Kudos to you then!! (only thing is I really dont think the big buyers were averaging down!! then = amazing) Here is a copy of our conversation in January: Re:Re:Interest Rate Hike by SimonPB on 30 Jan 10:16 African Bank going to zero (or a cheap buy out), their business model is broken with no repair possible .. Re:Re:Re:Interest Rate Hike by saash on 30 Jan 10:23 Why is this thing still the largest constituent of the Satrix Divi basket? Re:Re:Re:Interest Rate Hike by warhippo on 30 Jan 16:52 Sjoe, Bold statement Simon. Not a fan of African Bank either (mostly personal ?ethical reasons and I may be 100% wrong) But: In the last 30days Coronation increased holding of ordinary shares to 20%, PIC = 15%, Old Mutual 6% and SANLAM 5% and who else also? Re:Re:Re:Re:Interest Rate Hike by SimonPB on 02 Feb 09:35 sure bold and like most bold statements likely wrong .. CML and rest buying more is just that, buying more AKA averaging down .. as Investec did with GIJ and many others with others .. just because they buying does not mean it'll end well
I am surprised they haven't suspended retail withdrawals. That is the normal course of action for a bank under curatorship, to avoid a run on the bank. Unless the retail deposits are not used for capital adequacy purposes?
retail depositors represent less than 1% of African Bank's creditors. We are therefore able to make an unequivocal commitment to all existing retail depositors that their money is safe, and that they can continue with African Bank without fear that their deposits will be frozen or lost. "They will have full access to their money in the ordinary course of business," Marcus