900 replies to this topic

[LiarLiar]

This whole debacle has been smoke and mirrors by both Afdawn and KC. Lies, misinformation and manipulation of information, and what can only be described as fraudulent activity by Afdawn, KC and their respective board members, have characterized this regime from the moment the KC deal was announced.  This is also seemingly the reason why reputable entrepreneurs went running for the hills.  Having yesterday been involved in correspondence from a reputable source, I will probably take a view on AD's future - which I believe is at a point of no return - and exit as soon as possible (whilst there is still an option to do so).  I may retain a handful of shares to allow me to take corporate and/or legal action against AD in the foreseeable future.   

[ponzi]

Taurus you are wrong in one way, on this forum we have endeavoured to warn and expose Board members' actions; JG, EB and KvZ in particular for a long time now. The normal reply from 'followers' of the KC team was that they (KC) won't allow their 100 million shares to lose value. The fact is that they received the shares as consideration for a company with no value and they do not have the proven attributes to make a positive contribution to shareholder value.

 

I believe that there are actions being planned to ensure that this don't just go away. The JSE and other regulatory bodies will soon play a role. Don't be surprised if there are civil actions against the Afdawn Board for closing their eyes to the way that the shareholders have been misled. 

[ajax]

See KvZ tweet account KeetvZ 

[ajax]

[ajax]

Has this got anything to do with the company paying his fat salary?

 

[Taurus]

Did I miss something here? So KvZ is misstating the facts on their business activities and no one is questioning it? Marc Ashton of MoneyWeb writes articles about it and does not look into the background? They run seminars at the Graduate School of Business and nobody asks questions?

Hard to believe that is has gone that far on merely hot air.

A VC without invested Capital?

Large salaries and non profit events payed out  of shareholder funds to stage a egomaniac show?

 

I am dumb folded.

[ponzi]

Keet van Zyl was doing an interview on CNBC Africa the presenter asked him now that they have a bag full of money what exciting investments have they made over the past 12 months. His answer was that their most exciting 'investment' at this time is Flight Scope ( this is actually a HBD Shuttleworth investment), they are not shareholders in Flight Scope. Henri Johnson is the founder and major shareholder of the company. van Zyl also bragged that they moved the Flight Scope HO to Miami, they had nothing to do with this move. The same as the Fundamo and iKubu transactions; fake it until you make it. 

[ajax]

Worthwhile looking into the sequence of events from 203/2014 up to now.

 

Mid 2014 things were looking good and lot of actions taken with serious people of integrity like Wendy Luhabe and Vanya Lessing appointed as Board members. The KC transaction and the RI with MvdM underwriting the RI just to resign soon afterwards? Maybe he picked up on something at that stage; at the AGM he presented a list of questions but all other shareholders attending were comfortable with the promises by the Directors. He specifically questioned the Elite situation as well as KC/Grindstone - something is showing up now.

 

 

[Taurus]

Here the file F.Y.I.

Attached Files

•  AfdawnShareHoldersMay2013.pdf   22.78KB   9 downloads

[LiarLiar]

It may well be worth exploring the business rescue option then.  Any creditor (as an affected person) may approach the court for an order commencing business rescue.  It may make sense for numerous shareholders who view this forum to have an online discussion on the merits of this course of action. 

 

As an aside, I see Keet van Zyl is talking at SAVCA-Gibs private equity conference this July.  If anyone is attending, or knows of someone attending, it may be a good opportunity to turn the heat up on him there in front of numerous respected industry professionals.

[Taurus]

This is absolutely disgraceful. It is concerning to hear not a peep from the majority shareholders. Looking back to 2013 when things announced to turn business around there where people with a reputation to lose and expertise on board. Did they mislead the common shareholder bail out and run for shelter? The boards and executive salaries were downsized, fresh money collected. Then in May 2014 a sudden surge of share price. All orchestrated "pump and dump"? I wonder what the share distribution looks right now? The last one I got was May 2013.

[ponzi]

LiarLiar your prognoses and possible action makes a lot of sense. I think Chris Bull won't be drawn into this as his reputation must have taken a knock with him associating with Afdawn.

 

I think Business Rescue is the only way to get responsible people to oversee the ridiculous situation. How PSG can still align their good name with this is also a mystery.

 

I also think that there is a case to be made of reckless corporate management by the Board, they have ignored the situation and left it to the executives to do as they please. They knew before the conclusion of the KC transaction that the SENS in this regard was tainted. They also allowed Board decisions and communication to shareholders to be transgressed, only one non-executive Board member attended the AGM showing their lack of commitment. The cutionaries re SARS and iKUBU are further prove that they do not apply their minds to serious stakeholder communications.

 

I hope that the bigger shareholders will take the situation up as small shareholders have always been ignored.     

 

            

[ajax]

Shi that is hitting the nail on it's head, maybe they will not be suspended, and there will be a stampede to get hold of Afdawn shares LOL...or maybe they are about to announce their their 6th Chairman in two years. New friends and family i.e. buyers. 

[LiarLiar]

Hi All,

 

Reading various threads makes me increasingly more concerned, particularly when one reads the response to MikeMac99 (who got that disgraceful response from Andrea Boehmert in response to his question about breaking shareholder trust). 

 

I am a long time sufferer with Afdawn, but things have gone from bad to worse with Knife Capital and its merry band of thieves.  I am thinking of contacting Afdawn's DA, PSG Capital, and having a frank discussion with them about the various legal and other transgressions occasioned by the Afdawn board as I cannot imagine they're in agreement with what is going on.  It may also not be a terrible idea for someone to contact Chris Bull - his personal profile should be of the ENS website - for his insights on the current state of affairs at Afdawn.  It may be the only direct channel open.  It certainly appears as though no factual information is or will be forthcoming from Afdawn itself or from Knife Capital.  Maybe the solution is to initiate business rescue, placing the business in the hands of the business rescue practitioner until such time as the major issues are resolved or, if they can't be, Afdawn (and it's subsidiaries) is/are finally laid to rest.  Whilst this certainly isn't first prize for us investors, in my view, it is not much worse than what is seemingly inevitable.

 

Thoughts?  

[Shi]

At the current price, some of the buying are those who are taking a gamble on a turnaround (in the share price), no thought of investing, all trading.

[ajax]

Maybe it is buyers that do not investigate before buying or others with a different take on the situation.  

[JR7800]

Who is buying all the shares up for sale, knowing info that it is out in public domain?

[JR7800]

Who is buying all the shares up for sale, knowing info that it is out in public domain?

[ajax]

This is not very comfortable. If Afdawn will be suspended can we see it back trading again? It does not seems likely. Fortunately there are still buyers at 4 cents I am taking my bath..... 

[ponzi]

Hi JR7800 I am sure that there are other more positive opinions on Afdawn than mine.

 

I look at the progression of the story line over the past 30 months and an analyses of SENS announcements, related information in the public domain and tweets by mostly KvZ and Andrea Bohmert and can't but see a bad ending to something that had the potential of becoming a more positive play. Their website and also the KC website is not worth considering for business development clues, the last 'news' posted on the Afdawn web site was on the 3rd November last year. The biggest news that they now tweet about is some fun poker event where KvZ is the big VC champion.  

 

I cannot see any signs of a serious 'regruk' exercise.