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#61 JR7800

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Posted 01 December 2016 - 04:24 PM

I thought I was done for the year but I can't but point this out.

 

As per the cash allocation announcement issued today (copied in below). Fractional shareholders will be paid 24.52cents per share. This translates to 0.6cents per share if you look at pre consolidation share holdings. So by allowing this the JSE and the AFDAWN board have openly robbed their minority shareholders of another 40% or 0.4cents per share, pre consolidation.

 

Way to go guys, nice Christmas present....

 

Still waiting for the reason for the consolidation? and I mean the one that will really add value and make sense....

 

 

CASH ALLOCATION PAYMENTS FOR FRACTIONS OF SHARES

Shareholders of Afdawn are referred to the circular issued by the Company
on 16 September 2016 (“Circular”) relating to, inter alia, the proposed
consolidation of the Company’s ordinary share capital on a 40 to 1 basis
from an authorised share capital of 5 000 000 000 ordinary shares of
1 cent each to 125 000 000 ordinary shares of 40 cents each with effect
from Wednesday, 30 November 2016 (“Consolidation”) and to the subsequent
finalisation announcement released on SENS on 17 November 2016 in respect
of the Consolidation.

As set out in the Circular, fractions of consolidated shares will not
be issued. In the case of fractional entitlements, all allocations of
shares will be rounded down to the nearest whole number resulting in
allocations of whole shares together with a cash payment for the fraction
to be paid out to Afdawn shareholders.

In accordance with the Listings Requirements of the JSE Limited (“JSE”),
the cash value of allocation payments for fractions of shares has been
calculated with reference to the volume weighted average price of an
ordinary Afdawn share traded on the JSE on Wednesday, 30 November 2016
less a 10% discount.

Shareholders are accordingly advised that the basis applicable in
determining the gross cash payment for the fractional entitlement is
32.05732 cents, less a 10% discount resulting in a net cash payment of
28.85159 cents.

This fractional entitlement payment will be subject to 15% dividend
withholding tax, resulting in a net cash payment of 24.52385 cents.


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#62 ajax

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Posted 30 November 2016 - 09:49 PM

Elite transaction in balance, buyers can't pay deposit..... renegotiations lol! 


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#63 ponzi

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Posted 30 November 2016 - 09:37 PM

Just browsed through their 6 month figures, unbelievable reading.....they managed to up the BS even further. KC is slipping making big losses because they are setting up an investment fund. I will bet anything that this so called fund will never get off the ground as all their other grand schemes. #afdawnboardmustbelockedup!  


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#64 Shi

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Posted 30 November 2016 - 04:06 PM

I agree with you myusuf. I'm not surprised by the price action, but what is surprising is the volumes going thru.


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“One day Alice came to a fork in the road and saw a Cheshire cat in a tree. Which road do I take? she asked. Where do you want to go? was his response. I don't know, Alice answered. Then, said the cat, it doesn't matter.” - Lewis Carroll

#65 myusuf

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Posted 30 November 2016 - 10:25 AM

I don't follow this share and I lost 12k on it just before it was suspended around a year ago

 

What is stopping it from going back to 1 cent - I don't understand the rationale of the consolidation


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#66 Shi

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Posted 30 November 2016 - 09:06 AM

Consolidation morning !!


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“One day Alice came to a fork in the road and saw a Cheshire cat in a tree. Which road do I take? she asked. Where do you want to go? was his response. I don't know, Alice answered. Then, said the cat, it doesn't matter.” - Lewis Carroll

#67 ponzi

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Posted 28 November 2016 - 02:45 PM

Can the financial gurus help; your market value is 1/2 cents per share and toy make .8 cents per share loss over six months where does that left you?  


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#68 ajax

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Posted 28 November 2016 - 02:24 PM

JR7800 LOL :angry: the JSE has failed Afdawn shareholders. The AD Board and specifically JG must be held responsible but will not be. I wonder where the latest losses came from? KC the wizzkids maybe? Fancy salaries? Their Corporate Governance stinks..... 


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#69 JR7800

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Posted 28 November 2016 - 09:04 AM

Did anyone else read the Trading Statement, Release Date: 25/11/2016 16:05:00, or was it just me who wanted to mess up my weekend again with some bad news, yet again.

 

Ponzi, regarding your comment of 40cents to 30cents by year end, I like your optimism. Personally, I see it way below your estimate, but I so hope for all our sake I am wrong.

 

However, looking at the history of constant disappointments over the last couple of years, and no proper plan ( at least no plan that they are willing to share with the shareholders) I doubt anything will change.

 

Yet again, another Christmas is around the corner with no present of hope for this one under the tree.

 

I am also a shareholder of Jubilee Platinum shares. I so wish that the AFDAWN management can take a page from them in how to involve their shareholders. They also were down and out, with shareholders kicking and screaming. They however realised the value of their shareholders. They are really trying to keep their shareholder up to date on what is going on in the company and this have increased the shareholders commitment and attitude towards the company and the management team, which clearly reflects in their share price.

 

We know not everything that went wrong can be laid at the feet of the management team, but without us being kept in the loop, it makes it very difficult to see what is and what is not to blame on management.

 

We don't expect to be involved in the day to day running of the company, that is why management gets paid for it. But a much clearer picture of where we are going and how we are going to get there will do a world of good.

 

I am pretty much done with this company, and to even consider anything that is said and done by them is wasting time that could have been spent on something worth while.

 

Am I sad that this company who showed great promise a couple of years back, when the KC deal was done, have failed so terribly? You bet I am, and so do I think a lot of us.

 

I am taking a break from share trading for December 2016 and will see you all in the new year. Wishing all the AFDAWN shareholders and management team a happy festive season.

 

Best wishes

 

 

 

 

 

 


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#70 Rulz3

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Posted 21 November 2016 - 03:07 PM

I have been following this thread for more than a year now and its probably the most depressing of all the topics on this website. Good luck to all the investors of Afdawn, hope you all have some light in the tunnel I have been following.
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#71 ponzi

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Posted 21 November 2016 - 02:56 PM

At last some space to move, I suggest the new 40 cent shares will trade at 30 cents by year end....
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#72 ponzi

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Posted 12 October 2016 - 09:24 AM

BR the only way to rescue some value. To take decision making out of the hands of the present Board and JG. I wonder if any shareholders will ask any questions on the 18th?

If they 'split' the shares say 4/1 ons will be able to see what the real market value of the share is, I guess 50% of 1 cent!   


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#73 ajax

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Posted 27 September 2016 - 01:48 PM

Attending a waste of time, the large shareholders agree with the Board.  


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#74 ajax

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Posted 27 September 2016 - 01:46 PM

Will attending and voting have any impact? The major shareholders and the Board have obviously decided what they want to achieve.

I and many other small shareholders agree with your analyses. Consolidating shares without a workable plan is just another way of depleting shareholder' value. Dissatisfied shareholders will not bother JG an his Board, in his mind he is doing a great job as number one.     


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#75 JR7800

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Posted 23 September 2016 - 08:20 AM

Taurus, will gladly vote on our behalf.
 
So I got the AGM pack from AFDAWN in the post yesterday. All the financials and proposed items to vote on at AGM. Everyone else made made money again except the shareholders.
 
I am going to be at the AGM and will be voting against the share consolidation purely to limit my downside losses as explained in my earlier post on the forum.
 
I am not sure how the proxy system work to appoint me as your proxy to vote on your behalf, but I am more than willing to exercise your vote on your behalf should you also want to oppose the share consolidation.
 
Preferably try and make the AGM yourself so they can see the faces of their dissatisfied shareholders.
 
Mac, will you be at the AGM? What is your thoughts on the share consolidation?
 

 


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#76 Taurus

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Posted 16 September 2016 - 09:37 PM

I think you got a valid point to vote against the consolidation. I can't make it on the 18th of October but you can have my proxy to support the objection.
 
T

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#77 JR7800

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Posted 16 September 2016 - 12:37 PM

I see AFDAWN wants to consolidate the shares on a 40 to 1 basis.

 

I really hope everyone comes to the AGM and votes against this.

 

Currently the share price, for all practical purposes are 1cent. What this means is that the lot of us still holding shares cannot lose any more money. If you hold 4,000 shares @1 cent it is worth R40.

 

If we agree to the consolidation you will have 100 shares (4,000/40) @ the consolidated price of R40 (1 cent x 4000 = 40 cents x 100).

 

My problem with the consolidation is that it will mean you can lose more on your investment. As there is not really any good news to lift the share price from a consolidated value of 40c per share I will expect it to fall even further, even going back to 1 cent again. This will mean that your investment in 4,000 shares which currently can go below R40 rand will be worth: 100 consolidated shares @ 1 cent = R1.

 

So you have lost another R39 of your money by agreeing to the share consolidation.

 

Management must rather concentrate their efforts in improving the business and to start generating profits instead of finding ways for their shareholders to lose more money.

 

Management will most probably condemn this post again but I really don't care anymore. Have had enough of empty promises.

 

Hope to see all you shareholders who have had enough at the AGM.

 

 

 


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#78 ajax

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Posted 30 August 2016 - 04:53 PM

Anybody know anything about AD? They surely must be out of cash by now?


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#79 ponzi

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Posted 03 June 2016 - 05:29 PM

You must give it to them, drawing the last blood from the company. Cash almost done another R6.9 million loss, and yes Knife Capital was bought and cash changed hands now burning cash to keep playing with their tools. Ouch!   


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#80 ponzi

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Posted 03 June 2016 - 05:29 PM

You must give it to them, drawing the last blood from the company. Cash almost done another R6.9 million loss, and yes Knife Capital was bought and cash changed hands now burning cash to keep playing with their tools. Ouch!   


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