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#1 JR7800

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Posted 25 April 2017 - 02:02 PM

Has anyone heard anything from anyone recently?

 

I am not sure what Shareholders will be advised of any further developments in due course means to the AFDAWN directors or the advisers PSG Capital Proprietary Limited. From this notice date 30 Nov 16 (below) till now is almost 5 months.

 

How long is in due course? Reasonably?

 

Is this deal still going ahead? What about all the promises at AGM yet again?

 

​How has the share consolidation brought about business ventures/deals or realised  any form of shareholder value?

 

Any comments?


UPDATE OF ELITE TRANSACTION

Shareholders of Afdawn are referred to the announcements released by
the Company on SENS on 7 December 2015, 22 January 2016 and 28 June
2016 (“Transaction Announcements”) relating to the proposed disposal
by Afdawn of its 100% shareholding in Elite Group Proprietary Limited,
African Dawn Property Transfer Finance 1 Proprietary Limited and
African Dawn Property Transfer Finance 2 Proprietary Limited,
currently wholly-owned subsidiaries of Afdawn, to Dzothe Finance
Solutions Proprietary Limited (“Dzothe”) (“Elite Transaction”) and to
the Circular issued by the Company on 16 September 2016 relating to,
inter alia, the Elite Transaction (“Circular”).

Shareholders are advised that Dzothe is in breach of its obligations
in terms of the Elite Transaction as it has failed to pay a portion of
the purchase consideration to Afdawn in accordance with the terms as
set out in the Transaction Announcements and the Circular.

Notwithstanding the above, Shareholders are advised that Afdawn and
Dzothe are in the process of negotiating in order to rectify the
breach.

Shareholders will be advised of any further developments in due
course.

30 November 2016

UPDATE OF ELITE TRANSACTION

Shareholders of Afdawn are referred to the announcements released by
the Company on SENS on 7 December 2015, 22 January 2016 and 28 June
2016 (“Transaction Announcements”) relating to the proposed disposal
by Afdawn of its 100% shareholding in Elite Group Proprietary Limited,
African Dawn Property Transfer Finance 1 Proprietary Limited and
African Dawn Property Transfer Finance 2 Proprietary Limited,
currently wholly-owned subsidiaries of Afdawn, to Dzothe Finance
Solutions Proprietary Limited (“Dzothe”) (“Elite Transaction”) and to
the Circular issued by the Company on 16 September 2016 relating to,
inter alia, the Elite Transaction (“Circular”).

Shareholders are advised that Dzothe is in breach of its obligations
in terms of the Elite Transaction as it has failed to pay a portion of
the purchase consideration to Afdawn in accordance with the terms as
set out in the Transaction Announcements and the Circular.

Notwithstanding the above, Shareholders are advised that Afdawn and
Dzothe are in the process of negotiating in order to rectify the
breach.

Shareholders will be advised of any further developments in due
course.

30 November 2016

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#2 JR7800

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Posted 20 April 2017 - 08:20 AM

Anyone heard anything lately?

 


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#3 NotsoIntelligent Investor

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Posted 13 March 2017 - 12:12 PM

I see this one continues to limp on...


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#4 ajax

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Posted 15 January 2017 - 12:32 PM

Isn't it time for an upbeat SENS announcement? New deal? New plan? Or whatever the Board can fabricate...   


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#5 Taurus

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Posted 09 December 2016 - 08:51 PM

Had a look at their AFS and damn there's nothing left of that company. It should be declared as cash shell. But I can't keep wondering why people have shares in this ghost? More than 50% of control is in hands of individuals and yet they can't just call it a day AFDAWN.

Right, it is a cash shell and hopefully without further liabilities three years down the line. Obviously it has come at a cost that has made shareholders doubt in the credibility of management. With the consolidation there will be more room to collect new cash. But there needs to be proof for the viable and profitable business model of KC and Grindstone. And it needs to reflect in the balance sheet, alas.


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“In order to know how good you are at something requires exactly the same skills as it does to be good at that thing in the first place” 


#6 Pratlou

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Posted 09 December 2016 - 06:28 PM

Nothing to sel!!! No value left. Still carrying on with BS. I have warned 2 years ago at AGM I was shrugged off and shareholders gave JG thumbs up. I engaged with Board members on issues they also disregard any inputs. KC was the tipping point towards an implosion.

Had a look at their AFS and damn there's nothing left of that company. It should be declared as cash shell. But I can't keep wondering why people have shares in this ghost? More than 50% of control is in hands of individuals and yet they can't just call it a day AFDAWN.

Edited by Pratlou, 09 December 2016 - 06:30 PM.

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#7 ajax

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Posted 07 December 2016 - 07:34 AM

Nothing to sel!!! No value left. Still carrying on with BS. I have warned 2 years ago at AGM I was shrugged off and shareholders gave JG thumbs up. I engaged with Board members on issues they also disregard any inputs. KC was the tipping point towards an implosion.   


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#8 Pratlou

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Posted 06 December 2016 - 01:01 PM

wouldn't it be best if AFDAWN could just sell off existing assets and settle liabilities and pay shareholders whats left? What they doing now is nothing but destruction of shareholders value.
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#9 MrDividend

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Posted 06 December 2016 - 12:29 PM

I need some advice (if anything can be done about this...)

 

I have always kept about 1mil of my ADW in the market at 20c over the past few months. Yes, it does not sound logical while the price is at 1c and 2c I know. Like many other people I wanted to get rid of the share, but somehow I still had this “ambiguous confidence” that ADW might be turned around. So I placed these irrational priced orders every month…almost forcing myself not to “get out” easily.

 

Further this share can be so unpredictable, anything is possible!!

 

So, this last order was in again: ±1mil shares at limit price of 20c, due to expire 30 November 2016. Then consolidation took place and my shares were consolidated 40:1, hence 1 000 000 shares becomes 25 000 and sold for 25c! 

 

ABSA say they can't do anything. They say that they did send me a notification, but I was jetting around in Namibia for work and I only read the mail over the weekend.

 

I don't know who I am the most annoyed with: ABSA just shrugging their shoulders or myself for not reading my notifications and not cancelling the order.

 

It is not big money, but I just can't help to think that an order executed like this can't be valid.

That really is your fault. I don't own or ever owned DAWN and I knew about the consolidation.  If you really not interested in your shares - rather go the ETf route - IMO. 


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#10 LWVi

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Posted 06 December 2016 - 10:35 AM

I need some advice (if anything can be done about this...)

 

I have always kept about 1mil of my ADW in the market at 20c over the past few months. Yes, it does not sound logical while the price is at 1c and 2c I know. Like many other people I wanted to get rid of the share, but somehow I still had this “ambiguous confidence” that ADW might be turned around. So I placed these irrational priced orders every month…almost forcing myself not to “get out” easily.

 

Further this share can be so unpredictable, anything is possible!!

 

So, this last order was in again: ±1mil shares at limit price of 20c, due to expire 30 November 2016. Then consolidation took place and my shares were consolidated 40:1, hence 1 000 000 shares becomes 25 000 and sold for 25c! 

 

ABSA say they can't do anything. They say that they did send me a notification, but I was jetting around in Namibia for work and I only read the mail over the weekend.

 

I don't know who I am the most annoyed with: ABSA just shrugging their shoulders or myself for not reading my notifications and not cancelling the order.

 

It is not big money, but I just can't help to think that an order executed like this can't be valid.


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#11 JR7800

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Posted 01 December 2016 - 04:24 PM

I thought I was done for the year but I can't but point this out.

 

As per the cash allocation announcement issued today (copied in below). Fractional shareholders will be paid 24.52cents per share. This translates to 0.6cents per share if you look at pre consolidation share holdings. So by allowing this the JSE and the AFDAWN board have openly robbed their minority shareholders of another 40% or 0.4cents per share, pre consolidation.

 

Way to go guys, nice Christmas present....

 

Still waiting for the reason for the consolidation? and I mean the one that will really add value and make sense....

 

 

CASH ALLOCATION PAYMENTS FOR FRACTIONS OF SHARES

Shareholders of Afdawn are referred to the circular issued by the Company
on 16 September 2016 (“Circular”) relating to, inter alia, the proposed
consolidation of the Company’s ordinary share capital on a 40 to 1 basis
from an authorised share capital of 5 000 000 000 ordinary shares of
1 cent each to 125 000 000 ordinary shares of 40 cents each with effect
from Wednesday, 30 November 2016 (“Consolidation”) and to the subsequent
finalisation announcement released on SENS on 17 November 2016 in respect
of the Consolidation.

As set out in the Circular, fractions of consolidated shares will not
be issued. In the case of fractional entitlements, all allocations of
shares will be rounded down to the nearest whole number resulting in
allocations of whole shares together with a cash payment for the fraction
to be paid out to Afdawn shareholders.

In accordance with the Listings Requirements of the JSE Limited (“JSE”),
the cash value of allocation payments for fractions of shares has been
calculated with reference to the volume weighted average price of an
ordinary Afdawn share traded on the JSE on Wednesday, 30 November 2016
less a 10% discount.

Shareholders are accordingly advised that the basis applicable in
determining the gross cash payment for the fractional entitlement is
32.05732 cents, less a 10% discount resulting in a net cash payment of
28.85159 cents.

This fractional entitlement payment will be subject to 15% dividend
withholding tax, resulting in a net cash payment of 24.52385 cents.


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#12 ajax

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Posted 30 November 2016 - 09:49 PM

Elite transaction in balance, buyers can't pay deposit..... renegotiations lol! 


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#13 ponzi

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Posted 30 November 2016 - 09:37 PM

Just browsed through their 6 month figures, unbelievable reading.....they managed to up the BS even further. KC is slipping making big losses because they are setting up an investment fund. I will bet anything that this so called fund will never get off the ground as all their other grand schemes. #afdawnboardmustbelockedup!  


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Hawk


#14 Shi

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Posted 30 November 2016 - 04:06 PM

I agree with you myusuf. I'm not surprised by the price action, but what is surprising is the volumes going thru.


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“One day Alice came to a fork in the road and saw a Cheshire cat in a tree. Which road do I take? she asked. Where do you want to go? was his response. I don't know, Alice answered. Then, said the cat, it doesn't matter.” - Lewis Carroll

#15 myusuf

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Posted 30 November 2016 - 10:25 AM

I don't follow this share and I lost 12k on it just before it was suspended around a year ago

 

What is stopping it from going back to 1 cent - I don't understand the rationale of the consolidation


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#16 Shi

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Posted 30 November 2016 - 09:06 AM

Consolidation morning !!


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“One day Alice came to a fork in the road and saw a Cheshire cat in a tree. Which road do I take? she asked. Where do you want to go? was his response. I don't know, Alice answered. Then, said the cat, it doesn't matter.” - Lewis Carroll

#17 ponzi

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Posted 28 November 2016 - 02:45 PM

Can the financial gurus help; your market value is 1/2 cents per share and toy make .8 cents per share loss over six months where does that left you?  


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Hawk


#18 ajax

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Posted 28 November 2016 - 02:24 PM

JR7800 LOL :angry: the JSE has failed Afdawn shareholders. The AD Board and specifically JG must be held responsible but will not be. I wonder where the latest losses came from? KC the wizzkids maybe? Fancy salaries? Their Corporate Governance stinks..... 


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#19 JR7800

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Posted 28 November 2016 - 09:04 AM

Did anyone else read the Trading Statement, Release Date: 25/11/2016 16:05:00, or was it just me who wanted to mess up my weekend again with some bad news, yet again.

 

Ponzi, regarding your comment of 40cents to 30cents by year end, I like your optimism. Personally, I see it way below your estimate, but I so hope for all our sake I am wrong.

 

However, looking at the history of constant disappointments over the last couple of years, and no proper plan ( at least no plan that they are willing to share with the shareholders) I doubt anything will change.

 

Yet again, another Christmas is around the corner with no present of hope for this one under the tree.

 

I am also a shareholder of Jubilee Platinum shares. I so wish that the AFDAWN management can take a page from them in how to involve their shareholders. They also were down and out, with shareholders kicking and screaming. They however realised the value of their shareholders. They are really trying to keep their shareholder up to date on what is going on in the company and this have increased the shareholders commitment and attitude towards the company and the management team, which clearly reflects in their share price.

 

We know not everything that went wrong can be laid at the feet of the management team, but without us being kept in the loop, it makes it very difficult to see what is and what is not to blame on management.

 

We don't expect to be involved in the day to day running of the company, that is why management gets paid for it. But a much clearer picture of where we are going and how we are going to get there will do a world of good.

 

I am pretty much done with this company, and to even consider anything that is said and done by them is wasting time that could have been spent on something worth while.

 

Am I sad that this company who showed great promise a couple of years back, when the KC deal was done, have failed so terribly? You bet I am, and so do I think a lot of us.

 

I am taking a break from share trading for December 2016 and will see you all in the new year. Wishing all the AFDAWN shareholders and management team a happy festive season.

 

Best wishes

 

 

 

 

 

 


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#20 Rulz3

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Posted 21 November 2016 - 03:07 PM

I have been following this thread for more than a year now and its probably the most depressing of all the topics on this website. Good luck to all the investors of Afdawn, hope you all have some light in the tunnel I have been following.
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