Pan African Resources Plc said Jan. 29 that it entered into exclusive negotiations with the joint administrators of Asa Resource Group Plc to acquire certain assets and liabilities.
Talks are ongoing and there can be no certainty that the acquisition will conclude, Pan African said.
In November 2017, Asa administrators received a nonbinding offer from a publicly listed company to acquire its 100% shareholding in ASA Headco Ltd., which owns all of the company's material assets.
Joint administrators were appointed at Asa in August 2017 after the company halted trading of its common shares on the London Stock Exchange pending the clarification of its financial position as part of a larger investigation over US$4.3 million in unaccounted-for funds.
