Hanover Cap Share Discussion Threads

[wikroberts] 17/7/2004 08:44

West Africa Gold Inc’s significant shareholder to distribute its entire restricted shareholding.

Significant shareholder in the Company, Hanover Capital Group plc to distribute its entire holding of restricted shares in the Company to its shareholders.

NEW YORK, June 15, 2004 -- West Africa Gold Inc. (NASD OTC BB:WAGI) announced today that it has been advised by a significant shareholder, UK based, Hanover Capital Group plc (“Hanover̶1;), that Hanover will now commence with the distribution its entire shareholding in West Africa Gold Inc, that being in the amount of 638,958,360 shares of restricted shares of Common Stock in the Company, to Hanover’s shareholders. This represents a 30.41% shareholding interest in the Company at this time. Stephen Lumb, the Chairman of Hanover Capital Group plc, the UK Based Investment Company said today that this shareholding in the Company is being distributed to our shareholders in order to unlock value and to complete the process of “winding down”
Hanover’s business. Lumb said that for every one Ordinary Share in Hanover, its shareholders would receive 3.3334 shares of West Africa Gold Inc restricted Common Stock. He added that Hanover’s share in the Company had been extremely beneficial for his shareholders and that the value being released to them from this “unbundling221; represented a distribution of stock valued at approximately three times the price that Hanover’s share had ever traded whilst quoted on London’s Alternative Investment Market “AIM”. Stephen Lumb is a Consultant to
West Africa Gold Inc in respect of all of its Corporate and Structured Finance transactions. Richard Axtell, the President of West Africa Gold said he was delighted with this move by Hanover and added that it would bring a further 8,500 shareholders to West Africa Gold, with these new shareholders being primarily based in the United Kingdom.

Many thanks to "trading blue" for that news.

There is no mention of timescale, and no info from my broker (Barclays). Has anyone heard anything?

[simonevans] 17/7/2004 08:18

trading blue - well spotted. looks like shareholders will get some significant value back. Good luck to you. It's never been clear what happened to this company. It's always frustrating when AIM companies disappear without trace, but it looks like shareholders will get something back.

[trading blue] 16/7/2004 22:30

press release on 15-6-2004,3.33 shares for
every hanover share.

[trading blue] 16/7/2004 19:09

Press Release - 15/06/2004 - West Africa Gold Inc's significant shareholder to distribute its entire restricted shareholding

[jabberstocky] 16/7/2004 17:16

Did anyone ever get their Hanover shares in lieu of their Terra certificates?

[edjodav] 25/1/2004 11:40

so i take it this cmpany has gone bust

[simonevans] 24/1/2004 09:31

Agincourt - Thanks very interesting.

[edjodav] 23/1/2004 12:41

ANYBODY KNOW THE PHONE NUMBER FOR THIS COMPANY

[agincourt] 18/12/2003 11:11

Yep

It is the very same

I suggest you read Private Eye.

I will try and scan it and post it here

[agincourt] 18/12/2003 10:45

Hanover

That rings bell.

Is that man Peter Abbey involved.

See RSV and AZH BBs

If it is the same bunch of criminals Go to FSA and LSE

[euphos] 20/9/2003 21:49

whats happening?

[pork belly] 10/8/2003 16:23

The 2 most imprtant para's for shareholders are:

"Lumb continues to be upbeat about the prospects for Hanover which at the end of last year had a change of name - from Tera - and direction. As a first step it acquired some gold projects in Mali.

He says he expects an offer to be made for Hanover by a company quoted on a "recognised exchange" on terms that will be above the 4p at which the shares stood just over a month ago when the LSE suspended trading in them. This valued Hanover at only £2m."

hope this helps,cheers,porky

[pork belly] 10/8/2003 15:52

From "MINEWEB"

14 MAY 03




LONDON – The London Stock Exchange has de-listed Hanover Capital as controversial South African entrepreneur Stephen Lumb appears to have won an internal struggle about the future direction of the company.
There has been another shock for Hanover's 7,000 shareholders who have seen their company make an abrupt change of direction in the past few months, from being an "internet incubator" to a mining investment house. Simon Robinson, the Hanover board member who believed the company's main priority should be to maintain its AIM listing and was working towards that objective, has resigned. Jo Malins, who introduced Robinson to Hanover and joined the board with him when the company began its transformation last October, has also resigned.

Lumb, whose appointment as Hanover's chief executive in April seems to have sparked the brouhaha, tells Mineweb he requested Robinson's resignation but refuses to say why.

Lumb continues to be upbeat about the prospects for Hanover which at the end of last year had a change of name - from Tera - and direction. As a first step it acquired some gold projects in Mali.

He says he expects an offer to be made for Hanover by a company quoted on a "recognised exchange" on terms that will be above the 4p at which the shares stood just over a month ago when the LSE suspended trading in them. This valued Hanover at only £2m.

Holders of more than 77 percent of the Hanover capital have indicated they will accept the offer, he says. However, Lumb would not at this stage reveal the name of the potential bidder or whether it is also in the mining business. That will have to wait until the other company completes its due diligence, he says. Meanwhile, "Hanover is a perfectly sound company and debt free."

Hanover issued shares valued at 10p in exchange for the Mali gold projects. As this resulted in more than 40 percent of Hanover being owned by the vendors who did the deals via unquoted offshore companies. The shares have been as high as 24p in the past 12 months and down to below 1p.

The outcome of the internal struggle seems to have been crucially affected by the attitude of London listed Jubilee Investment Trust (LSE:JIT), which owns 26.42 percent Hanover.

The Hanover stake represents nearly 16 percent of the total value of Jubilee's investment portfolio. Jubilee has for some time been trying to merge with another London listed investment trust, the New Opportunities Investment Trust (LSE: NOIT). The offer is being made on Jubilee's behalf by Pearl Corporate Finance. David Pearl, chairman of the latter company, told Mineweb: "We certainly would accept [the proposed offer]. Stephen [Lumb] has been doing a very good job. It is just that he has been getting a very bad Press."

As Mineweb recalled two weeks ago, Lumb is remembered by the South African investment community particularly for his involvement in Essential Beverages, a company that offered mineral water enriched with vitamins but came a cropper, and also Internet Gaming Corporation (Igaming). Back in August 2001, the JSE Securities Exchange SA suspended dealings in both these companies. The JSE criticised Igaming for breaking its rules by not having a sponsoring broker and by producing no interim results. Lumb resigned as Igaming's chief executive protesting that he was not aware of these requirements.

When Robinson's and Malins' resignations were announced, Hanover also revealed that Richard Axtell, a former director of Essential Beverages, had joined the board. Ron Lowenthal, a South African stockbroker also previously associated with Lumb in that country, has been a Hanover director for some months.

Hanover has its roots in the dreaded dot.com boom. It started life as Oxygen Holdings, describing itself as an "internet incubator." When boom turned to bust it changed tack and its name to Tera Group before deciding in October last year to become a mining investment group – and to change its name yet again.

Shareholders were told in October that Hanover would raise at least £500,000 through share sales and that three new directors – Lowenthal, Malins and Robinson - were willing to put in a further £3m. The company intended to acquire AIM "shell" companies (those with listings but not much else) and invest mining assets in them while retaining substantial stakes.

As well as being Hanover's non executive chairman, Robinson is chief executive of Parkgreen Communications, a London based public relations business that has a number of mining or exploration companies among its clients.

Lumb was appointed to Hanover's board and became chief executive on April 9. That same day the accountancy firm, Grant Thornton, who had become Hanover's nominated adviser (nomad) only in December, resigned. As no replacement nomad was lined up, the London Stock Exchange insisted that Hanover's listing be suspended. No trading in the company's shares has been permitted on the exchange since then.

Nomads play a very important role in the AIM system because the Stock Exchange relies completely on them to ensure that the companies they are advising are complying with all the rules and requirements. The Stock Exchange basically leaves the vetting of AIM companies to nomads while taking great pains itself when vetting the nomads before appointing them.

Companies whose nomads resign are given one month by the LSE to find a new one or their shares are de-listed. Lumb insists Hanover did not have enough time to appoint a new nomad although Robinson two weeks ago was certain one was about to be appointed.

Lumb says it would be relatively simple for Hanover to gain re-admittance to a recognised stock exchange but for the time being he is concentrating on the potential offer that, he insists, would be the best outcome for shareholders.

He also says: "If my being a director [of Hanover] or chief executive is a problem, I will step down."

[rheiner] 06/8/2003 17:21

Apparently HAO could reappear quite soon. News may be quite favourable but a bit more patience required it seems. That just about sums up the extent of my info. on these.

[tiredoldbroker] 06/8/2003 17:12

When you say you can't find any information, have you tried clicking on the button at the top of this page which says QUOTE, then scrolling down to RECENT NEWS, clicking on the top announcement and phoning either of the two phone numbers contained therein ?

[craig1] 06/8/2003 16:42

What's happening to these shares???

I unfortunately bought these when they where oxygen plc - I've since lost touch and I'm having diffculty following the trail.

I can;t find any info on HAO or Tera or OXY....Can someone confirm that these shares are now worthless....

Cheers

[rheiner] 23/7/2003 13:27

A message to all holders : Do not despair ! You might be getting some more hopeful news in the not too distant future.

[bereft] 30/5/2003 08:23

Name change in the offing? Hanover to Had Over ( we have been )

[captain swing] 15/5/2003 22:30

This is a quite informative article by Ken Gooding in Mineweb on the HAO suspension...

[jabberstocky] 15/5/2003 20:30

Damn I missed that private eye article (could you post it please), but if private eye have only now got around to covering this stock (in all its guises) then it makes you think that there is real scope for a new investigative rag. Anyone remember 'Rebecca'?