Be careful here - also see what transpired at ALM today - both companies share the same FD, one Connie van Nieukerk who apparently doesn't understand the difference between a reviewed opinion and an audited one!!! Very weak financial controls seem to be a common denominator. In the case of ADW, a poor due diligence got them involved with Allegro. Unbelievable behaviour and governance for a listed entity. Handle with some circumspection. omo
Whats the story. Have they actually lost money or are do they have actual exposure? Being in law I know that wording like we are working closely with the executors/liquidators usually means. We are going to go through the motions, point fingers, and will shout ra ra ra to avoid being scrutinised in our personal capacities. No one exept the attorneys and liquidators will however get a cent.
I don't think even Marius van Tonder knows with any certainty - Moneyweb has been hounding him since Feb about their exposure to CMM via Allego and Three Rivers and also queried Frik Vermaak's involvement, without any success. Just bland responses. An intricate web of companies seems to have been created, hence this investigation and decision to liquidate. As a public company, ADW's potential exposure should have been quantified at year end already, but instead they chose to procrastinate, hence the slow southward drift in the share price with some directors selling above 150cps. The FD apparently doesn't have a clue?!