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#341 ponzi

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Posted 15 May 2015 - 08:27 PM

Really no surprises (a five o'clock SENS...), but after the AGM where the CEO categorically stated Elite has been cleaned up and no further write-offs was envisaged one can only wonder how deep the rot is.

With SARS the same from the AGM any day now, we can expect more bad news. Investing in startups is not sexy...in any case still pie in the sky.  

Can they expedite their vision of becoming an 'investment holding company'; definitely not. They don't have cash to invest and no one in his right mind will take shares as part of a purchase consideration and they do not have adequate management in place.

Their present business model is doing their passion for free; parties, high fives, workshops, training etc. Nothing to create value for shareholders. They have been treating their shareholders like dirt.

I see a delisting or even worse a liquidation coming up.

The CEO took over as Chairman of Elite mid last year. Previously he was a non-executive Director appointed by a major shareholder who is also an investor in an Elite convertible Bond - the SPV. He also masterminded the loan that seems to be the core of the present Elite problems. (all in previous SENS announcements)

What is this share worth? I previously said I think 4 cents is generous, now maybe 2 cents per share? No revenue, no assets, no management that you can trust...... just nothing. 

What does this say for corporate advisors and auditors? 

 


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#342 yusufm

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Posted 15 May 2015 - 05:55 PM

OUCH...................SENS today says Elite is not clean,Financials will probably not be ready by 30th June and thereafter suspend trading till its sorted.

Looks like a big sell off on Monday!


Probably a good time to pick up some cheaply. Haven't looked at this one before but will be giving it a quick check this weekend...
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#343 battleship

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Posted 15 May 2015 - 05:43 PM

OUCH...................SENS today says Elite is not clean,Financials will probably not be ready by 30th June and thereafter suspend trading till its sorted.

 

Looks like a big sell off on Monday!


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#344 battleship

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Posted 15 May 2015 - 03:17 PM

I had time last night to read the posts on afdawn since the beginning of the year.So many words.........and all because we have always been in total darkness. The information so far have forced us  to speculate on tweets ,heresay,feedback from expo etc.

 

The volume increase was to be expected as they are forced to give us some news at last.The worrying factor is that the SARS situation has not been concluded in the 6 months since its SENS notice.(It may be that it was used as a tool to not make any announcements?)We are not sure of the positives,but the likes of the Ikubu  remuneration,buying into startups ,freeing Elite,the value of Yue diligence and more will have bearing.

 

If you put the the positives and negatives on a clean piece of paper.......SIMPLY PUT....Have AFDAWN been proactive or not?


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#345 ponzi

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Posted 14 May 2015 - 03:21 PM

Very interesting; some new buyer interest and some sellers at 8/9. Both very aggressive, whose' evaluation is correct, the AFS is still two weeks away.    


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#346 Queen B

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Posted 14 May 2015 - 09:28 AM

Whats buzzing with ADW this morning :unsure:

Closed at 6c yesterday

Over 4 mil shares traded already this morning and sales going through at 9c


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#347 ponzi

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Posted 11 May 2015 - 08:10 PM

Hi BS what is the new approach??? To be in the free to use service industry? Who are the top brass? What have they achieved in their business careers; sorry to say nothing worth while?

But let us wait, only two weeks until AFS.    


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#348 battleship

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Posted 11 May 2015 - 03:09 PM

the last results published (which were very dismal) were till end August 2014.It was expected as the new approach had not had enough time to do things.

 

However the results due in the very near future are till the end February 2015.Having met topbrass in January 2015  I had the feeling that Afdawn was content and confident.

 

I cannot question Ajaxs  skeptism but feel more confident.One must also consider that we are now 3 months past Feb 2015 and things should be happening!


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#349 ponzi

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Posted 11 May 2015 - 08:45 AM

03 September 2014 | VentureBurn
Grindstone reports 61% increase in revenue for all its companies
A little more than a year ago, I had breakfast with Keet Van Zyl, from Knife Capital. He told me he was about to launch an accelerator programme for “scale-up” companies.
Read More

All Grindstone companies? Does this include Elite and KC? 

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#350 ponzi

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Posted 10 May 2015 - 04:51 PM

When trust gets broken- that's when shareholders agreements come out: & they will favour the #investors. Dont break trust." @AndreaBoehmert

Retweeted by Knife Capital
 
Don't lie to shareholders....... 
 

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#351 ajax

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Posted 10 May 2015 - 10:20 AM

The Afdawn shareholders are expecting too much from a management team with no related business experience. It is a worry for the future that the Afdawn Board is seemingly endorsing the lack of corporate governance.   

Looking forward to the AFS, will this report be honest and transparent; will promises made at the AGM and through social media be backed by follow-up progress information? Are they still pursuing the plan to disinvest from non-core assets including Elite the unsecured lending business? Have Elite repaid the Bond as was mentioned at the AGM?   

More than a year ago they announced that the KC deal will open doors to roll out the Afdawn vision statement of becoming an investment holding company - nothing came of this, are there new plans not being shared with stakeholders? 

More than 6 months ago the Afdawn Board felt it necessary to put out a cautionary that an agreement to reduce their SARS liabilities was about to be finalised. Has this been concluded yet? 

Also a week before the AGM another cautionary came out indicating that a major Grindstone deal was on the table; the so called deal was apparently Grindstone doing some paper work for an undisclosed fee for iKubu selling their business. In hindsight these cautionary announcements were abusing the JSE rules and a way of navigating around the AGM - creating expectations to justify their actions (or lack of actions). Will the structure of this major deal now be announced?    

One of the Afdawn Directors; Me Andrea Boehmert made a very telling statement a while ago, she said they can't understand why the media do not understand their business model whilst the Grindstone beneficiary companies i.e. companies receiving free 'mentoring' clearly understand the model? Dear Andrea this is the point, you are running a not-for-profit organization and stakeholders do not share your passion to be recognised as the start-up Father Christmas. Using company resources to fund your passion is not acceptable.

Will we find clarity in the AFS re the Knife Capital acquisition? As an example the intangible assets that were 'created' to make the deal fly (Knife Capital was technically insolvent at the time of the deal....); will Jacques Groenewald (now CEO) and Stephen Roper (now Director) who has done the Knife Capital DD explain the balance sheet implications and motivation which were clearly based on misleading information.

Much to look forward to.   


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#352 battleship

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Posted 07 May 2015 - 08:29 AM

YueDiligence announce through KvZ  that they are one of 3 early stage winners at ISCCapetown.Great excitement and .............again ..................champagne. 

 

What this means to us shareholders is a confusion.

 

The last time the champagne flowed(ikubu) , they told us nothing and the share went down.

 

All we can do is wait the AFS due soon and decide.


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#353 ponzi

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Posted 06 May 2015 - 08:34 PM

Market players and investors don't like this company with all it's fluff. No trades and a fragile 7 cents cover... The AFS will not bring good news, sorry KC fans.  


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#354 ajax

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Posted 06 May 2015 - 08:28 PM

Eich BS one can only hope....I foresee more creative accounting and reporting in the AFS. Nothing they say is bankable. Once again KvZ will make statements - where is the CEO? Will number one stand up and be countable? The one thing you can be sure of is that Afdawn is slipping further into the dumps. The Afdawn DD was done by JG (non executive at that stage now CEO) and Mr Stephen Roper who now has been appointed as a Director for his loyal support in the DD. Is this good corporate governance? It stinks! Knife Capital was an insolvent company that they bought for R10 million - motivation, they own the entrepreneurial space (sic).
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#355 battleship

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Posted 06 May 2015 - 04:19 PM

I see KvZ is presenting YueDiligence today at ISCCapetown @INNOTRIBE.

They claim to have processed 120 assessments for R320k.

 

Lets hope its a great success .More important, lets hope the amazing due diligence program they sell to make others successful,also works for Afdawn .At most , they have 20 days to send a SENS on results till end Feb 2015.

 

They will also need to elaborate on SARS.Stating ...AGAIN....that they are still waiting is not acceptable.

 

Since we know nothing,what are your gut feelings on the Feb results?They should divulge what they made on the IKUBU deal as it happened in Jan 2015.

 

What they fed us with implies dismal results but I am expecting something better.!!!!!


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#356 ponzi

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Posted 22 April 2015 - 07:47 PM

Well we must give it to them, very amusing. I see the CEO in the wings (Keet van Zyl) tweeted that they have just reached 100 online DD' with their (don't be surprised) free DD App. He said its time to celebrate - time for the champagne to flow again! If you can't sell your goods give it to users for free and then make a lot of noise about it.....  how very popular it is. 

They are really special 'wannabes'. I think that KvZ will take over as CEO before end May..... BS? 

And yes my handle is Ponzi for a reason. 


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#357 Queen B

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Posted 22 April 2015 - 05:05 PM

And the mystery continues.........

One thing about this share, it has kept me entertained :D


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#358 battleship

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Posted 22 April 2015 - 04:57 PM

my share programme shows 360000 traded at 8c today and 340000 traded at 7c.the total traded was 3 000 000.It is interesting to know what the other 2 300 000 traded at and why a volume spike.Volume spikes have normally been assosciated with news.


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#359 ajax

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Posted 20 April 2015 - 09:36 AM

Ignore my previous post, it is not fair to gossip and comment on rumours. If there are problems I am sure the Afdawn Board will share status when appropriate with stakeholders.


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#360 ajax

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Posted 19 April 2015 - 07:18 PM

Thanks BS.

It is a pity that although some of the Afdawn Exco members are on the forum they do not find it necessary to react to the comments relating to transparency.

There is a strong rumour that the Elite unsecured micro lending business is somehow related or involved in an undesirable lending scheme; something like a pyramid third party  lending scheme.  

Members of the previous Elite management team and a senior Afdawn Board member are apparently being investigated for something that is not cosy in this regard. Although at this stage all rumours where there is a fire? A person that was working for Elite in the past is going to shed light on this soon.

Let us all hope that this is just a rumour. It would be great if the Board distance them from any such rumours - if they deny this we can RIP.

Ponzi does your handel suggests something?  


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