501 replies to this topic

[Magnet]

ABIL suspension to be lifted and trading to resume Wed 5 October 2016 under African Phoenix Investments.  Any ideas where this could go? 400m interim profits from Stangen.  1.5bn shares in issue.  Would be interesting to know where they will be investing the spare cash available. Could dramatically influence the PE ratio.  Also short squeeze? Many fund managers are still known to have open shorts!  Hoping for R1+ initially.

[Magnet]

The old bank is gone guys. You have got African Bank Limited (new bank, good bank) and African Bank Investment Limited (bad bank).  Your shares (ABIL) was in the latter and worth zero.

 

Perhaps you should do the relevant research before posting.  The old Abil is now debt free and holds the entire Stangen and 250m cash.

[SoleTrader]

The old bank is gone guys. You have got African Bank Limited (new bank, good bank) and African Bank Investment Limited (bad bank).  Your shares (ABIL) was in the latter and worth zero.

[Magnet]

https://www.africanb...ut-us/investors

and following the link under “Financial reporting and operational updates”.

 

That is the New Bank interims,  Thought we would see the Stangen interim report as well.

[jaDEB]

https://www.africanb...ut-us/investors

and following the link under “Financial reporting and operational updates”.

[Magnet]

Some good news on African Bank:

 

http://www.moneyweb....-r250m-reserve/

 

So mid year results end of this week and AGM date shortly thereafter.  New name new board, 250m in cash including Stangen ownership which could be profitable for many years to come under current contracts.  I am hoping for new business proposition and a relisting shortly.

[Goliath]

Some good news on African Bank:

 

http://www.moneyweb....-r250m-reserve/

[jaDEB]

Damn, for a second there u made me happy.....

[sommerso]

Apologies....

 

That was the last traded price currently on my watchlist for the app.

 

I saw there was a bunch of Sens announcements yesterday regarding a voting of the noteholders. Not entirely sure when they will start trading again. But there seems to be some activity regarding this share again.

 

But to be honest, it will probably be a short term trade.

 

[jaDEB]

sommerso, I had a quick look on their site, where did u get info of 32c a share? and when will it trade again?

[sommerso]

To buy ABIL when they open or not to buy ABIL. At 31c it isn't a bad gamble. Seeing that they have been 'saved'.

Edited by sommerso, 29 February 2016 - 08:36 AM.

[SLEEKONE]

Read that ordinary shareholders are getting nothing , imagine the loses. Only God knows what will happen to the monies we have invested in that company.

[SyndriN]

I might sound like a complete idiot or noob for asking this but here goes, what happens to the shares we bought so for instance i have 5000 when the new bank opens? Do we keep our  shares? lose them? 

 

AFter all the news reading past year have not found a clear answer for this.

 

Any input will be great, thanks ^^

[jacani]

Based on the info now made public, does anyone have any idea if the price will leave anything for Ordinary Shareholders?

[Queen B]

DISPOSAL OF STANGEN



Shareholders are referred to the announcements released on SENS on 5 June 2015, 30 June 2015 and 14
July 2015 wherein shareholders were, inter alia, advised of the potential sale by ABIL of the entire issued share
capital of its wholly-owned subsidiary, The Standard General Insurance Company Limited (“Stangen”) and
that the Company had commenced voluntary business rescue proceedings in terms of section 129 of the
Companies Act, 2008 (Act 71 of 2008), as amended. Stangen operates as a long-term insurer within South
Africa and is primarily involved in underwriting credit life businesses to customers of African Bank Limited (in
curatorship) (“ABL”).

Shareholders are further advised that the Company has entered into a share purchase agreement with its
wholly-owned subsidiary, ABL and Stangen in terms of which ABIL will dispose of the entire issued share
capital of Stangen (“Sale Shares”) to ABL (“the Disposal”) subject to the fulfilment (or, to the extent
permissible, the waiver) of certain suspensive conditions including, inter alia, regulatory approvals, the
completion of a due diligence investigation, and the adoption of a business rescue plan proposing inter alia,
the sale of the Sale Shares (“Business Rescue Plan”).

The purchase consideration for the Sale Shares is expected to be R1.378 billion, which may increase by a
maximum of R50 million dependent on the actual level of net asset value of Stangen on the effective date of
the Disposal, being 1 October 2015. In addition to the abovementioned purchase price, ABIL has received a
dividend in cash and in specie totalling R797 million and will receive a further dividend of surplus cash on the
Stangen balance sheet immediately prior to the closing date of the Disposal.

The Disposal is in line with ABIL’s joint business rescue practitioners’ business rescue strategy and will form
part of the Business Rescue Plan.

Further details pertaining to the Disposal and the total realisations will be included in the Business Rescue
Plan which is due to be published on or about 14 September 2015.

[Magnet]

Allan Grey bought in at 50c. So they should at least make back 3x their money if we assume Stangen will be sold for peanuts.

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[Bargain hunter]

Yes Queen Bee we may be due for quite a windfall shortly.  I bought a few on the Friday before suspension at 50c - maybe a bit more than I should have but it all looks rosy now.  Spoke to the Business Rescue Practitioner and we should get a confirmation of the Stangen sales price by 4 Sep, remember that it is around R1.30 for per share for every R2bn above R2.1bn (which will be used to pay off creditors and around R80/preference share.  I am hoping for a sales price of around 4bn which would only equate to a PE of 2 (Should be much more though).  

 

There is also a dividend from Stangen for a portion of the circa R1.5bn profit this year that is in process of being signed off.  Add to this the possible options when New Bank lists in a year or two so very rosy indeed for shareholders!

 

Looking back at all the self proclaimed "experienced" posters (one in particular,) who was adamant that shareholders would receive nothing back at all - hopefully their large egos would be dealt a blow after this saga.

What price did Alan Gray buy it for just before the suspension. They should at least make the their money back and then some. Coronation lost out completely.

[Magnet]

Yes Queen Bee we may be due for quite a windfall shortly.  I bought a few on the Friday before suspension at 50c - maybe a bit more than I should have but it all looks rosy now.  Spoke to the Business Rescue Practitioner and we should get a confirmation of the Stangen sales price by 4 Sep, remember that it is around R1.30 for per share for every R2bn above R2.1bn (which will be used to pay off creditors and around R80/preference share.  I am hoping for a sales price of around 4bn which would only equate to a PE of 2 (Should be much more though).  

 

There is also a dividend from Stangen for a portion of the circa R1.5bn profit this year that is in process of being signed off.  Add to this the possible options when New Bank lists in a year or two so very rosy indeed for shareholders!

 

Looking back at all the self proclaimed "experienced" posters (one in particular,) who was adamant that shareholders would receive nothing back at all - hopefully their large egos would be dealt a blow after this saga.

[Queen B]

Things seem to be finally on track for the good bank:

 

Notification of SARB authorisation for the establishment of Good Bank, and FSB
approval of a Financial Services Provider licence for Good Bank


Stakeholders are referred to the statement regarding the Curatorship of African Bank ("the
Curatorship") made by the then Governor of the South African Reserve Bank ("SARB"),
Ms. Gill Marcus, on 10 August 2014 ("the SARB statement") and to the SENS
announcements released by African Bank Investments Limited ("ABIL") and African Bank
on 26 September 2014, 10 December 2014, 3 and 31 March 2015, and by African Bank on
28 and 29 May 2015,       11 June 2015       and 15 July 2015 (“the Restructuring SENS
Announcements”).


The SARB statement confirmed that Mr. Tom Winterboer was appointed as Curator of
African Bank ("the Curator") in terms of the Banks Act No. 94 of 1990 (as amended) on 10
August 2014. At the same time the SARB statement set out a proposal for the restructuring
of African Bank, which entailed the creation of a new "Good Bank" ("the Good Bank
Restructuring Proposal"). Further detail about the Good Bank Restructuring Proposal has
been communicated to stakeholders in the Restructuring SENS Announcements.


The Curator is pleased to announce that the SARB has authorised the establishment of
Good Bank under the Good Bank Restructuring Proposal in terms of section 13(1) of the
Banks Act (Act No. 94 of 1990) (‘the Banks Act”), subject to the requirements of the Banks
Act. Commencement of operations is dependent on the final registration of Good Bank as a
bank under Section 16(1) of the Banks Act.


Furthermore the Financial Services Board (“FSB”) has granted Good Bank a licence as a
Financial Services Provider, under the Financial Advisory and Intermediary Services Act (Act
37 of 2002) ,subject to certain conditions and restrictions, which do not impact the
anticipated business model.
Commenting on these developments, Brian Riley CEO Designate of Good Bank stated:
“These are further significant developments to enable the commencement of Good Bank.
We continue to engage proactively and constructively with the regulators, and in particular
the SARB, which is a key stakeholder in the journey to the launch of the business.”


The Good Bank has applied for and is awaiting approval forthe Credit Provider Licence from
the National Credit Regulator.


The Curator will continue to make further announcements related to the Restructuring of
African Bank in due course
 

[Magnet]

http://www.moneyweb....l-shareholders/

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