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Aveng (AEG)...free lunch?!

Aveng AEG small cap construction

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#1 Zanme

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Posted Yesterday, 09:09 PM

I think that Sean is incompetent he couldn't even run Erbacon. Eric is the guy that brought this arrogant culture to the company. He destroyed and destroyed value on the pretence that he is selling of the SA business. He was egotistical wasting the company's money to fight Sanral in court and then he left. He thought he was something special. He was an executive chairman controlling the board and management. But its a clear example of a company with poor governance and big institutional shareholders did nothing because its not their money at risk and Aveng became so small.


But we can't liquidate it will mean that someone else will make money from it and we will be left with nothing the business rescue practitioners will make all the money. So lets follow this rights. But these guys have to have some consequences.
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#2 Zanme

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Posted Yesterday, 09:07 PM

Best option for shareholders is to liquidate this now. Try get something close to NAV. That management team have no ideas. The share price has struggled to get off 2c and you want to do a rights offer???? WTF! EOH execs took a 25% cut during COVID to contain costs - how much did AVENG execs offer - knowing full well they won't have cash? Am actually so pissed off with this. This business model is like any SOE in the country and Sean and his team are pigs feeding at the trough. Disgusting!


I think that Sean is incompetent he couldn't even run Erbacon. Eric is the guy that brought this arrogant culture to the company. He destroyed and destroyed value on the pretence that he is selling of the SA business. He was egotistical wasting the company's money to fight Sanral in court and then he left. He thought he was something special. He was an executive chairman controlling the board and management. But its a clear example of a company with poor governance and big institutional shareholders did nothing because its not their money at risk and Aveng became so small.
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#3 skeez

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Posted Yesterday, 08:16 AM

Best option for shareholders is to liquidate this now. Try get something close to NAV. That management team have no ideas. The share price has struggled to get off 2c and you want to do a rights offer???? WTF! EOH execs took a 25% cut during COVID to contain costs - how much did AVENG execs offer - knowing full well they won't have cash? Am actually so pissed off with this. This business model is like any SOE in the country and Sean and his team are pigs feeding at the trough. Disgusting!
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#4 Blackobar

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Posted 26 November 2020 - 05:03 AM

Time for management to get the boot. Its the same theme. They raised money not so long ago. Used it to pay their salaries for three years and now they doing the same. Who is the largest shareholder?


No question, management has to go. They are turning this company into a lifestyle company, raising money for their own big salaries.
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#5 Zanme

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Posted 25 November 2020 - 05:13 PM

Time for management to get the boot. Its the same theme. They raised money not so long ago. Used it to pay their salaries for three years and now they doing the same. Who is the largest shareholder?
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#6 Tonyh199

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Posted 25 November 2020 - 05:08 PM

Todays SENS announcement:

 

https://www.moneyweb...y-announcement/

 


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#7 Tonyh199

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Posted 23 November 2020 - 05:19 PM

I would not advise you to have your hopes up because, on another group a member stated that he spoke to the company secretary and she said that the results will be out on the 30th (Also JSE deadline) and the AGM will be in Feb. This is now purely a wait and see game. Even Engineering News is struggling to get info out of them:

 

https://www.engineer...-20/rep_id:4136

I called today - Was also told that the results would be out this week.They said the AGM scheduled for the 27 th on their website was incorrect and would be changed. I see that they have now changed the date to TBC ! 


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#8 skeez

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Posted 23 November 2020 - 11:37 AM

Does not bode well...news must be really bad. They have used every excuse in the book to delay these results. I never know why companies do this! If this share was not where it is now I would have bailed out already. Execs just need to be transparent- none of this smoke and daggers stuff.
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#9 Shi

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Posted 23 November 2020 - 11:14 AM

Should be an interesting week. As far as I know results have to be out by Monday next week. 

 

Anyone heard anything regarding when these will be published?

 

Will they be suspended if no results out by Mon?


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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

#10 MINK

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Posted 23 November 2020 - 10:43 AM

The AGM on Friday will hopefully shed light on the results and the way forward 

 

I would not advise you to have your hopes up because, on another group a member stated that he spoke to the company secretary and she said that the results will be out on the 30th (Also JSE deadline) and the AGM will be in Feb. This is now purely a wait and see game. Even Engineering News is struggling to get info out of them:

 

https://www.engineer...-20/rep_id:4136


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#11 Shi

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Posted 23 November 2020 - 10:27 AM

The lack of information is an issue here. After all previous dates have been wrong, would say just wait and see. Looking for positive information now.

 

The AGM on Friday will hopefully shed light on the results and the way forward 


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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

#12 AMG76

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Posted 23 November 2020 - 10:02 AM

The lack of information is an issue here. After all previous dates have been wrong, would say just wait and see. Looking for positive information now.
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#13 Sleepwa123

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Posted 23 November 2020 - 09:24 AM

Should be an interesting week. As far as I know results have to be out by Monday next week. 

 

Anyone heard anything regarding when these will be published?


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#14 skeez

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Posted 19 November 2020 - 02:29 PM

If they lose the arbitration they are in for about R163mill, not good for them since they are not yet out of the woods. I am keen to seen how they cover this in their financials......tick tock for them end of November is here...they cannot hide anymore....they are really creating an admin mess for themselves....they need to issue results, prepare annual report, arrange agm

Are they not only liable for the cost SANRAL will incur to appoint another contractor? Maybe the difference in price between Aveng and the next best contractor...hopefully that was not the full perfomance bond.
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#15 Zanme

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Posted 18 November 2020 - 08:46 PM

I wrote to management at the time of them pursuing this matter. But they are driven by the egos at our expense.


I won't speak about remuneration because guys are getting tired but its the same story. Erik messed things up earned a bunch and left. Sean was a failure at Erbacon it went bust. They had rights money and rescued by debt holders and stil couldn't do anything. These guys are special.
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#16 Zanme

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Posted 18 November 2020 - 08:41 PM

If they lose the arbitration they are in for about R163mill, not good for them since they are not yet out of the woods. I am keen to seen how they cover this in their financials......tick tock for them end of November is here...they cannot hide anymore....they are really creating an admin mess for themselves....they need to issue results, prepare annual report, arrange agm


I wrote to management at the time of them pursuing this matter. But they are driven by the egos at our expense.
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#17 SB45

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Posted 18 November 2020 - 06:14 PM

If they lose the arbitration they are in for about R163mill, not good for them since they are not yet out of the woods. I am keen to seen how they cover this in their financials......tick tock for them end of November is here...they cannot hide anymore....they are really creating an admin mess for themselves....they need to issue results, prepare annual report, arrange agm
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#18 Zanme

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Posted 18 November 2020 - 05:50 PM

Found this on Ince site : The bonds included a 'performance guarantee' of about R245 million and a 'retention money guarantee' of about R82 million.


So what does this mean?
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#19 Tonyh199

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Posted 18 November 2020 - 01:19 PM

Mtetu Bridge Appeal dismissed.....arbitration to decide. Anyone remember what the Performance Bond was ?

Found this on Ince site : The bonds included a 'performance guarantee' of about R245 million and a 'retention money guarantee' of about R82 million.


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#20 SB45

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Posted 17 November 2020 - 05:39 PM

Mtetu Bridge Appeal dismissed.....arbitration to decide. Anyone remember what the Performance Bond was ?

Attached Files


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