HPC Follower
07 Aug 2017
Re: RPI ASA plc have a cash flow problem and are struggling to get a bridging loan after c. $2m was transferred back to China/Hongkong by directors of the local company for no known reason it would seem, and said directors are now uncontactable to explain themselves - and have been sacked as a consequence - with ASA parent company staff taking their roles in the interim.The weakened company is now a take-over target and certain significant share holders, who are naturally unhappy with the circumstances, are working together to try and buy ASA plc for 2.1p a share - a low ball price given the capital investment recently made in the foundry that is almost complete; and they have the cash to bridge the gap.ASA plc have put the company into administration, a) to try and get the missing cash back (which could involve a court case and police); b) to assist in getting the necessary bridging finance; and c) to stop any share transfers whilst in administration - which I read will include transfers through the current buy-out offer.Yesterday, I entered YES to the buy-out, but today I've changed this back to NO (the default) as the company is definitely worth much more than 4p a share with the foundry operational. Given the cash flow problem is a direct result of criminal action, which may even covered by theft insurance, ASA plc should be able to recover and may yet return to life at more than 2.1p a share.Meanwhile, ASA business is continuing as normal, even if they can't afford to pay the directors and some of the creditors at present.
Sly Dawg
07 Aug 2017
Re: RPI I received corporate action of administration earlier, can someone advise what this means? is it because it is being bought out?
HPC Follower
07 Aug 2017
Re: RPI Further, based on the RNS received recently regarding "administration", it does seem that no shares will be transferred even if there are enough votes in favour of the current 2.1p offer.Let's hope the missing money will be recovered and business can return to normal soon; preferably without any take-over and a much improved share price with the foundry completed and in productive use.
HPC Follower
07 Aug 2017
Re: RPI Given the possible "theft" and resultant cash flow issues, I've decided to vote in favour of the offer of 2.1p a share for ASA Resource Group plc - in my case about 500,000 of them...This will potentially get me out with a small profit, which is much better than what could arise through administration with creditors having first calls on the remaining cash. My holding isn't very high though, so if the majority (who ought to be much better informed than me) decide to vote against this - then I will just have to wait and see what happens.I, and I assume most investors here, feel cheated by those unauthorised transfers of cash to China/Hong Kong, by senior staff who have seemingly disappeared, leaving the main ASA directors/managers with big problems. The capital investment has been relatively high and private investors are being forced out ahead of seeing any benefits from this capital investment, which is planned to transform the company in terms of business turn-over and longer term profit.
HPC Follower
03 Aug 2017
Re: RPI The default is not to sell but if enough say yes the balance will be bought anyway.Right now I'm undecided but getting rather fed up with cheats and self interested directors on many company boards.
AlphaCentauri
03 Aug 2017
Re: RPI The shareholders have the option of NOT selling their shares! Perhaps the BoD can provide some financial incentive to hire the Triads to seek redress from the criminal Chinese in the appropriate manner..........
HPC Follower
03 Aug 2017
Re: RPI It will be worth well above 5p a share once the foundary works are completed even if the missing cash is not recovered. ASA have cash flow problems and shareholders are being given little choice but to accept the 2.1p offer.
Andy Pany
03 Aug 2017
RPI Hmm - I wonder why do RPI want to buy ASA who currently have the Administrators in?
QHSS
02 Aug 2017
Re: Warming Up! I received the offer docs from the Chinese company RPI. They seem very keen on buying the shares of ASA while trying very hard to look respectable/ethical investment company.I have a sneaky feeling they are part of the (dirty tricks) game of temporarily hurting ASA so that they can buy it on the cheap probably in a sort of agreement with the 2 Chinese directors who stole money from ASA and ran away back to China/Hong Kong.I bought ASA shares at 4p few years back. So if I get anything near that offer I will most probably take it. Even though I know ASA is worth a lot more, Zimbabwe, Congo and China look to me like a toxic mix.Regards,QHSS
Hunter63
01 Aug 2017
Re: Warming Up! Duff and Phelps, of Rangers notoriety....the soap opera that is AIM
AlphaCentauri
28 Jul 2017
Warming Up! Suspension of share trading (pending clarification of financial position) and removal of a non exec as nobody seems to know where he is. It is like one of those TV series where we have to wait until next week to see who knows (and will not tell!) where the bodies are..... Hey ho.
HPC Follower
26 Jul 2017
So now we have the cash offer...unchanged This clearly undervalues ASA but what do the ASA Board recommend and do the bidders have enough shares to force this through?I was hoping to see the benefits of all the capital recently deployed.
Hunter63
20 Jul 2017
Re: 50% up on 2.1p a share cash bid The offer seriously undervalues the company but will probably go through, such is life on AIMI actually think the Board will resist initially, but bribery and dirty tricks will win the dayMeh, plenty more junior miners in the sea
AlphaCentauri
14 Jul 2017
Re: Bidders are accumulating If they are buying, then somebody is selling................
HPC Follower
14 Jul 2017
Bidders are accumulating Those amongst the bidders are topping up with shares at about 1.9p... firstly to increase the percentage holding overall to force through the offer, secondly to buy those shares about 10% more cheaply than the offer price of 2.1p.Surely the ASA Board will want more than 2.1p a share?
