280 replies to this topic

[SB45]

https://www.business...uction-workers/

Sanral said its safe to continue with the works....

[SB45]

Quite telling of our South Africa, we will import infrastructure at a massive cost. Disgusting entitled mafia. Tough space

https://www.business...usiness-rescue/

[SB45]

Brian Wilmot kept Moolmans profitable,pity he retired, Stuart White a disaster even before the two divisions were merged. So anyone but him. Worrying though that the core business is making losses. Time will tell, short time at that, lets hope the guys working there are clever enough to realise its their lively hood at stake and support this guy.

[skeez]

This appointment does not fill me with great confidence.

Sent from my SM-G930F using Sharenet Sharechat mobile app

[andi222]

NEW MANAGING DIRECTOR APPOINTED AT MOOLMANS

Date

Wednesday 20th March, 2019

 

Johannesburg, 20 March 2019: Effective 1 April 2019, Jerome Govender has been appointed as Managing Director for Moolmans, Aveng’s mining arm and one of the Group’s two core businesses. 

“We are confident that Jerome has the necessary skills and experience to lead the turnaround intervention at Moolmans which is focused on restoring planned operational and financial performance and returning our core mining business to profitability,” says Eric Diack, Executive Chairman of Aveng. 
Jerome has more than 25 years’ experience in the construction industry with solid experience in both local and international environments.

Most recently, Jerome served as the Chief Executive Officer of the Cross Yarra Partnership, an approximately AUD6 billion private public partnership (PPP) rail project in Melbourne, Australia.

Before that, he was Executive Director and Chief Executive Officer of Concor Holdings following a transaction that saw most of Murray & Roberts’ infrastructure and building division sold to black empowered Firefly Investments (now Concor Holdings). Jerome played a key role in the successful conclusion of this transaction.
 
Jerome previously spent 15 years of his career with JSE-listed Murray & Roberts Group where he served the company in various roles, including as a member of the Group’s Executive Committee; Chief Executive Officer of its infrastructure and building division where he had full responsibility for operations spanning South Africa, other parts of Africa, the Middle East and Malaysia; and on secondment to lead the USD3.2 billion Gautrain Rapid Rail Link Project in Johannesburg as Chief Executive Officer of the Bombela Concession Company, which was the developer and operator of the integrated Gautrain system.

Before joining Murray & Roberts, Jerome worked briefly in the public sector as a Director in South Africa’s National Department of Public Works. 

Jerome holds a BSc in Quantity Surveying from the University of KwaZulu-Natal, an MSc from the University of KwaZulu-Natal as well as an MBA from Wits Business School.

 

https://www.aveng.co...ointed-moolmans

 

[Lionelza1]

infact i was going to add more at 2c but i am not looking at live prices so thats not working.....my avg 7c here

 

flirting with the 1c?

[andi222]

People are scared that Aveng will go into business rescue just like group five, however one should note that Aveng does not have any major loans left after all the events (Conversion, rights issue, sale of non-cor assets) that occured. There needs to be something huge to take down Aveng now. They have implemented a good strategy which they are following. 

[andi222]

Coronation still trying to get out. They had to take up lots of shares due to the bond conversion. They had 32% after conversion. Last SENS was they have 18%. So my guess is they are trying to sell the remaining 18%. I'm expecting a SENS soon that they have disposed of another 8%. 

[new john]

 

 

I think management is on track and this will reflect positively on the share price. 

 

Let's hope so, this one is retirement money as far as I'm concerned  

[andi222]

I looked at the results again, looks really bad at first but if you dig deeper one can see there is progress. If we look at the future we have a order book which is 2 billion rand higher then 6 months ago, Net debt sits at 35 million from 1,3 billion debt 6 months ago. 

 

"OUTLOOK AND PROSPECTS A positive outlook for McConnell Dowell is supported by growing markets that will sustain robust demand for new infrastructure. The economies of Australia and New Zealand are expected to be strong and stable in 2019 and 2020 as a result of several large-scale infrastructure projects that are underway and strong demand in the road and rail transport infrastructure sectors along the east coast of Australia, driven largely by higher levels of public spending by the Australian government. Against this background, McConnell Dowell will grow and diversify its order book in selected markets. The ECI status ensures that McConnell Dowell is well positioned to secure additional work in the near term. The business continues to focus on improving the consistency of its project execution. Moolmans’ immediate focus is on fully implementing the remedial actions of the Group-led turnaround intervention. Moolmans is also focused on optimising and extending contracts in its current portfolio to restore planned operational and financial performance. Moolmans continues to pursue selected new opportunities in improving market conditions. Grinaker-LTA has a limited order book and prospects for acquisition of new work in subdued operating conditions. Businesses earmarked for disposal within the operating group continue to be right-sized to achieve the financial objectives of potential new shareholders." (extract of the aveng interim financials)

 

I think management is on track and this will reflect positively on the share price. 

[andi222]

NAV at 17 cents, but gee results are horrible. Or do u guys think there is hope?

[andi222]

So in the last financial statements the following was displayed: Jun’18 Rm Jun’18 adjusted Rm Gross Debt 3 309 1 830 Cash 2 076 2 569 Net cash / (debt) (1 233) 739 Equity 2 594 4 574 NAV per share (Rand)(Based on 20 billion shares) 0,13 0,23 If we could just see that net cash is around 700 Rm and NAV around 20 cents I'm really impressed with management. Let's see what interim have in store for us this afternoon.

[andi222]

Results will be out today, Let's see what management has done so far. Hopefully we will see a debtless Aveng. 

[Lionelza1]

Hahaha yeah man know that feeling, some shares are so cheap at the moment that u tend to overbuy. But always remember to keep some spare cash for the dips. Cash is King haha.

lol was 100% newbie when i bought this.....in progress

[Polly]

So I think the NAV is currently sitting at +- 18 cents. 

 

Latest Equity reported was 2,6 Billion, to this add the bonds of 2 billion minus 1 billion loss now. Very High level but you get to +- 18 cents if u assume 20 billion shares in issue. 

 

Am I missing something?

 

So 3 - 4 cents is a really good price in my opinion. 

thanks...assumed it was some where in that region....could be higher too

[andi222]

andi do you know what the net asset value is?? must be about+-15c?? ok after this last loss at least 12c

 

So I think the NAV is currently sitting at +- 18 cents. 

 

Latest Equity reported was 2,6 Billion, to this add the bonds of 2 billion minus 1 billion loss now. Very High level but you get to +- 18 cents if u assume 20 billion shares in issue. 

 

Am I missing something?

 

So 3 - 4 cents is a really good price in my opinion. 

[Polly]

andi do you know what the net asset value is?? must be about+-15c?? ok after this last loss at least 12c

[andi222]

Hahaha yeah man know that feeling, some shares are so cheap at the moment that u tend to overbuy. But always remember to keep some spare cash for the dips. Cash is King haha.

[Lionelza1]

Look at the volumes on this one... Damn

[Lionelza1]

That's my other problem... If I double up I'm gonna be broke haha, but then I can be like steinhoff and visit my creditors.... But NAH