866 replies to this topic

[Tonyh199]

A large portion of the proceeds of the R300 million rights issue will need to be used to settle the Mtetu Bridge Performance guarantee debacle - so there will be very little/if any value added to the company but the number of shares in issue will double / the value of each share will halve. Management including the chairman of the Tender Risk Committee - (who is now Board Chairman)  should be held accountable for the debacle....how could they not foresee that possibility when they walked off site? Unfortunately this is unlikely to happen- Covid and every other imaginable excuse is being thrown at shareholders while they take their R80 million in salaries.

[Tonyh199]

We have to let them know that things must change. Who is the biggest shareholder supporting the rights. I tried to google them but can't seem to find anything. These guys are sickening they really are. You absolutely correct their annual rem for directors has been around R80 million what about the other head office costs. They traded negligently and have to be held accountable in some form. A lot of the guys on these forums argue for these guys to earn so much on the basis that it won't make a difference. But they are so wrong. R80 million makes a big difference. On PE of 10 it is R800 million. Twice the market cap of the company.

These are the biggest shareholders per their 2019 Financial Statements:

The top 10 shareholders of the Group as at 30 June 2019 are entities (or clients of these entities in aggregate) listed below:

Highbridge Capital Management LLC (US)**                                 19,8%
Coronation Asset Management Proprietary Limited (ZA)                16%

Allan Gray Proprietary Limited (ZA)                                                11,6%
ATM Holding GmbH (DE)**                                                              7%
Deutsche Securities Proprietary Limited (ZA)**                                4,6%

J.P. Morgan Securities Plc (UK)**                                                     4,1%  
Investec Securities Proprietary Limited (ZA)**                                 3,4%

Investec Asset Management                                                                3,3%
Personal Trust International (ZA)**                                                   3,3%
BNP Paribas Arbitrage S.N.C. (FR)**                                                2,6%

 

Edited by Tonyh199, 29 November 2020 - 09:48 PM.

[Blackobar]

We have to let them know that things must change. Who is the biggest shareholder supporting the rights. I tried to google them but can't seem to find anything. These guys are sickening they really are. You absolutely correct their annual rem for directors has been around R80 million what about the other head office costs. They traded negligently and have to be held accountable in some form. A lot of the guys on these forums argue for these guys to earn so much on the basis that it won't make a difference. But they are so wrong. R80 million makes a big difference. On PE of 10 it is R800 million. Twice the market cap of the company.

Shareholders must vote against the remuneration policy and the board members up for re-election. People need to be kicked off the "gravy train".

[Zanme]

The strategy for these guys is simple. Run the business financing losses using debt and rights offers for as long as possible whilst drawing a HUGE salary. The top 3 execs just recently payed themselves huge amounts of money. For what? So they could report another loss and another rights offer? Then paint it like its a major achievement. This is going the Basil Read route. We will lose everything within 2 years. This is a engineering business ffs its not rocket science. It should not be this hard to run.

We have to let them know that things must change. Who is the biggest shareholder supporting the rights. I tried to google them but can't seem to find anything. These guys are sickening they really are. You absolutely correct their annual rem for directors has been around R80 million what about the other head office costs. They traded negligently and have to be held accountable in some form. A lot of the guys on these forums argue for these guys to earn so much on the basis that it won't make a difference. But they are so wrong. R80 million makes a big difference. On PE of 10 it is R800 million. Twice the market cap of the company.

[skeez]

The strategy for these guys is simple. Run the business financing losses using debt and rights offers for as long as possible whilst drawing a HUGE salary. The top 3 execs just recently payed themselves huge amounts of money. For what? So they could report another loss and another rights offer? Then paint it like its a major achievement. This is going the Basil Read route. We will lose everything within 2 years. This is a engineering business ffs its not rocket science. It should not be this hard to run.

[Zanme]

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.

[Zanme]

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.

[skeez]

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!

[Blackobar]

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.

[Zanme]

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?

[Tonyh199]

Todays SENS announcement:

 

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

 

[Tonyh199]

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 ! 

[skeez]

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.

[Shi]

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?

[MINK]

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

[Shi]

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 

[AMG76]

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.

[Sleepwa123]

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?

[skeez]

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.

[Zanme]

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.