Advanced Member
Posted 18 June 2015 - 09:59 AM
Ok Ponzi, so the answer at this point is actually to sell what share we have left at one massive loss, lick our wounds and move on.
It seems that if the share gets suspended the chance of us every getting anything back, or for trade to resume will almost be impossible???
Member
Posted 18 June 2015 - 08:41 AM
There are serious operational and structural problems at Afdawn but even more worrying is the fact that you are dealing with executive Directors that can not be trusted. How do you change the above? The company should go into Business Rescue to ensure that not more value will be destroyed.
The Knife Capital DD was rigged/manipulated..... I challenge the DD team to deny this. The Knife Capital acquisition was motivated to underpin the Vision statement of the company - to become an 'investment holding company investing in SME' in growth phases. Thus enhancing their growth and creating value for all shareholders. (as per AFS) The KC team do not have the expertise to do this, they are Fund Managers who never achieved anything relating to the Afdawn vision. The plan that was never shared with shareholders was for KC to find a vehicle in which they (KC) can prove their Grindstone model. They create the impression that they have done exit transactions to the value of $100 million... not true they were not the financial advisors in any of these deals. http://agcpartners.c...s-sale-to-viso/ Here you will see the names of the Fundamo and iKubu transations - Franz Struwig said "We were lucky to get Tim Harned of AGC Partners on board to shepherd our transaction with Garmin". Also that AGC were the sole financial advisors of the Fundemo transaction. No successes for KC there.
Knife Capital announced three years ago that they will establish a 'small' investment fund of R150 million, never materialised so Afdawn was the last port in a storm for them. Six months after the acquisition of KC it became obvious that the balance sheet was bumped up by R10 million to justify the price of the transaction (interim report November 2014). Afdawn must now write off the R10 million. KC is an insolvent company and the KC team got 33 million shares each for this; what can they lose? They also got 60% increase in monthly remuneration when they sold the business!
KC team' next big thing is running an Exit Conference for start up's in August wanting to exit their businesses. How can this add value for the Afdawn shareholders?
The Rights Issue was motivated on the ground that in order to roll out the vision you need funds to invest in SME'. They then used the SARS settlement (cautionary) to buy time not to expedite the Vision and applying the resources to create value through selective acquisitions, they (KC team) rather kept themselve busy with 'get togethers' (read parties) and free services to Grindstone companies?
Shareholders can try to engage with Hester Hickey and Vanya Lessing, two of the remaining non-executive Directors, Hester is also overseeing Corporate Governance. The other remaining Non-executive is Stephen Roper a close associate of JG and co-drafter of the KC DD he was awarded a Board seat after the Knife Capital DD and transaction.
But then the shareholders did give the Board a thumps up at the AGM only one shareholder voted against resolutions and asked contentious question which was not answered by the Chairman of the meeting.
Hawk
Advanced Member
Posted 17 June 2015 - 09:25 PM
So where does all of this leave the shareholders.
Is there no way we as shareholders can have a say in this? Maybe a meeting called by shareholders? Not sure how many shareholders-% we need to call such a meeting to discuss the future of the company? Surely the board are not looking after the interest of the shareholders anymore.
What I don't understand is that KvZ and others also have a large amount of shares, be it given to them as part of KC buy out, do they not care?
Ponzi, surely you still have a fairly big number of shares left, how do you see this going forward?
What to do??????
The following is copied from a JSE article on suspensions/terminations:
The frustration for a shareholder with a suspended company is that he’s stuck with the shares with no way to get out.
The JSE’s Andre Visser said the JSE does all it can to prevent delistings. The Securities Services Act regulates compliance with listing requirements. As soon as a company is delisted, the JSE ceases to have any authority over it.
But, says Visser, “All companies listed or otherwise are subject to the Companies Act, so, while a company that has been delisted falls outside the JSE’s jurisdiction, it does not fall outside the legal net.
“Shareholders have rights and are able to exercise them through voting on certain issues and attending special and annual general meetings. They can call special meetings, fire directors, etc.”
The JSE said companies had three months after their year-end to produce financial statements, after which it warned them and the market about a possible suspension.
“If the company still fails to produce the information after another month, the JSE will suspend,” the JSE’s general manager of issuer regulation, Andre Visser, explained.
Advanced Member
Posted 17 June 2015 - 04:28 PM
Newbie
Posted 17 June 2015 - 12:21 PM
Master
Posted 17 June 2015 - 12:01 PM
Accordingly, the company?s listing on the JSE trading system have been annotated with an "RE" to
indicate that the company has failed to submit its provisional report timeously and that the listing of
the company?s securities is under threat of suspension and possible termination. Should the
company still fail to submit its provisional report by 30 June 2015 its listing will be suspended.
Member
Posted 12 June 2015 - 04:56 PM
LWVi and zerocool you must help us here. In previous posts you seem to understand Afdawn better than most of us and have contact with the Afdawn team.
SARS is now totally in the background (cautionary running for 7 months), there are no Grindstone deals on the table, KvZ make untrue public statements, the losses are adding up, Chris Bull who was a Grindstone man resigns, Elite is in a mess (although JG at the AGM said Elite is sorted out), they are burning the RI funds at an alarming rate and so on...
Member
Posted 12 June 2015 - 04:40 PM
Mr Bull is a highly regarded attorney from ENS and the Afdawn saga must reflect on his professional standing. Really bad news that another independent Directors decides to call it a day. Yes JG is now again in total control. The JSE has a responsibility to step in.
Andrea Boehmert; Question/tweet by Mike Mclaren "is this the philosophy applied in your capacities as board members of Afdawn amidst mounting misinformation"
Andrea Boehmert @AndreaBoehmert @MikeMac99 "far too complex to answer in a tweet...".
In other words, yes we are lying and dealing in misinformation but the reasons are too complex to answer!
Member
Posted 12 June 2015 - 04:32 PM
One can understand why Mr Chris Bull resigned from the Board, great reputational risk. Wonder who is next? Now JG has more power and there will be more disinformation and manipulation.
What is best for the company? Urgent application for Business Rescue. By going this route professional and responsible non related people will ensure that the 'rogue unit' is brought under control.
What is ideal for the Board and management carry on as usual......
Hawk
Member
Posted 12 June 2015 - 04:20 PM
SENS Chris Bull resigns with immediate effect.
In all fairness, we never heard a peep from him since his arrival.It cannot be good news?
Member
Posted 11 June 2015 - 06:01 PM
I had a chat with Henri Johnson the Founder main shareholder of Flight Scope. He is very ‘P..off ‘ that KvZ said in the CNBC Africa interview that they are shareholders of FS and moved the HO to Miami. KC is not a shareholder and had nothing to do with the operational decision to move the HO to Florida. These people are really not doing well with the truth on some sort of ego trip. Nothing new!
Hawk
Member
Posted 11 June 2015 - 04:46 PM
Such a sad state of affairs. Losses, misinformation, lack of integrity, no transparency, total disregard for stakeholders interest.... I bet the Directors are still drawing big fat salaries and carry on as usual. Just a storm in a tea cup.
I am intrigued to see that Andrea Bohmert one of the Directors is a shareholder in Taxtim one of the Grindstone beneficiary companies. In other words she is getting benefits from the free services provided to Taxtim, she is in a position to manipulate these inputs to her advantage - surely a conflict of interest.
Knife Capital is still carrying on with free workshops, seminars and nurturing of start-up companies with Afdawn shareholder funds. Why don't they apply their minds to Elite? Can it be true that Elite has invested (knowingly or unknowingly) in a Ponzi scheme and that they are going to lose the investment?
But then again they got a free hand at the AGM, so nobody should complain.
Such a sad state of affairs. Losses, misinformation, lack of integrity, no transparency, total disregard for stakeholders interest.... I bet the Directors are still drawing big fat salaries and carry on as usual. Just a storm in a tea cup.
I am intrigued to see that Andrea Bohmert one of the Directors is a shareholder in Taxtim one of the Grindstone beneficiary companies. In other words she is getting benefits from the free services provided to Taxtim, she is in a position to manipulate these inputs to her advantage - surely a conflict of interest.
Knife Capital is still carrying on with free workshops, seminars and nurturing of start-up companies with Afdawn shareholder funds. Why don't they apply their minds to Elite? Can it be true that Elite has invested (knowingly or unknowingly) in a Ponzi scheme and that they are going to lose the investment?
But then again they got a free hand at the AGM, so nobody should complain.
Such a sad state of affairs. Losses, misinformation, lack of integrity, no transparency, total disregard for stakeholders interest.... I bet the Directors are still drawing big fat salaries and carry on as usual. Just a storm in a tea cup.
I am intrigued to see that Andrea Bohmert one of the Directors is a shareholder in Taxtim one of the Grindstone beneficiary companies. In other words she is getting benefits from the free services provided to Taxtim, she is in a position to manipulate these inputs to her advantage - surely a conflict of interest.
Knife Capital is still carrying on with free workshops, seminars and nurturing of start-up companies with Afdawn shareholder funds. Why don't they apply their minds to Elite? Can it be true that Elite has invested (knowingly or unknowingly) in a Ponzi scheme and that they are going to lose the investment?
But then again they got a free hand at the AGM, so nobody should complain.
You are correct in the AB setup.......On the TaxTim website,the TaxTim investors include Andrea Bohmert (partner Knife Capital ,director Angelhub.).
This implies she invested personally. ( the investor was not Knife Capital).Does that mean that she can choose the good stuff to invest in personally on Afdawns time (and cost ) and profit handsomely
while we get nothing? The mushroom treatment is being taken to a new level!
Member
Posted 11 June 2015 - 05:43 AM
I can't wait to see how they will navigate around the situation; innovative bookkeeping and reporting? Icing sugar on horse manure..
Advanced Member
Posted 10 June 2015 - 05:57 PM
Member
Posted 10 June 2015 - 05:19 PM
Such a sad state of affairs. Losses, misinformation, lack of integrity, no transparency, total disregard for stakeholders interest.... I bet the Directors are still drawing big fat salaries and carry on as usual. Just a storm in a tea cup.
I am intrigued to see that Andrea Bohmert one of the Directors is a shareholder in Taxtim one of the Grindstone beneficiary companies. In other words she is getting benefits from the free services provided to Taxtim, she is in a position to manipulate these inputs to her advantage - surely a conflict of interest.
Knife Capital is still carrying on with free workshops, seminars and nurturing of start-up companies with Afdawn shareholder funds. Why don't they apply their minds to Elite? Can it be true that Elite has invested (knowingly or unknowingly) in a Ponzi scheme and that they are going to lose the investment?
But then again they got a free hand at the AGM, so nobody should complain.
Hawk
Member
Posted 05 June 2015 - 08:43 AM
But the strong bidding volumes is an indorsement of the way the company is being managed.
Member
Posted 04 June 2015 - 04:41 PM
I came in at an average of 14 cents last year when things were looking good, then the wiz kids took charge and now it became the KvZ circus. Apparently their Board is just rubber stamping what the management say/want.
Member
Posted 04 June 2015 - 04:26 PM
The directors should get locked up for their misinformation
I got burnt for 8k here last month
Agree why are people buying when the share is going to be suspended - all your capital will be tied up
Member
Posted 04 June 2015 - 04:23 PM
Very interesting. For one thing they have not invested or acquired shares in any way in Taxtim otherwise they would have announce it. If it was your company would you take Afdawn shares as part consideration for a deal? You should phone KvZ and ask him. LOL
Re the share price it is actually amazing that there are ANY buyers at this price knowing that the company will be suspended from trading and the outcome of many critical aspects are very uncertain.
Will Afdawn still be solvent after more write downs? I think their auditors are in a spot of bother for signing off on the previous AFS and now it seems that in that period there are more non recoverable debtors - somebody messed up badly. Maybe the new Elite management is not as competent as what JG said at the AGM? It must be substantial problems for them to postpone the latest AFS.
But as always let's wait - it is now 6 months after the SARS cautionary.
Member
Posted 04 June 2015 - 03:52 PM
I see Taxtim one or the 2015 KC Accelerator statups has 500 000 registered SA users and recently launched into Namibia with Price Waterhouse Coopers.On doing a little homework they sell their packages for R199,R279 and R399.Lets call it R300 average x R5000 000 equals R150 million in SA alone.
We do not know how many were given out as freebies, but we can assume it a valuable company.
We also do not know if Afdawn who have the first option to get involved with its startups, actually bought in or not!
But its potential.Like iono.fm????? and Yue Dilligence now in the finals of Innotribe.
All we do now is criticise them for the SARS poor handling and the inability to clear up Elite.BUt they are doing what they are good at.......and that's telling us ....nothing
On the strength of the last 5 SENS announcements the price should be well below 6c.But its not.
