ASA Resource Live Discussion

AlphaCentauri 20 Dec 2017

Check you still hold your shares..... My nominee broker gave my shares to RPI when the offer closed without my authority!This is all going to get lively as it has happened to many others. That is why their holding has increased!

HPC Follower 16 Dec 2017

Re: RPI Offer Closed I agree... my logic being:-The real NPV worth (current assets less debt) must be equivalent to at least 4p, probably nearer 10p actually) after the recent capital spend which is close to the present market value of the company alone given the value when in production early 2018, and the other gold/ore assets in an improving government situation. This competition should lead to the highest bidder winning...If RPI win, they must at least equal the offer of the "unknown bidder", to pay 60% to themselves and the balance to the other 40%; or just to pay the 40% to buy them/us out as well as pay the creditors. This will need to be at least 4p a share; possibly more if the competitor correctively values ASA more highly.If RPI lose, the offer will need to be high enough above RPI's 2.1p for them to want to "take the cash" for a very handsome, immediate return on their investment to reach their new 60% holding, and at least as high as the competitor's c. 4p a share to sway the administrators in their favour. A figure between 4 and 5p a share should do it...The present ASA directors will not be making the decision but did take action in putting ASA into administration in order to protect shareholders in a difficult situation. Those with shares in ASA, close to the management team, will not have sold their shares to RPI; they remain in close contact with the Administrators.RPI, even if they are doing their "own thing" to maximise their advantages given their best estimates of the real value of ASA - what they may have lost and what is probable/possible, will also be putting forward their best and final offers.The Administrators will want to ensure that there will be no legal challenges after their final decision, and that any winning bid will not unravel.RPI are investors, not miners, so I expect RPI will lose the bid but, overall, win substantially in money terms... but who knows at this stage... must hear before year end surely...

roco200 15 Dec 2017

Re: RPI Offer Closed Better off very soon imo

HPC Follower 15 Dec 2017

RPI Offer Closed RPI now own 60% of the shares... most bought at their 2.1p offer price.Question now is will these shares now be sold to the new bidder at a higher price, or will RPI buy the balance at a higher or lower price, or even pay the creditors and allow ASA to come out of administration as a going concern?What decision will the Administrators make and will RPI now have the final say with their 60% share holding?Should those of us still holding ASA shares have sold out or will we be better off soon?

HPC Follower 15 Dec 2017

Re: Two helpful ADVFN posts It seems to me that the best price for share holders will be accepted; with the two offers being kept on the table for legally valid and ready to complete final offers. I think this will be cash for share holders. In the RPI case this will be a buy out, which will take the ASA subsidiary or ASA as a whole into private ownership in full acceptance of the liabilities and debt to creditors.The other company offer will buy the ASA subsidiary from ASA or merge in the whole ASA for a fixed amount to be paid to ASA shareholders after also paying all the oustanding debts to creditors.I suspect there will be no immediate return of "stolen?" funding.I still hope for nearly 4p. with a decision before Christmas and payment by year end 2017. Better than nothing, but not what I originally expected from the business when fully turned around with the foundry, etc.

AlphaCentauri 14 Dec 2017

Re: RNS out Glad I held on to my shares but not happy that some allegedly criminal practices will be rewarded.

roco200 14 Dec 2017

RNS out Progress continues to be made.

roco200 07 Dec 2017

Two helpful ADVFN posts Two ADVFN postsFrom Plasybryn: As I read this, there were two acceptance dates - 1st Dec & 15th Dec. If the offer "from a substantial publically listed company to acquire the Company's 100% shareholding in ASA Headco Limited" as detailed in the RNS Update, dated 24th November, is accepted by the Joint Administrators to be a better offer than that of the RPI offer, then we all will receive that consideration shortly after the 15th or thereabouts. Of course we don't yet know the format of this "better" offer. Will it comprise of options? Say Cash or Cash & shares, or just shares? All should become clear soon. Anyone else care to comment with knowledge of how these things work?Response by Parkhurst on ADVFN Plasybryn, great question about format of the alternative offer. I reckon the alternative offer would have to also comprise a swapping facility for those ASA shareholders interested to stay in. It won't be long now before the offer has to be unveiled. Ning and Kwan have been behaving like corporate thugs. After they were fired they have been illegally providing RPI with sensitive management information they had stolen from the Company just before they left. RPI is guilty of flagrant market abuse by making the offer on the basis of information, that was not available to other shareholders. Then with the pre-knowledge of a better offer before the other shareholders were informed they went unconditional, thus bagging a potential 1p trading profit, should the other party win the game. RPI know a thing or 2 about shafting ordinary shareholders. Those of us who held on will be the real winners in the end, I have the feeling. I think an alternative bid would not have been possible without administration. Normally Administration is the less good option. But we're not in normal here: because of the obscenely low level of RPI's offer. I reckon the truth is around the corner, hold your breath.

HPC Follower 04 Dec 2017

Court Decision in favour of ASA share holders Since there is a 2.1p offer per share from RPI and a potentially higher offer from a third party, this decision should enable ASA shareholders to take the highest offer in cash terms; albeit being robbed of the longer term benefits envisaged from ASA's business..."In accordance with the Protocol, the New Administrators will together, on a joint and several basis, review and determine (in accordance with the provisions of the Insolvency Act 1986) the appropriate exit route from administration. If the New Administrators consider that by reason of RPI's takeover and finance offer it is reasonably practicable to rescue ASA as a going concern and that a sale of the Company's assets (namely its shares in ASA Headco) would not achieve a better result for the Company's creditors as a whole than accepting RPI's takeover offer, then they will accept RPI's takeover offer. If they do not consider that will be the case, they will seek to realise the Company's assets (through a sale of the shares of ASA Headco Limited or otherwise)."How long this will all take is uncertain, but surely it shouldn't take long to decide which is the best offer "in writing" so that the company can be sold and money distributed to current share holders... a Christmas present perhaps, better than having the value tied up, unable to be re-invested.

roco200 28 Nov 2017

Courtesy Parkhurst on ADVFN This is a very good post and one that should have our consideration/action IMO.How many shareholders would have rejected the RPI cash offer or would have liked the option to reconsider their position had they known about the higher offer?Let’s rewind and reflect on Friday’s announcement by the administrator in response to the offer being made unconditional in all respects:“The announcement on 21 November 2017 was made without pre-notifying the Company's Joint Administrators and shortly before litigation between RPI and the Joint Administrators is due to be heard in Court in the week commencing 27 November 2017 ("the Hearing".Given that there are a number of matters which are due to be heard before the Court next week, the announcement by RPI came as a surprise both to the Company and to the Joint Administrators.The Joint Administrators have now received a non-binding and conditional offer from a substantial publically listed company to acquire the Company's 100% shareholding in ASA Headco Limited ("Headco", its immediate subsidiary holding company which in turn owns, directly and indirectly, all of the Company's material assets. The Joint Administrators believe that, if this offer is accepted, and the applicable conditions are satisï¬ed, all the creditors of the Company would be paid in full, and from the balance of the proceeds of the sale, shareholders of the Company should receive signiï¬cantly more than the 2.1p per share offered by RPI.â€The implications of this statement are:1. If RPI and its advisors had knowledge of the higher offer, irrespective if it was conditional or not, were they then not in a more privileged position than the shareholders who accepted their offer?2. acquiring the shares of those that accepted do they stand to make a proï¬t? If so, was this not insider trading?3. How many shareholders who, if they were aware of this higher offer would have withdrawn their acceptance?Surely the regulators must look at this scenario and ensure that all shareholders are put on a level playing ï¬eld as this is their primary responsibility.If you want to join in on a petition, send an email to: [email protected] and we’ll form a group.A concerned shareholder

HPC Follower 24 Nov 2017

Re: Current Position I do hope you are right...I'm hoping for a good return here to help me re-cover from some of the disasters (GKP, RKH, OEX, ANGL & COP come to mind)... as quite a few long term investments are taking many years longer than I had hoped for the companies concerned to become profitable (VOG, FDI, GKP again, NANO, CHAR, CZA, AST, STEL, OBT & KDNC to name just a few).I guess we will hear more before Christmas as I expect it would be best if ASA didn't drop out of the AIM market in January.

AlphaCentauri 24 Nov 2017

Re: Current Position HPC - Looks like a big win for you. Should be enough left for somthing nice even after CGT. I hope to come out even but was hoping for longer term gains. I believe I know the alternative bidder (and his price!). As they say, a nod is as good as a wink to a blind horse!

HPC Follower 24 Nov 2017

Re: Current Position Well I've got ASA shares worth £10K too, but with an average cost at 0.74p. I started with SRE converted shares, then bought at 4p and 5p before averaging down multiple times and top-selling a few. Most of mine were then bought at early 2016 lows... hence I potentially leave now with a good profit - however the real worth is certainly above a 10p a share, especially with the new foundry completed for themselves and third party usage.I had hoped to sell a few more ASA shares by now, but the "theft" and suspension was rather unexpected...However, I'm not convinced the share price will get back to 10p (post 1:10 consolidation) any time soon.Nevertheless, given the RNS today, I've changed my mind again and will not accept the 2.1p offer given the Administrators should do what is best for all the shareholders (given money and risks) and RPI's aggressive approach may now be losing friends amongst the decision makers. I did write a few days to the administrator and ASA Management about being "left in the dark" which may have also helped prompt a response to the last, unexpected, RNS from RPI.

AlphaCentauri 24 Nov 2017

Re: Current Position <<I have therefore concluded that it is probably best for me to keep my ASA shares in the hope that RPI will do as they say they will do - incentivised by their 52% plus shareholding.>>With reasoning like that I would be interested to see how much you are likely to gain or lose (I have £10k at 4p). So far it appears to me that RPI have done little to justify any trust. Laws of libel prevent further comment.

HPC Follower 24 Nov 2017

Re: Current Position Reading the last RNS again it does seem that RPI would still pay all ASA share holders 2.1p a share in the case that the Administrators sell ASA directly to RPI. This is very fair of RPI in the circumstances. The waiving down by the bidder, RPI, to 50% + 1 share also implies that they recognise that 2.1p a share is not enough to pursuade 40% of those rejecting to now say yes; and believe that the majority holding will give them all the authority they need to change the directors, accept the $40m loan at 5% per annum (a good rate) to then pay the creditors and get the business moving again outside of administration. I am sure they would also help chase those charged to try and get missing money back.I have therefore concluded that it is probably best for me to keep my ASA shares in the hope that RPI will do as they say they will do - incentivised by their 52% plus shareholding.Comments welcomed...