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Timeline of key events

2008 – Mwana Africa, which had significant nickel and gold assets, decides to mothball operations. However, as the economy improves, the business decides to raise funds to restart operations through a share sale and private placing with institutional investors.
2012 – Mwana Africa announces China International Mining Group Corporation will buy shares worth US$21,1 million, while the remaining shares will be sold to institutional investors. The company raises US$33,5 million. CIMGC emerges as the largest shareholder (21,4 percent), followed by Mr Yat Hoi Ning, a CIMGC director (7,6 percent).
Relations between the investors and Mwana Africa founder Mr Kalaa Mpinga deteriorate amid a tussle for control of the company.
2014 – CIMGC and Mr Yat file a High Court application challenging an AGM resolution approving appointment of new directors. The investors oppose appointment of Messrs Stuart Morris, Ngoni Kudenga, Johan Botha and Hebert Mashanyare as non-executive directors of Mwana Africa.
2015 – The Sunday Mail Business reports that CIMGC want the board chairmanship that is held on an interim basis by Mr Stuart Morris. Mr Morris had replaced non-executive board chair Mr Mark Wellesley-Wood, who was fired in February 2014 amid suspicion he was an agent for a hostile takeover by Centar Mining. As the dispute comes to a head, shareholders demand an EGM, which is held on June 9, 2015 in London. Four days before the meeting, Messrs Morris and Botha resign from the board.
At the EGM, Messrs Kudenga and Mashanyare are shown the door. CIMGC appoints Mr Scott Morrison, Mr Mark Wellesly-Wood, Mr Oliver Barbeau and Ms Anne-Marie Chidzero to the Mwana Africa board. The group is rebranded as Asa Resources.
April 16, 2017 – The Sunday Mail Business reports of allegations of siphoning of gold ore, externalisation and mismanagement at the company.
April 19, 2017 – Asa says it has fired CEO Mr Yat Hoi Ning and finance director Mr Yim Kwan, replacing them with Mr Toindepi Muganyi and Ms Carla Mackay. Mr Batirai Manhando, the Bindura Nickel Corporation MD, is named as an interim executive director. Asa says more than US$4,3 million is missing from its accounts.

Source :

sundaymail

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