900 replies to this topic

[Pratlou]

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

[Ifnotwhynot]

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!

[Ifnotwhynot]

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?

 

 

[ajax]

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..

[JR7800]

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

[JR7800]

Anyone heard anything lately?

 

[NotsoIntelligent Investor]

I see this one continues to limp on...

[ajax]

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

[Taurus]

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.

[Pratlou]

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.

[ajax]

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.   

[Pratlou]

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.

[MrDividend]

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. 

[Staghorn]

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.

[JR7800]

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.

[ajax]

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

[ponzi]

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!  

[Shi]

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

[myusuf]

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

[Shi]

Consolidation morning !!