Look at the announcement dated 25 Nov 2016 on the revised valuation on the acquisition of Wullersdorf Resources S/B based on due diligent done. The deal looks real now. The initial valuation of RM136 million done by Optiro, a reputable geologist is again independently reviewed by another peer expert in mining consultant and geologist work to assess the initial valuation. Based on the due diligence acquisition price is now revised to RM96 million in yesterday announcement. if any of you who are expert in mining industry, please read and comment whether it worth investing with this new report.

Look at last company announcement it seems company working hard to fulfill all condition precedents for the land acquisition and approval for acquisition by Bursa on EGM circular could be is on the way. No development since 20 Nov 2015. Bursa cannot be so inefficient and it must be company reports have short comings and not meeting Bursa and SC requirements. This small co co without strong professional must have screw up somewhere as a result all our money stuck here till now. Insiders also exercise ESOS at 70 sen for 2.8 mil shares when market price was about 83 sen in May 2016. Something is cooking. Hope the company get it right now.

Newspaper misread the 21 June Announcement. Refer to today clarifications for your comfort.

Reference is made to Bahvest's announcements dated 21 June 2013 (“Announcement”), 8 July 2014, 8 July 2015 and 21 June 2016. Unless otherwise defined, all capitalised terms used herein shall have the same meaning as those defined in the Announcement.
Reference is also made to the article entitled “Borneo Aqua drops plans to go into mining” published in The Sun Daily on Wednesday, 22 June 2016, in particular the following sentences reproduced:
“Borneo Aqua Harvest Bhd has dropped plans to acquire Wullersdorf Resources Sdn Bhd and diversify into the exploration for minerals, mining and mining-related businesses.”
“The company said it will not request an extension of time from Southsea Gold for several proposed corporate exercises, including the acquisition of Wullersdorf Resources,diversification of its core business, increase in authorised share capital and amendments to its memorandum and articles of association to facilitate the issuance of irredeemable convertible preference shares (ICPS).”
The Board of Bahvest (“Board”) wishes to advise that the above reports are incorrect and wish to clarify as follows:
The purpose of the Co-Operative Agreement (which is now not extended) entered between Bahvest and SGSB on 21 June 2013 is to establish collaboration between Bahvest and SGSB in relation to the prospecting, exploration and extraction of various minerals (namely zinc, lead, copper, gold, silver and other base metals) and commercialisation of such minerals in an area measuring approximately 200 acres at the Locality of Bukit Mantri in the District of Tawau, Sabah, Malaysia (“Mining Site”).
The Mining Site forms part of an area covering approximately 200 square kilometres at the Locality of Bukit Mantri in the District of Tawau, Sabah, Malaysia (“Prospecting Site”) where SGSB holds a prospecting license dated 17 January 2013 received from the Sabah Lands and Surveys Department, Kota Kinabalu, Sabah (“Lands and Surveys Department”) granting approval under Section 8 of the Sabah Mining Ordinance 1960 to prospect and explore minerals, namely zinc, lead, copper, gold, silver and other base metals for a period of four (4) years commencing from 1 January 2013.
For information purposes, the prospecting, exploration, extraction and commercialisation of minerals at the Mining Site represents green field prospecting activities and Bahvest shall fulfil certain obligations pursuant to the Co-Operative Agreement within a period of twelve (12) months from the date of the Co-Operative Agreement, which includes determining whether the Mining Site contains commercially justifiable mineral resources for commercial mining. On 8 July 2014 and 8 July 2015, SGSB had agreed with Bahvest to extend the Co-Operative Agreement for another 12 months period up to 20 June 2015 and 20 June 2016 respectively to enable the Company to
continue with the due process of determining whether the Mining Site contains commercially justifiable mineral resources for commercial mining.
On 20 June 2016, the Co-Operative Agreement had lapsed and the Board resolved not to extend the duration of the Co-Operative Agreement further after taking into consideration that Bahvest had identified an alternative mining site comprising 317.7 hectars of mining land held under Wullersdorf Resources Sdn Bhd. Bahvest has announced the proposed acquisition of 100% equity in Wullersdorf Resources Sdn Bhd (“WRSB”) (“WRSB Shares”), for a total purchase consideration of RM131.0 million (“Proposed Acquisition”)
The Proposed Acquisition was announced by Bahvest through AmInvestment Bank Berhad on 20 November 2015. Bahvest and the vendors of the WRSB Shares (namely Datuk Lo Fui Ming, Mohd Amir Bin Masry and Dr. Tan Su Haw) are in the midst of fulfilling the conditions precedent (“CPs”) of the SSA. Currently both parties are at the final stage of fulfilling the CPs including finalising the relevant geotechnical and mining reports by Australian experts. Announcements will be made in due course.
For avoidance of doubt, the Co-Operation Agreement and the conditional share sale agreement pursuant to the Proposed Acquisition of WRSB are for separate purposes and are not inter-conditional upon one another and the termination of the Co-Operative Agreement does not hinder the completion of the Proposed Acquisition of WRSB.
This announcement is dated 23 June 2016.