[bennie_m] 18/4/2017 19:15

How do you know it's leveraging?

Are you saying you trade on debt and leveraging; and you think everyone does the same?

Stop assuming EEzy, otherwise you would not be down today -50%. Not everyone makes assumption like yourself.


Not everyone trades on debt and not everyone put all their funds in one shares. You are assuming shorters are mugs, you are saying they will close tomorrow, you saying margin calls and yet it's you who most probably got a phone call today about Margin calls.


EEZY be fair to the ones who are winning and they will continue to win till 0p.

[bashers2] 18/4/2017 19:10

Let's not forget how many ounces of gold are held here. It's not the end of the World.

[mreasygoing] 18/4/2017 19:08

Remember the leverage on your shorts, that's going to be painful when you get the phone call asking for MARGIN.

[mreasygoing] 18/4/2017 18:55

I'm a masochist with ASA. Nice try.