I phoned Elite and later Mac vd Merwe to try and find out if there are any information that may be of value to shareholders as the Board and management is really not playing ball keeping shareholders in the dark. As there is no cautionary out we can assume that there is nothing forthcoming on the investment horizon. Looking back at the first Rights Offer one must wonder how that money was applied and what is happening now.
vd Merwe said he was very much committed to Afdawn but that his own family business is more in line to what he anticipated Afdawn would become? Between the lines ons can feel that another party was really the KC transaction champion. He is still a large shareholder in Afdawn and will lose money on this excursion.
One must also understand that KC is only managing the portfolio of HBD for a (small) fee. Moyo, one of the HBD investments went belly up and one can only imagine what what impact this will have on the fee structure. It is now 10 months from the talks between Afdawn and KC first surfaced; surely the idea must have been for a fast track of investments from this relationship?
I am not sure if there is a new office in the Cape or are they using the KC office and who is looking after the Elite office? What is happening with the industry experts that grew Elite and developed all the IP and business connections.
I also see that there is mentioned of a pending SARS settlement, what is the status and implication there?
Read through the annual and other public statements and things are more muddy than one can imagine.
