46 replies to this topic

[andi222]

Yes 11 November. The new directors actually want to sue the old ones for the delay 😅

Sent from my SM-G973F using Sharenet Sharechat mobile app

[SB45]

Is there a new date for date set for the meeting ?

[andi222]

Yes it is really concerning. And actually sad that directors these days can't just fix their issues. I mean this company has great potential but if directors dont do what they are paid for they can destroy any company. There need to be stricter rules for negligence like this.

Let's see how the new egm will go. Hopefully we will get some directors in who can solve the issues and not raise more of them.

Sent from my SM-G973F using Sharenet Sharechat mobile app

[SB45]

Thanks for the link Andi, quite concerning though for me is that governance topics keeps poping up. Many examples in recent history of what happens to shareholder value when governance is breached.

[andi222]

https://techcentral....ht-drama/93315/

Good article. Sums up the story. Directors need to sort out their issues.

Interesting tho Adapt IT is the party who wants to buy all shares. Very positive

Sent from my SM-G973F using Sharenet Sharechat mobile app

[andi222]

So meeting got postponed. Like wtf? They didn't have enough info to vote on??

Strange thing but most interesting tho is that ACC director announced a 40 Million Net profit for just one subsidiary. That's just crazy to say the least.

Yes that means 250 Million more shares will be issued due to warranties but with a profit like that it was a bargain.



Sent from my SM-G973F using Sharenet Sharechat mobile app

[andi222]

So today new board will be voted. Hopefully all resolutions will pass. As soon as that is done I think the new board can sign the interim financials and they can be released.

I think that's the reason for the hold up.

Sent from my SM-G973F using Sharenet Sharechat mobile app

[andi222]

He wanted to resign anyways so for me no big concern.

They have some really good directors lined up to replace current board. Will be interesting if the resolutions get passed. I think as soon as the new board is in place thing can be sorted out. The new directors know exactly what's happening in the subsidiary's so think they will be able to direct the company going forward.

However concerning for me is that they haven't released financials yet. They need to issue these asap otherwise we will face a suspension end of the month.

Sent from my SM-G973F using Sharenet Sharechat mobile app

[SB45]

When it rains it pours, well bad news for shareholders as this spells big trouble in the company...it seems JSE companies cannot be trusted....surprises to the shareholder detriment are a never ending thing these days.

https://www.business...ting-on-friday/

[andi222]

Yeah agreed, just hoping they can get the interim financials out soon. I mean they have till end of October. But how hard can it be to prepare half year financials. I mean they dont even need to be audited.

At least they have some proper directors lined up to take over the board.

They just need to sort out their governance issues. Once that is done it will hopefully start rising. They have some really strong subsidiary's.

Sent from my SM-G973F using Sharenet Sharechat mobile app

[SB45]

Really concerning indeed Andi, I guess the offer also will be entertained after the board changes as well.

[andi222]

Mh looks like this board change needs to be approved before financials come out. The comments made by the audit chair don't sound good. But at least its directed to a subsidiary.

Hope the new board will sort out the internal issues they have.

I'm concerned tho that no numbers for half year have been released yet.

Sent from my SM-G973F using Sharenet Sharechat mobile app

[andi222]

Mmmh no trading statement issued. Either they missed it or the results will be +-20% of last years results. Today is the last day they can report :/ Wonder why there was no news at all so far. 

[andi222]

Wonder when the trading statement will be released. I mean they have 5 days to report. . . 

[andi222]

Yeah will be interesting at what price the offer will be. Remember other shareholders need to approve the deal so price per share needs to be way above current price for shareholders to accept the deal.
Shareholders paid around 2 rand at IPO. Since then they did an acquisition spree where they issued shares to pay for the businesses. They issued those shares at 25 cents. So my guess is that the offer will be between this 25 and 200 cents.

Taking into consideration their latest EBITDA 6 million dollars. One could say the assets of the company can be valued as follows: 6 000 000 × 14 (exchange rate) x 13 (ebitda multiple due to high growth potential) = around 1 billion. There are 800 million shares in issue. This would give u a range of around 1 rand.

That's just my opinion where I see the value of the company at the moment.

Shareholders need to approve the deal and I think a price of 1 rand would be reasonable and shareholders should not approve less.

What do you guys think?

Sent from my SM-G973F using Sharenet Sharechat mobile app

[ESS]

First time I've witnessed a share go up on a cautionary announcement

4k industrial revolution...thats the way things are going... Why not then

Was thinking the same re 4k revolution. Been watching this share purely because it is the first share to appear on FNB app. The trick would have been to pick the bottom. Thanks to Andi I dipped my toes at 21c some time ago. Now I know I sound like a con....but who cares. Went down to 16c and but it looks for a return due to happenings behind the sences.

[Lionelza1]

First time I've witnessed a share go up on a cautionary announcement

4k industrial revolution...thats the way things are going... Why not then

[andi222]

Next week half year results are due. Will be interesting how they performed.

[andi222]

I hope this offer will come in at a good premium. This company has a good base to grow huge in near future. NAV is around 700 Million. Current Market Cap is around 120 Million. 

 

Given the growth in the past of the company and an EBITDA of 6,4 Million Dollar excl. once off items. a EBITDA multiple of between 10-15 is reasonable.

 

This would give a value of around 6,4*15*10= 768 Million to 1,2 Billion. Which would mean 1-1,5 Rand per share.

 

[andi222]

4SI : Cautionary Announcement:
4SIGHT HOLDINGS LIMITED
(Incorporated in the Republic of Mauritius)
(Registration number: 48335 C1/GBL)
("4Sight" or "the Company")
ISIN Code: MU0557S00001 JSE Code: 4SI

CAUTIONARY ANNOUNCEMENT

The Company has received a credible, non-binding Expression of Interest, with a request for
exclusivity, for the acquisition of all the shares in 4Sight. The board has resolved to grant the
exclusivity and further announcements will be made as required.

Accordingly, shareholders are advised to exercise caution when dealing in the Company's
securities until a further announcement is made.

Mauritius
19 September 2019


Designated Advisor
Arbor Capital Sponsors Proprietary Limited

Date: 19/09/2019 10:10:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.