616
APN trading update on SENS. It's better than I thought. 
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617
@Luna - No there is no withholding tax on locally registered REITS
See also http://data.moneyweb.co.za/moneyweb/sharedata/scripts/sens.asp?id=236140
See also http://data.moneyweb.co.za/moneyweb/sharedata/scripts/sens.asp?id=236140
619
Shares / Re: African Bank
« on: August 18, 2014, 08:39:54 am »
Would Abil pref shares be treated differently to ords ?
620
Shares / Re: African Bank
« on: August 17, 2014, 03:19:41 pm »
'F*** the poor!' is the message from a top executive at African Bank
Quote
In a terrifying glimpse this week into the dark heart of unsecured lending in South Africa, a former top executive of African Bank, Tami Sokutu, scorned the poor who were sucked into debt by easy loans from his now failed company.
621
Shares / Re: African Bank
« on: August 17, 2014, 12:22:00 pm »
Hell no, I am certainly not optimistic, never had the stuff and just posted the link. The only ameliorating scenario would be (as you hint), a very low i.e. attractive rights offer where the upside potential outweighs the downside. They will need to revisit their business model though.
BTW. Capitec was downgraded by Moody's - not justified.
BTW. Capitec was downgraded by Moody's - not justified.
622
Off topic / Re: Live chat
« on: August 16, 2014, 03:44:10 pm »
African Banksters. Chk. thread 'African Bank'.
Link courtesy 'The Dangeruss' (aka 'The Darkside').
Link courtesy 'The Dangeruss' (aka 'The Darkside').
623
Shares / Re: African Bank
« on: August 16, 2014, 03:39:22 pm »
Link courtesy 'The darkside'
African Bank: How I LOVE me a bailout.
Why This Is Great News For Shareholders
The artist formerly known as African Bank will now be three entities:
A Good Bank (with the good performing loans)
A Bad Bank (with the bad loans)
An Old Bank (with whatever is left of African Bank, including the interest in Ellerines) – at least, so I gather.
Extract, but read all..
As I read it, here are all the ways that the new shareholders will benefit:
They can take up the rights offer in the Good Bank, which is ring-fenced from the bad loans (now in the Bad Bank) and Ellerines (in the Old Bank). So their money will be pretty safe. And they’ll get the upside when the Good Bank eventually re-lists.
That upside could be significant – because all the stuff that was concerning about the Old Bank (Ellerines, the business model, the non-performing loans) will now be a problem of the past. The Good Bank is going to be all about performing loans and so forth.
As for the bad loans – there’s a guaranteed R7 billion for anyone that takes up shares in the Good Bank (I think that’s where the R7 billion will go). And if there is better collection (including interest rates), then that will be passed along. So there’s upside there.
The bondholders are taking some of the hit (specifically, 10% of their face value) – so there’s a win.
And once the Old Bank is wound up, there will possibly be some residual payout. After all, Ellerines needs to be sold off. And the New Bank will buy the insurance units. But who knows – perhaps there really won’t be anything left.
In summary, if you managed to buy shares on Thursday and Friday, then you’re probably in for a little windfall. If you take up the rights offer, then you’ll have:
Shares in a good bank, with none of the really bad risks (and your share purchase was really just paying for the right to participate in the rights offer).
Possibly a bonus payout from the bad bank.
And even if you don’t do the rights offer, hopefully a little payout from the old bank.
It’s good news. Especially if you’re a new shareholder.
African Bank: How I LOVE me a bailout.
Why This Is Great News For Shareholders
The artist formerly known as African Bank will now be three entities:
A Good Bank (with the good performing loans)
A Bad Bank (with the bad loans)
An Old Bank (with whatever is left of African Bank, including the interest in Ellerines) – at least, so I gather.
Extract, but read all..
As I read it, here are all the ways that the new shareholders will benefit:
They can take up the rights offer in the Good Bank, which is ring-fenced from the bad loans (now in the Bad Bank) and Ellerines (in the Old Bank). So their money will be pretty safe. And they’ll get the upside when the Good Bank eventually re-lists.
That upside could be significant – because all the stuff that was concerning about the Old Bank (Ellerines, the business model, the non-performing loans) will now be a problem of the past. The Good Bank is going to be all about performing loans and so forth.
As for the bad loans – there’s a guaranteed R7 billion for anyone that takes up shares in the Good Bank (I think that’s where the R7 billion will go). And if there is better collection (including interest rates), then that will be passed along. So there’s upside there.
The bondholders are taking some of the hit (specifically, 10% of their face value) – so there’s a win.
And once the Old Bank is wound up, there will possibly be some residual payout. After all, Ellerines needs to be sold off. And the New Bank will buy the insurance units. But who knows – perhaps there really won’t be anything left.
In summary, if you managed to buy shares on Thursday and Friday, then you’re probably in for a little windfall. If you take up the rights offer, then you’ll have:
Shares in a good bank, with none of the really bad risks (and your share purchase was really just paying for the right to participate in the rights offer).
Possibly a bonus payout from the bad bank.
And even if you don’t do the rights offer, hopefully a little payout from the old bank.
It’s good news. Especially if you’re a new shareholder.
624
Shares / BHP Billiton more or less exiting ZA
« on: August 15, 2014, 03:34:05 pm »
Billiton set to spin off unwanted assets
Fin 24 article
Another step towards disinvestment in ZA. Thanks Gov. Wonder what will happen re. Alusaf - I want it closed down so that there is sufficient electricity to power up my desktop and post here
Rand is overvalued - unless this news has not yet sunk home.
Fin 24 article
Quote
This means that BHP Billiton will diminish its exposure to South Africa to virtually nothing, as most of these unwanted assets are based here.
These assets, particularly the aluminium assets, are battling to be profitable despite a controversial deal with Eskom which provides Alusaf, the mining giant’s aluminium subsidiary, with electricity at a price that is subsidised by the tax payer.
It has also been known for a long time that international mining groups’ market value is inhibited by exposure to South Africa, as political uncertainty about mining rights and a very volatile labour market is a deterrent for overseas investors.
Another step towards disinvestment in ZA. Thanks Gov. Wonder what will happen re. Alusaf - I want it closed down so that there is sufficient electricity to power up my desktop and post here
Rand is overvalued - unless this news has not yet sunk home.
625
Shares / Re: Adaptit Uncertainty
« on: August 14, 2014, 01:08:22 pm »could be similar, as I know a director has been suspended.
What the market knows though, i am not sure, but highly doubt there will a recovery until some good news comes out or the director is cleared
Interesting, where did you see that a director has ben suspended ?
626
Fitch cuts Naspers debt to junk. http://www.moneyweb.co.za/moneyweb-equity/fitch-cuts-naspers-to-junk
629
Off topic / Re: Live chat
« on: August 13, 2014, 08:32:40 am »
Yup, high, high, high. Earnings need to catch up some. Market thinks they will.
So future expectations. Priced for perfection.
So future expectations. Priced for perfection.