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When does the JSE suspension get lifted

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NOMS
New Contributor
Now that the AGM is over and a Board is in place, anyone got any idea when the JSE suspension will end and trading of this stock will restart? Anxious
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47 REPLIES 47
jetman
Occasional Contributor
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SimonPB
Valued Contributor
this stock no longer exists .. Abil of old went bust still to see what ex shareholders get ..
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THRESHOLD
Super Contributor
? Until (and if) they liquidate - this stock does and will continue to exist.
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Not applicable
nope - Simon is correct. Check the sense. ABL will cease to exist, and a new company (phoenix - sic!) will arise out of its ashes, minus whatever the first pick debtors can lay their hands on
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Not applicable
nope - Simon is correct. Check the sense. ABL will cease to exist, and a new company (phoenix - sic!) will arise out of its ashes, minus whatever the first pick debtors can lay their hands on
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Siener
Contributor
African Bank Investments Ltd (Abil) will be renamed African Phoenix Investments Ltd and relist on 5 October. Cash NAV for ordinary shareholders (after deducting liability to prefs) on 31 March 2016 was about 31c, but they've received more cash from Stangen since then, and will continue to receive cash as the insurance book runs down. Big question is whether they will find new client base since African Bank (the banking subsidiary) contract was cancelled. But investors will receive anything from about 40c to R2, and much more if company starts to attract new business. Lots of ppl commenting don't have a clue and continue to confuse the holding company (the shares that ppl own) with the bank operating company (which is basically insolvent). With all due respect to Simon, judging from his comments I don't think he has followed this story close enough to make any informed statements on the matter.
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THRESHOLD
Super Contributor
Nope! Now you and Simon are both wrong. It doesn't work that way. The shareholders are the shareholders until there is a legal "death" of the entity. This is a simple renaming due to the erstwhile inclusion of "Bank" in the name. ABIL bank was never listed - it was a holding of ABIL Investments Ltd which was the listed entity. This is where the shareholders are invested and - name change notwithstanding - where they will continue to be invested post the indicated relisting.
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Siener
Contributor
Just for the record - African Bank Investments Ltd (Abil) didn't go 'bust'. In actual fact, the company is out of business rescue, has a large cash pile as well as the going concern of Stangen (insurance business) and still earning cash, and will relist under different name (due to banking regulation restrictions on having name 'bank') on 5 October. Going 'bust' means you're insolvent and/or being liquidated - for Abil this is not the case!! If Stangen can't find new business (and depending on what shareholders and directors decide) the company may well be voluntarily liquidated and the cash reserves distributed to shareholders.
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Siener
Contributor
Just for the record - African Bank Investments Ltd (Abil) didn't go 'bust'. In actual fact, the company is out of business rescue, has a large cash pile as well as the going concern of Stangen (insurance business) and still earning cash, and will relist under different name (due to banking regulation restrictions on having name 'bank') on 5 October. Going 'bust' means you're insolvent and/or being liquidated - for Abil this is not the case!! If Stangen can't find new business (and depending on what shareholders and directors decide) the company may well be voluntarily liquidated and the cash reserves distributed to shareholders.
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THRESHOLD
Super Contributor
I think the confusion is due to the fact that they speak about "new shares" being listed on 4 Oct ... I presume that is because the JSE instrument per se is new. Other than that - must admit - I can't see why they would choose to phrase it thus... I'm stumped.
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klapka
Super Contributor
This share is relisting next month? And there are such divergent views as to what happens to the shares/shareholders of the delisted company. Surely some authority must have issued a clear statements regarding this matter?????
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THRESHOLD
Super Contributor
There is no uncertainty! ABIL has continued to issue SENS announcements to the market. (For what they are worth, some might say.)
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klapka
Super Contributor
I have not seen one sens that is succinct on the matter, nor do any of the talking heads ever make clear where the old ABIL shareholders stand, as if they also don't really know. -all strangely wishy-washy.
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THRESHOLD
Super Contributor
Check the 18 August 2016 SENS for a detailed timetable. As for the talking heads... they create their own confusion for their own ends... or perhaps they are just incompetent. The legal position seems pretty straightforward here.
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THRESHOLD
Super Contributor
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Siener
Contributor
Some 'talking heads' made bold statements about Abil going bust, now they have major egg on their face and zero credibility. All will be revealed on 5 October when the shares relist - we'll see at what value they trade. There might even be an artificial boost from shorts trying to close their positions.
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koos2
Super Contributor
that 31 cents nav ps, is that after pref shares have been paid out/off?
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koos2
Super Contributor
if there is no guiding sens, is going to a zero.
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Siener
Contributor
NAV of 31c is AFTER preference shareholders have been redeemed (as at 31 March 2016 - since Abil is still getting cash from Stangen, this NAV will climb every month). Of course, if company continues with business (no voluntary liquidation), the preference shares do not have to be redeemed. In actual fact, if no ordinary dividends are declared (but cash used for further investments instead of returned to shareholders)the prefs get no dividends either. So Abil can potentially use the R1.2 billion pref shares as a cheap form of capital (0% interest rate loan).
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