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Abil shares

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Siener
Contributor
So Abil Net Asset Value at 31 March 2016(mostly cash) = R1.06. If it's liquidated and preference shares have to be repaid, the cash is 30.8c per share. But Stangen is still making money (about R400mio every 6 months)and they struck a new deal with African Bank (Newco) for the runoff. Plus, if they don't liquidate, preference shares only get their dividends - (if any are declared). Abil might decide to continue with Stangen and expand the business (will depend on new directors). So shares worth anything from 70c to R2 in my opinion. So glad I didn't listen to the so-called 'experts' who declared the shares worthless.
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10 REPLIES 10
Hali
Super Contributor
They worthless..time value of money.. When u mess up..Admit..Cut and move on..
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koos2
Super Contributor
DUDE, you know you dont own abl shares anymore?, you own debt_residue_consolidated_or_some_such_bs_share. The major banks own the good abl now.
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Siener
Contributor
And you clearly don't know the difference between a holding company and an operating company...DUDE!
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Siener
Contributor
For all the mental retards out there - Abil shareholders own shares in a holding company called Abil. This holding company owns subsidiaries like African Bank (now split between Newco and Old Residual Bank - worthless to Abil shareholders), Ellerines (worthless) and Stangen (still making profits).
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vishal
Regular Contributor
Any idea when all this will bear fruit?
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Siener
Contributor
AGM will be held shortly for appointment of new directors. These directors will communicate plan and timetable to investors (role of business rescue practitioners have now ended, and they can't make any decision on how company's assets will be handled).
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vishal
Regular Contributor
Thanks for the info
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koos2
Super Contributor
Apologies all round, you seem to have a vested mental interest here. I dont, i only had R 17 556- invested. And i wrote that off 2 years ago.
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THRESHOLD
Super Contributor
I bought a few million of these when they crashed! My reasoning was that they would be worth way more than 40c upon liquidation. I didn't allow for our noble, honest "government" barging in and stealing the company... then try to do more of the same with STANGEN. Ironic that it was the BEE partners that rode to our rescue. I have done this before and made money - looks like it will do well out of this too! Still holding thumbs though.
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Threshold5
Contributor

So - there you go. Given this years income - they should represent about R1,50 of investable value per ordinary share after seeing out the year. They should have R2,05 billion free cash to invest in insurance contracts. lovely. Dumped mine at 53c and took back a million of them at 42c. If I am feeling strong - I'll take another million.This could be an interesting proposition.

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