HPC Follower
06 Jun 2018
Re: Continuing Silence..... Not necessarily... they could get the missing money back and the foundry may yet be completed and moved into production, adding value back into ASA.Long wait here though...
AlphaCentauri
04 Jun 2018
Continuing Silence..... ...from the administrators. The longer this goes on the less likely it is liable to be anything other than a dead duck for shareholders. A nice little earner for them though!My last attempted contact with them received a response to say they were doing everything required by law and it was effctively none of my business to ask questions!Hey ho.......
Sly Dawg
23 Mar 2018
Re: Administrators Six Month Report this seems positive no? seems like shareholders will get a return.....4. Purpose of the Administration4.1 The purpose of an Administration is to achieve one of the following hierarchical objectives:• Rescuing the company as a going concern; or• Achieving a better result for the company’s creditors as a whole than would be likely if thecompany were wound up (without first being in Administration); or• Realising property in order to make a distribution to one or more secured or preferentialcreditors.4.2 The Joint Administrators are of the view that, subject to the transaction structure of the sale of theCompany’s assets, either the rescue of the company as a going concern or achieving a betterresult for creditors than a liquidation will be achieved.4.3 In accordance with Paragraph 49(2) of schedule B1 to the Act, the Joint Administrators note thefollowing:• The Joint Administrators are currently still pursuing the first and second objective, which willbe achieved either through a refinance of the Company or via a sale of the Company’sassets, being the interest in HeadCo. As noted above, there are two interested parties, beingRPI and the Interested Party, interested in purchasing the shares in HeadCo.• Either of the above scenarios will likely provide a better result for the Company's creditors asa whole than will be achieved if the Company were wound up without first being inAdministration and as noted above, subject to the transaction structure, may also rescue thecompany as a going concern. As it currently stands, and based on information available tothe Joint Administrators, each of the options and both the offers from RPI and the InterestedParty will likely result in a repayment of all creditors in full (assuming the creditor positiondoes not materially change over the course of the Administration). It is also anticipated thatthere will be sufficient funds to allow a distribution to the Company’s shareholders, thequantum of which is uncertain, following the repayment of all creditors in full and the costs ofboth Administrations. It is doubtful that this would have been achievable had the Companybeen wound up, given the Group’s liquidity requirements and uncertain impact on the Group’smining assets as a result of the liquidation of the Company.
AlphaCentauri
09 Mar 2018
Administrators Six Month Report Find it here:[link] "A" and go to ASA. PDF file dated 28 Feb. Not for those of nervous disposition!
AlphaCentauri
22 Feb 2018
Re: What now? The shares are not only suspended but now also delisted so they will not be tradeable again in the foreseeable future. If RPI have control over the company I very much doubt that they are under any obligation to buy out the minority. However I also doubt very much that the Administrator will hand anything over to RPI until a whole raft of allegedly illegal and criminal practices have been resolved. IIt could be a long wait.
HPC Follower
21 Feb 2018
Re: What now? Guess this leaves either ASA coming back as a going concern with >50% RPI shareholding once debts are cleared or RPI will need to make an acceptable offer to the remaining ASA shareholders (e.g. 2.1p+) else ASA will fail leaving RPI with little value left.I would like to see a favourable solution agreeable to RPI and ASA shareholders soon... this is taking far too long; although could still be waiting on the diamond mine sale to reduce debt first.Nothing we can do here but wait - all very disappointing given the problem was rooted in probable "theft of company funds".
roco200
08 Feb 2018
Re: What now? Here is the RNSPAF - Pan African Resources PLCReleased an RNS on 07-02-2018 in which they stated are no longer in talks to acquire assets from ASA.And as a result PAF's share price is rising.[link] OF CAUTIONARY ANNOUNCEMENTShareholders are referred to the announcement, released on SENS on 29 January 2018, wherein Shareholders were advised that the Company had entered into exclusive negotiations with the joint administrators of ASA Resource Group Plc (£ASA£
in relation to acquiring certain of the assets and liabilities of ASA (£the Acquisition£.Shareholders are hereby notified that discussions between the Company and ASA relating to the Acquisition have been terminated and, accordingly, shareholders are no longer required to exercise caution when dealing in Pan African shares.Johannesburg7 February 2018"
roco200
08 Feb 2018
Re: What now? I suspect the sharp market correction, which hit PAF shares as we know, probably made it impossible for them to raise the cash to proceed. What terrible timing.Ironic in the extreme.But not over necessarily yet.The Administrator may yet have other avenues to pursue.It would be helpful if he felt obliged to inform the market.I guess the worst scenario is that Rich Pro pick up the remaining shares for 2.1p.Anyone thinking along similar lines?
AlphaCentauri
08 Feb 2018
Re: What now? They were in "exclusive" talk to buy some of the assets. Looks like the Administrater has said they have to take the liabilities too!Anyone got a link?
Sly Dawg
08 Feb 2018
What now? I've read Pan have withdrawn discussions? What now, is the stock worthless?
AlphaCentauri
01 Feb 2018
Re: Pan African Resources From a buyer's point of view cherry picking assets is the best way forward. The Administrator needs the money to pay off the creditors and may not have any choice but to accept a low offer. I do not imagine that there will be any surplus for shareholders.
Jonathan Osborne
31 Jan 2018
Re: Pan African Resources The Panaf announcement states “… in relation to acquiring certain of the assets and liabilities of the group”To me it looks like they might be trying to cherry pick the assets rather than make an offer for headco.
HPC Follower
30 Jan 2018
Pan African Resources Note the word "exclusive", which implies that they would also buy out RPI's c.50% holding as well... and they will want a good profit beyond the 2.1p they recently paid for the bulk of their shares to top up on their original holding at a much higher price.The fact this "exclusive" negotiation is now "visible" to the general public implies that this may be concluded (hopefully) soon now - e.g. RPI have stopped fighting to buy the whole company themselves and "being the major ASA shareholder" will want the offer to be at least 4p a share I suspect.They may also be waiting on completion of the ASA diamond mine and/or readiness of the new smelter...
Jonathan Osborne
30 Jan 2018
Another article [link]
Jonathan Osborne
30 Jan 2018
Not sure it's all over just yet. Removal from AIM is just that, the shares still exist. Pan African resources are in exclusive negotiations with the administrators, just hope that there's something left over for the shareholders...[link]
