A consultant from OST today expressed the view that, though ABL shares are worthless, the cfd's and futures, if still being held, will be applicable to the new shares once they are issued. Doesn't sound right.
This whole thing is a joke. They stripped the shareholders. Granted the liquidator special powers to act without consulting with shareholders (WHAT, HOW, WHY?) The thing should have been liquidated and followed the normal course. That is what the LAW says! There were hardly any depositors worth mentioning. The creditors were subject to business risk - it is governed by the act. It begs the question: WHO STOLE WHAT THIS TIME? Owning SA Inc. assets is like playing dice with your title deeds. I fear the same mentality will soon be applied to our houses.
Thanks as always Simon. When I pressed this bloke he said that their manager had told all consultants to advise clients that ABL derivatives would carry forward, so its not just one person's error. You would think that OST would get it straight first before disseminating such a clear error as so-called policy.