Update — 'Headco' bids

RNS Number : 3075Z
ASA Resource Group PLC
14 December 2017
 

Asa Resource Group plc (in Administration)

("Asa," or the "Company")

 

Update

 

Further to its announcement on 24 November 2017, the Company wishes to confirm that the Joint Administrators of the Company remain in constructive discussions with the two parties referred to below to sell the Company's 100% direct interest in Asa Headco Limited ("Headco") which owns, directly or indirectly, all of the Company's material assets.   

 

As announced on 24 November 2017, the Joint Administrators have received a non-binding and conditional offer from a substantial publicly listed company. The Joint Administrators continue to believe that if this offer proceeds to completion, all the creditors of the Company would be paid in full and from the balance of the sale proceeds, Asa's shareholders could potentially receive more than   2.1 pence per share.

 

In addition, as set out in its announcement of 21 November 2017, Rich Pro Investments Limited ("RPI") has also made a non-binding offer to acquire Headco on a basis that would also result in the repayment of all of the Company's creditors and a   payment to the Asa shareholders of potentially more than 2.1 pence per share. 

 

The Joint Administrators are actively considering and progressing both offers and the Joint Administrators hope to agree the sale of Headco as soon as possible.  A further update will be provided as and when available.

 

Contact

Asa Resource Group plc (in Administration)

c/o Duff & Phelps, The Shard, 32 London Bridge Street, London SE1 9SG

communications@asaresourcegroup.com

 

Nominated Adviser and Broker

SP Angel Corporate Finance LLP

John Mackay, Jeff Keating, Caroline Rowe

Tel: +44 (0) 20 3470 0470

 


This information is provided by RNS
The company news service from the London Stock Exchange
 

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