Share Forum - Discuss JSE shares and join the Investor Challenge

Here's a conundrum which I can't understand - on 11th July GFI issues a sens notification of production and in essence gave a profit warning. Today they brought out their unaudited results for the last quarter and the share price drops =/- 7.5% - why, surely investors in shares read sens messages do their own interpretations of the message. But to me it is absolute folly to go and off load your shares when you should be in possession of the facts albeit via a sens notification. Similar situation with MSM - both presented opportunities to increase my holdings in these counters - sometimes I think investors are fickle
Apologies if I have posted on the wrong thread but just had to say something about investor behaviour 

I have previously read through that SARS doc and that's why I'm assuming 3 years is 'safe' - and that you can actually motivate shorter periods as not being a 'trader' - surely SARS can't conveniently assume if you 'trade' one share, you are now a trader - fukkkkem! 

I concur with your last comment. I had dealings with SARS last week and they are the most arrogant collection of people I have come across, and they hide behind the Act and won't negotiate on any matter - there is no grey area whatsoever. They frequently hold themselves up as one of the primary operations within government who work efficiently and effectively but in reality the intelligence levels are pretty dismal

tgg. Are you sitting down now? I suggest you do so. I will wait awhile.....................
So you sitting now. Good. Lon has done 25% for the past year. CML has done 130% for the past year.
I have a W tatoo on each bum cheek and when I bend down you will see WoW to your Lon.

Must be partaking of the happy juice again

On a slightly different tack - I have been monitoring the movement of the ALSI index 8th July it was 39795 and dropped to 39638 on 10th July - just a little while ago it hit an intra day high of 43001 - bit of a barn storming increase in the index

Patrick - a fair bit has been wriiten on the penny pincher stocks that have been bought in this competition and the value of investing in such stocks. Since this competition concludes at the end of the year and is finite for that year, and, since all purchases are based on the buyer price then at year end on Tuesday 31st December 2013 all share holdings should have the buying price applied to liquidating share holdings of stock. Thus in the case of a penny stock it may have been purchased at 1 cent and on 31/12/2013 you have buyers at 1 cent and sellers at 2 cents, but no trades then the buying price of 1 cent is applied to the holding of the penny stock. Should someone be that crazy to win the competition they would have to go into the real market and buy shares at 2 cents to force the traded price up to 2 cents. May just be a method to level the playing field - maybe also consider using the last traded price for a share when we are able to buy in next years competition and though you may place an order to buy it is held in abeyance until there is a trade in the counter - this may help to take the seldom traded shares out of the competition
Just some thought for debate

Reading all the feedback here, as good and well intended as it may be, I feel that it's much like building a house with shady foundations. My recommendation is that Delusionsofgrandeur puts some priority on sorting out his basic financial issues first. Two issues are at play here. 1. The requirement for a local bank account with which to fund his investments. 2. The not yet mentioned requirements of the SARB Exchange Controls as he is a South African Resident temporarily abroad, and in terms of the law, still subject to these controls (draconian as they may be).

The reason I mention item 2 is that when he transfers funds from offshore for investments either through a family members account or directly via a broker/fund manager, the recipient of the funds needs to make a declaration to the SARB (via the receiving bank in SA) as to the origin, purpose and nature of the funds (for Balance of Payments purposes). One can see this then unfolding into a problem, as the funds are non resident sourced, but are initially owned by a resident. The could then raise eyebrows and result in an admin nightmare trying to set the record straight with SARB post the event if the issue is identified. This could cost Delusionsofgrandeur some hard earned cash in additional banking charges as the receiving bank in SA would have to be his liaison party with SARB, and they don't do this for free, or cheaply either.

The issue of FICA as mentioned in the posts is correct when you are resident in SA. However, banks hold numerous accounts of people who are not resident in SA, and although still subject to FICA and KYC regulations, the requirements for this differ somewhat due to the nature of the of the residency status of the account holder. Therefore it is possible for an account to be opened with a SA bank subject to the applicable rules.

My advice -
Approach any one of the many banks in SA stating your current situation and that you wish to open an account to transfer surplus income earned whilst temporary abroad, asking them what documentary evidence they require to arrange for the opening. Any bank who says they want proof of residence in SA (like a rates account, etc) don't know what they are talking about so ignore them. and try someone else. Although this may take time to finalise, at least once it's done it's done. Then you should have no issues with SARB, Exchange Controls,  and transfering funds to your broker. Your foundation is in order and you can start to build on it. (You may have to provide this FICA/KYC info to a broker as well, dependant upon who you choose and their requirements.)

Just my 2 cents worth.

Agree - once you try and play fast and loose with the authorities you are looking for problems

Quote from: gcr on August 06, 2013, 11:06:28 am

Quote from: Patrick on August 02, 2013, 02:28:59 pm

You're right. JSE is down again. I've activated the backups links, it'll catch up in a few minutes.

Patrick - I am waiting to buy shares for the competition GFI - but your price is R54.20 and the share has been trading down around R 53.32 - I want to get in at this level not your feed price - anyway of getting into the competition at this price - don't really want to wait for the competition system to update

Link is up, update has also just run. Check the latest prices.

Bought - thanks