900 replies to this topic

[ajax]

Not even the last minute or any explanation, more of the same the AD Board will decide what you need to know. 

[battleship]

its the eleventh hour and still no announcement.

I guess they will post at 5pm on the dot.Their sly ways are now so obvious!

[ponzi]

And JG promised that we will see the KC contribution and how profitable Grindstone really is....What if the Auditors do not want to sign off on solvency?  

[battleship]

What I can assume:

1   they will post AF statements

2   The results will be terrible

3   the SARS unsettled problem will not be mentioned

4   the share price will trade and  be as rubbish as on suspension.

5   nothing proper can happen because of the SARS issue

6   A hint of a RI will be announced

7   It will take someone with a strong stomach to buy in for another dose of abuse.

[ponzi]

JR7800 RI should be the major shareholders and the KC vendors should follow their rights? KC will most probably bring additional funding to the table they are Fund Managers with lots of contacts.   

[JR7800]

Only a couple of days left in July. Hope the AFS are still released, and the share trading suspension lifted before month end.

PS: any takers so far for the apparent next rights issue.....

[ponzi]

You are correct time to move on. The Board and main shareholders support the executives and the other shareholders can scream and shout it won't change the status at all.   

[ajax]

Time to let go, we can debate what their intentions were/are won't make any difference. AD will be back trading again by the end of the month and as JG hinted they will soon be doing another rights issue.    

[Taurus]

zerocool (AB) where are you now? You and JG followed the forum in the past. We are zooming in and we will expose your true colours. All your lies and deception will be exposed, social media is so powerful. KvZ we will be at your conferences be warned. We have engaged with the JSE already.    

Yes social media is powerful. It can be very destructive, too.

Hate and feelings of revenge lead to war. There is no war without sacrifice. 

We do not have enough information to judge. 

Patience and sooner or later it will reveal. The truth is always the truth and lies have got short legs.

By the way: not everything that looks like chocolate tastes like chocolate.

[ponzi]

zerocool (AB) where are you now? You and JG followed the forum in the past. We are zooming in and we will expose your true colours. All your lies and deception will be exposed, social media is so powerful. KvZ we will be at your conferences be warned. We have engaged with the JSE already.    

[Taurus]

well,

a) should we shareholders take them to the cleaners? I am sure that we combined can sue them personally for misleading us. One for all, all for one. house gone, car gone, horses gone, I phone gone, work as waiter or domestic again.

or

collaborate and bring new business models and/or business to the table to take accountability for our ownership?

 

ps: pity that this forum does not have a build in poll functionality.

[ponzi]

The Afdawn Board as a collective is very arrogant and do not feel that they are in the wrong at all. See information from the Board meeting where the KC DD was presented to the Board. Jacques Groenewald and Stephen Roper were the independent DD consultant, it is obvious that the DD was manipulated to make a deal fly? 

 

• Hester Hickey had raised various questions with JG relating to the due diligence, which were responded to ahead of the meeting. HH was satisfied with the responses. (a private meeting not shared with other Board members)
• Stephen Roper noted that in his view, based on the work done, the KC values match that of Afdawn. MvdM raised a question as to whether this was a proposed “reverse takeover” of Afdawn by KC and whether the cultural fit was appropriate. JG and SR led further discussion on this and they concluded that KC has capabilities but needs access to capital (by using Afdawn it can gain such access via a listed company) and Afdawn needs KC as it provides access to skills, deals etc. – so there is a complementary fit for both parties. There are also potential cost synergies, which were explained to the board. 
• Feedback was given by JG and SR on the various KC deals done in the past such as Fundemo, Flight Scope, Order Talk, and Moyo etc. It was noted that the latter is in Business Rescue (it is now common cause that they have never done any deals but were merely co-advisors to transactions).
• MvdM felt that the strategy of KC “Exit-centric business building” does not fit with the “active investment holding company” strategy, and appears too private equity oriented and does not have a time frame. The Board agrees that this aspect will need to change and be cleared with KC. Jacques will discuss this as part of the DD with Eben. 
• Feedback was given by SR and JG on how KC converts leads (e.g. UCT GSB graduates) into money and opportunities for Afdawn including in the SME space, business leads, data / information etc.
• Grindstone Accelerator (GA) – SR felt that this entity would need to be restructured in time to fit the Afdawn vision, although be retained as a subsidiary of KC.  

[ajax]

We all share the same sentiments, but this is the only forum where you can voice an opinion on AD. The article originated from this forum. So if we stop and shutup they have won and will misappropriate shareholders resources again and again. This is now a case of getting the system to work. Shareholders should be able to trust SENS and other statement by listed entities when making investment decisions.

 

Tweet to their handle and followers is the only other option. Keet recently posted/boasted about their great 5 year journey as VC. VC with no investments after 5 years!   They are presenting at the Moneyweb conference in August on how to exit a startup i.e get somebody else to buy your crap.

 

So please don't go away.....      

 

[Queen B]

And to be perfectly honest, shut down this thread.

No use talking ADW anymore. They are suspended from JSE, have crap results, nobody is talking, and its a big circus.

So anyone still trying, find their sailing ship in Cape Town harbour and join them.

Champagne, strawberries, it all sounds yummy.

Its the way its always been

fun times and crappy ends

All a load of bullsh1t

good luck

[Queen B]

apologies, my keyboard replaces "r" with "c"

you know what I mean

[Queen B]

and knee those retards in the balls if you meet them in real life

I often don't us a word that rhymes with "runt", but in this situation I feel compelled

So tell those "runts" I wish everything they deserve and more

Lying and cheating "runts"

[Queen B]

Bleh

I sold and bolted already. Good luck to you guys still hanging on

[Taurus]

"DISGRUNTLED minority investors in investment holding company African Dawn Capital (Afdawn) appear to be gearing up to confront the board after the share was suspended on the JSE last week.

Afdawn — a former micro-lender that took a new direction when it bought 100% of venture capital specialist Knife Capital in March last year — went into mandatory limbo after it failed to publish its annual financial statements for February within the stipulated four-month period.

Afdawn CEO Jacques Groenewald said the delay was caused by an error in subsidiary Elite Group’s books dating back to the previous financial year.

Elite is a remnant of Afdawn’s microlending and financial services past. In May last year Afdawn looked set to sell Elite for R36.6m, but the deal fell through after suspensive conditions were not met. This had an effect on the amount of capital for investments and management time spent to right-size the Elite operation.

Mr Groenewald said an independent valuation of the collection and legal debtors’ book of Elite showed that certain impairments were required.

Although the delay in publishing results seems unconnected to the new direction taken by Afdawn with Knife Capital, shareholders are livid at the loss of value. The Afdawn share has lost about 50% of its value in the past three months, trading at 4c before being suspended.

Mr Groenewald said the company would endeavour to release its results for the year to end-February by end of this month.

Some minority shareholders are mobilising on social media to take collective action against Afdawn for the alleged mismanagement of their investment.

One issue galling the shareholders was a perception that the Elite Group had created a liability that prompted a cash payment to Knife Capital vendors for a shortfall on the acquisition consideration as the net asset value on transaction was below the 10c per share level after the prior year error.

When Afdawn acquired Knife Capital, the R10m deal was settled through the issue of 100-million Afdawn ordinary shares at 10c per share. The agreement stipulated that if the value of Afdawn’s shares were less than the net asset value of 10c per share (with reference to the audited financial statements ending February 2014) the difference should be paid in cash by Afdawn to Knife Capital.

Mr Groenewald said the amount due to Knife Capital was almost R3.5m. The liability had been waived by the Knife Capital vendors in exchange for a share of potential future performance fee on a pre-transaction management agreement.

The Afdawn share has lost about 50% of its value in the past three months"

http://www.bdlive.co...-confront-board

[Sugafoot]

But what can the questions do?<br />Share suspended...

[ajax]

So Afdawn is getting exposure in the media. Questions are being asked, I hope that their behind close doors tactics will be exposed.

 

I wonder if JG is still so upbeat about his 'best transaction'?