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#41 Ifnotwhynot

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Posted 18 May 2017 - 07:21 PM

Investigation? he he he he.... They told the media in 2015 'we will announce our latest plans very soon'. After a number of fake Elite deal announcements (SENS) they still manage to string the JSE, Advisors, shareholders and media along. In Jan 2015 JG also stated that it will soon be clear how profitable Grindstone/Knife Capital is....we are still waiting but then again soon can be in another 2 years time. :ph34r: A listed company with no communication to stakeholders at all....Someone should take control of the shell, fire all the crooks and create some value for shareholders! Where are all you entrepreneurs????    

 

Right here! But to be honest, it looks like it may be easier to just sack the board, liquidate the remaining assets and close up shop!


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#42 JR7800

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Posted 18 May 2017 - 08:56 AM

Wow - so AFDAWN is exactly were it was 3-4 years ago. Have not heard anything from KC lately (although I still believe that they can add value).

 

What about the money from the property sale? Wasted on salaries again or used to pay SARS?

 

I was basically made to look the fool in seeing the value of a share consolidation (previous posts of mine), and at last years AGM and vote on resolution to consolidate I was there and voted against it.

Reasons for consolidation: easier to do deals and no big swings in daily share price (percentage wise).

 

The share is going back to 1c, again. I am for a share consolidation if you have all your issues sorted out and is ready to do new and profitable business, not before then.

 

Again, shareholders lost more money via consolidation and I would like to find one person who can convince me otherwise.

 

Take the Elite and build it into a successful micro-finance player. There are many opportunities out there. Even consider to get government involved (PIC) to use this as vehicle to roll out state loans as reduced rates, even if only to state employees during test it.

 

I am sure AFDAWN management can come up with a business plan to make money, they have the experience.

 

Don't know anymore.....????


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#43 ajax

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Posted 13 May 2017 - 08:17 AM

Investigation? he he he he.... They told the media in 2015 'we will announce our latest plans very soon'. After a number of fake Elite deal announcements (SENS) they still manage to string the JSE, Advisors, shareholders and media along. In Jan 2015 JG also stated that it will soon be clear how profitable Grindstone/Knife Capital is....we are still waiting but then again soon can be in another 2 years time. :ph34r: A listed company with no communication to stakeholders at all....Someone should take control of the shell, fire all the crooks and create some value for shareholders! Where are all you entrepreneurs????    

 

 


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#44 Ifnotwhynot

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Posted 07 May 2017 - 06:52 PM

There's investigation that was done by FM journalist his/her surname is Maake if my memory still remember well. It was about AFDAWN minority shareholders being treated unfairly by the board. It was 2015 when this story was under investigation but it seems the journalist lost interest into it.

 

Thanks for the info! Maybe we should all club together and voice our concerns at the next AGM...

 

I'd be willing to go.


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#45 Pratlou

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Posted 07 May 2017 - 06:18 PM

There's investigation that was done by FM journalist his/her surname is Maake if my memory still remember well. It was about AFDAWN minority shareholders being treated unfairly by the board. It was 2015 when this story was under investigation but it seems the journalist lost interest into it.

Edited by Pratlou, 07 May 2017 - 06:19 PM.

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#46 Ifnotwhynot

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Posted 07 May 2017 - 05:31 PM

What happened to the story that was being investigated by financial mail journalist?

 

Sorry, a bit out of the loop here - which one?


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#47 Pratlou

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Posted 07 May 2017 - 04:47 PM

What happened to the story that was being investigated by financial mail journalist?
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#48 Ifnotwhynot

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Posted 07 May 2017 - 04:45 PM

This is really an indication of the JSEs inability or lack of interest to 'control' a company that uses the JSE and SENS to misappropriate shareholder funds. The Board members and especially Jacques Groenewald the Executive Chairman are ignoring (minority) shareholders and when they communicate it is based on rubbish and disinformation. The again they the Board got a thumbs up from shareholders on various AGMs! So we as shareholders must accept the status quo..

 

 

I see this one continues to limp on...

 

 

Isn't it time for an upbeat SENS announcement? New deal? New plan? Or whatever the Board can fabricate...   

 

 

Surely if the JSE is incapable of assisting us, we should sign over proxies to a collectively appointed representative and be heard!


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#49 Ifnotwhynot

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Posted 07 May 2017 - 04:32 PM

Hi All,

 

Long time lurker, just registered.

 

Just as an aside, if we are all resolved that we as minority shareholders are essentially being ignored, and we're sure that the company is not being managed correctly, why not club together and do something about it?

 

If you look at the shareholder analysis of the company, individuals constitute something like 57% of the shareholding.

 

We could award proxy to a central representative and make ourselves heard.

 

Maybe I'm just being optimistic - thoughts anyone?

 

 


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#50 ajax

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Posted 05 May 2017 - 12:14 PM

This is really an indication of the JSEs inability or lack of interest to 'control' a company that uses the JSE and SENS to misappropriate shareholder funds. The Board members and especially Jacques Groenewald the Executive Chairman are ignoring (minority) shareholders and when they communicate it is based on rubbish and disinformation. The again they the Board got a thumbs up from shareholders on various AGMs! So we as shareholders must accept the status quo..


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#51 JR7800

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Posted 25 April 2017 - 02:02 PM

Has anyone heard anything from anyone recently?

 

I am not sure what Shareholders will be advised of any further developments in due course means to the AFDAWN directors or the advisers PSG Capital Proprietary Limited. From this notice date 30 Nov 16 (below) till now is almost 5 months.

 

How long is in due course? Reasonably?

 

Is this deal still going ahead? What about all the promises at AGM yet again?

 

​How has the share consolidation brought about business ventures/deals or realised  any form of shareholder value?

 

Any comments?


UPDATE OF ELITE TRANSACTION

Shareholders of Afdawn are referred to the announcements released by
the Company on SENS on 7 December 2015, 22 January 2016 and 28 June
2016 (“Transaction Announcements”) relating to the proposed disposal
by Afdawn of its 100% shareholding in Elite Group Proprietary Limited,
African Dawn Property Transfer Finance 1 Proprietary Limited and
African Dawn Property Transfer Finance 2 Proprietary Limited,
currently wholly-owned subsidiaries of Afdawn, to Dzothe Finance
Solutions Proprietary Limited (“Dzothe”) (“Elite Transaction”) and to
the Circular issued by the Company on 16 September 2016 relating to,
inter alia, the Elite Transaction (“Circular”).

Shareholders are advised that Dzothe is in breach of its obligations
in terms of the Elite Transaction as it has failed to pay a portion of
the purchase consideration to Afdawn in accordance with the terms as
set out in the Transaction Announcements and the Circular.

Notwithstanding the above, Shareholders are advised that Afdawn and
Dzothe are in the process of negotiating in order to rectify the
breach.

Shareholders will be advised of any further developments in due
course.

30 November 2016

UPDATE OF ELITE TRANSACTION

Shareholders of Afdawn are referred to the announcements released by
the Company on SENS on 7 December 2015, 22 January 2016 and 28 June
2016 (“Transaction Announcements”) relating to the proposed disposal
by Afdawn of its 100% shareholding in Elite Group Proprietary Limited,
African Dawn Property Transfer Finance 1 Proprietary Limited and
African Dawn Property Transfer Finance 2 Proprietary Limited,
currently wholly-owned subsidiaries of Afdawn, to Dzothe Finance
Solutions Proprietary Limited (“Dzothe”) (“Elite Transaction”) and to
the Circular issued by the Company on 16 September 2016 relating to,
inter alia, the Elite Transaction (“Circular”).

Shareholders are advised that Dzothe is in breach of its obligations
in terms of the Elite Transaction as it has failed to pay a portion of
the purchase consideration to Afdawn in accordance with the terms as
set out in the Transaction Announcements and the Circular.

Notwithstanding the above, Shareholders are advised that Afdawn and
Dzothe are in the process of negotiating in order to rectify the
breach.

Shareholders will be advised of any further developments in due
course.

30 November 2016

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#52 JR7800

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Posted 20 April 2017 - 08:20 AM

Anyone heard anything lately?

 


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#53 NotsoIntelligent Investor

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Posted 13 March 2017 - 12:12 PM

I see this one continues to limp on...


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#54 ajax

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Posted 15 January 2017 - 12:32 PM

Isn't it time for an upbeat SENS announcement? New deal? New plan? Or whatever the Board can fabricate...   


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#55 Taurus

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Posted 09 December 2016 - 08:51 PM

Had a look at their AFS and damn there's nothing left of that company. It should be declared as cash shell. But I can't keep wondering why people have shares in this ghost? More than 50% of control is in hands of individuals and yet they can't just call it a day AFDAWN.

Right, it is a cash shell and hopefully without further liabilities three years down the line. Obviously it has come at a cost that has made shareholders doubt in the credibility of management. With the consolidation there will be more room to collect new cash. But there needs to be proof for the viable and profitable business model of KC and Grindstone. And it needs to reflect in the balance sheet, alas.


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“In order to know how good you are at something requires exactly the same skills as it does to be good at that thing in the first place” 


#56 Pratlou

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Posted 09 December 2016 - 06:28 PM

Nothing to sel!!! No value left. Still carrying on with BS. I have warned 2 years ago at AGM I was shrugged off and shareholders gave JG thumbs up. I engaged with Board members on issues they also disregard any inputs. KC was the tipping point towards an implosion.

Had a look at their AFS and damn there's nothing left of that company. It should be declared as cash shell. But I can't keep wondering why people have shares in this ghost? More than 50% of control is in hands of individuals and yet they can't just call it a day AFDAWN.

Edited by Pratlou, 09 December 2016 - 06:30 PM.

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#57 ajax

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Posted 07 December 2016 - 07:34 AM

Nothing to sel!!! No value left. Still carrying on with BS. I have warned 2 years ago at AGM I was shrugged off and shareholders gave JG thumbs up. I engaged with Board members on issues they also disregard any inputs. KC was the tipping point towards an implosion.   


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#58 Pratlou

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Posted 06 December 2016 - 01:01 PM

wouldn't it be best if AFDAWN could just sell off existing assets and settle liabilities and pay shareholders whats left? What they doing now is nothing but destruction of shareholders value.
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#59 MrDividend

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Posted 06 December 2016 - 12:29 PM

I need some advice (if anything can be done about this...)

 

I have always kept about 1mil of my ADW in the market at 20c over the past few months. Yes, it does not sound logical while the price is at 1c and 2c I know. Like many other people I wanted to get rid of the share, but somehow I still had this “ambiguous confidence” that ADW might be turned around. So I placed these irrational priced orders every month…almost forcing myself not to “get out” easily.

 

Further this share can be so unpredictable, anything is possible!!

 

So, this last order was in again: ±1mil shares at limit price of 20c, due to expire 30 November 2016. Then consolidation took place and my shares were consolidated 40:1, hence 1 000 000 shares becomes 25 000 and sold for 25c! 

 

ABSA say they can't do anything. They say that they did send me a notification, but I was jetting around in Namibia for work and I only read the mail over the weekend.

 

I don't know who I am the most annoyed with: ABSA just shrugging their shoulders or myself for not reading my notifications and not cancelling the order.

 

It is not big money, but I just can't help to think that an order executed like this can't be valid.

That really is your fault. I don't own or ever owned DAWN and I knew about the consolidation.  If you really not interested in your shares - rather go the ETf route - IMO. 


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#60 LWVi

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Posted 06 December 2016 - 10:35 AM

I need some advice (if anything can be done about this...)

 

I have always kept about 1mil of my ADW in the market at 20c over the past few months. Yes, it does not sound logical while the price is at 1c and 2c I know. Like many other people I wanted to get rid of the share, but somehow I still had this “ambiguous confidence” that ADW might be turned around. So I placed these irrational priced orders every month…almost forcing myself not to “get out” easily.

 

Further this share can be so unpredictable, anything is possible!!

 

So, this last order was in again: ±1mil shares at limit price of 20c, due to expire 30 November 2016. Then consolidation took place and my shares were consolidated 40:1, hence 1 000 000 shares becomes 25 000 and sold for 25c! 

 

ABSA say they can't do anything. They say that they did send me a notification, but I was jetting around in Namibia for work and I only read the mail over the weekend.

 

I don't know who I am the most annoyed with: ABSA just shrugging their shoulders or myself for not reading my notifications and not cancelling the order.

 

It is not big money, but I just can't help to think that an order executed like this can't be valid.


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