900 replies to this topic

[ajax]

Hi JR7800,

How can Afdawn survive?

The Board and specifically the executives are really not capable of running a company and have questionable integrity.

The company will now bleed to death. The AGM is also a non-event as they will not answer questions and push all resolutions through with their 16.8% shareholding.

Bloomberg 8 December; “Venture capital flocks to Cape Town because this is where the innovation-driven entrepreneurs are,” Keet van Zyl, co-founder of Knife Capital Pty Ltd., said by e-mail. “It’s Africa’s biggest startup hub.” Knife Capital invested in iKubu.

KC never invested in iKubu or for that matter in any company. I see the CEO got a nice R700k bonus for sinking the company. The justification to pay the KC vendors addition money relating re the failed transaction stinks; the DD was full of lies and disinformation. (I have prove of this and challenge the AD Board to disagree...)

Why were they not interested in a CNBC Africa debate with disgruntled shareholders?

[JR7800]

Hi all

 

I am writing this more out if frustration, than in the hope to find answers.

 

Having been in the micro-lending industry for 15 years and knowing what is happening in the industry currently I can believe we are back to square one - micro-lending as core business...

 

I was part of the beginning stages of Afdawn(then ABC Cash Plus) with the initial listing in roundabout 1999-2001. After less than a year, I walked away and went on my own as I then saw that they had no idea of how the industry worked, nor had they any idea an entity called SARS existed and that they owned some of your profits in the form of tax. Bad debt write downs on a yearly basis was a foreign concept and would only be done once an investigation/restatement of the AFS was done, as has happened now again.

 

The salaries was as it seem to be the order of the day, take as much with as little performance as possible, and if it really gets hot, jump ship.

 

The previous CEO, van Tonder, for all his mistakes he made, lost everything, and I co hope for the same to happen to the current board if found to not have acted in the best interest of shareholders.

 

I still believe that with the right management team, the micro-lending business can be profitable (look at capitec and finbond) and be used to cover all operational costs, while another revenue stream are created that could yield high returns for the shareholders in the medium to long run.

 

Whoever the next CEO will be must start at half the current CEO salary, and and get the other half on performance basis, at least if no performance we as shareholders save half in the salary bill.

 

Here is to hoping that sanity will prevail.

 

[ponzi]

If you exclude the Knife Capital 'goodwill' and Elite non tangible assets less then 2 cents per share

[Shi]

Anybody have an idea what the NAV and TNAV of ADW is now? and after the proposed deal?

Edited by Shi, 08 December 2015 - 08:52 AM.

[ponzi]

This morning's BD just adds to the confusion. It is also interesting to note that the Executive Chairman received a nice R700k plus bonus. Members of the Board are really looking after themselves while they are sinking the ship.

[Taurus]

Hello my fellow Shareholders,

 

all good here for me. I was dead right on the spot for the Euro going to 16 (we will get there before the year ends) and I hope my bet on Gold is turning the same way. ADW I have written of. If any of you have anything to say to that one please contact Moyagabo Maake.

He is working on an article for Business Day / Financial Mail on the topic of what went wrong there. Sure he will appreciate your input since it pays his salary.

 

Have a nice evening,

 

Yours, Taurus

[Taurus]

HBD se moer. It should have said WE ARE DRAGONS. But unfortunately no teeth no bite.

 

GOOD NIGHT.

 

[ponzi]

To appreciate the extent of the BS please look at the YouTube. They are not invested in Flight Scope, even so the FS investment by HBD was done in 2007 and KC started in 2010. How can the AD Board approve of this?
Knife Capital is now 5 years old an with the HBD management fee their NPBT is about R 1.5 million as per the AFS taken some holding costs into account. Keet gave inputs in a programme with heading How to grow your R 5 million business to R 50 million. Do as we say not as we do!

http://www.cnbcafric...tid=ykvJvuZl-Lk

[Shi]

What needs to happen for the suspension to be lifted?

[Taurus]

Yep, that's how i see it. Back to square one. Three years wasted and shareholders moneys wasted with pipe dreams.

I told you so

 

Taurus

 

PS: if someone has to say something about his or her own experience contact:

Moyagabo Maake

Financial Services Writer

Business Day/Financial Mail

[battleship]

After reading the nonsensical report, there is nothing to indicate the share value to be worth anything at all?Can anyone read more into it than me?

[ajax]

Well wonderful news with AFS at last an acknowledgement that they cannot do any investments and that Afdawn reverted back to unsecured lending and KC is some 'education' business. When present Board and executives took over share price was 18/20 cents per share and R25 million in bank. If you can't look after R25 million why would shareholders give you R50 million?

When trades start investors will either pick up the bargains at 4 cents per share or just dump and get out at any cost?

[Taurus]

they must be very desperate to be so vague. Find the gap. It is not difficult.

Edited by Taurus, 27 November 2015 - 06:24 PM.

[ajax]

The financial reporting is difficult to read because they had to write it in code so nobody can really understand the it, that would be to revealing!! Mambo jumbo - blah, blah, blah etc. It took 9 months to put the concoction together.

Re Knife Capital I have managed to demystify it; give them more and don't expect them to deliver anything they are the proverbial white elephant and fooled JG into a very lucrative deal,see them as free agents supported by Afdawn shareholders funding. Clap, clap, clap well done KC/KvZ.

[ponzi]

Anybody willing to give their pennies worth to BD as they are investigating and try to establish if small shareholders are really not happy? Mac vd Merwe gave them an extended opinion based on the cuationaries and disinformation. Moyagabo Maake MaakeM@bdlive.co.za is doing the article drop him a mail, usually South Africans are not forthcoming when its done to the business end?

[battleship]

Finally the results of 28 Feb 2015 are published and the cautionaries have fallen away.

 

Why then are Adw still suspended? Am curious to see the trading price.

 

In reality, the results were so confusing to read.

[ponzi]

Well now it is official. A disaster none of the good news SENS announcements resulted in substance... Knife Capital contributed R 2 million not taking portion of expenses into account! I wonder, their 'funders' (phantom)are willing to inject more cash into the business?

Well certainly this all call for celebration and a BIG party.

[ajax]

Will they release AFS today and proof all critics like me wrong???

[ponzi]

By now with the expected losses (about 4 cents per share?) as was indicated in their recent update we have to assume that the company will at some stage be liquidated. What is very tragic is that they are still destroying the remainder of the assets, being it cash or other, with high salaries, trips and social activities. PSG as their advisers must be comfortable with the situation as one of the Non-executive Directors has put it in writing that PSG is guiding them all the way.

[Taurus]

Bryanston High 83: "Die wet van Transvaal is kak en betaal"