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Atlas Africa Industries Suspended
Fyatu
#21 Posted : Thursday, June 22, 2017 1:30:53 PM
Rank: Veteran


Joined: 1/20/2011
Posts: 1,820
Location: Nakuru
Why are this wazungus not making public the balance sheet as at 31st December 2016? Wanjiku needs to know the NAV to figure out the breadcrumbs she will be receiving now that shareholders have agreed to dissolve the company...I am suprised that Kenya's rogue and incompetent 4th estate are yet to write about the AGM held on Monday...ama sio shauri yao??
Dumb money becomes dumb only when it listens to smart money
VituVingiSana
#22 Posted : Thursday, June 22, 2017 4:01:36 PM
Rank: Chief


Joined: 1/3/2007
Posts: 18,103
Location: Nairobi
jgithige wrote:
Shame on you [quote=VituVingiSana]Ethiopia isn't what it is portrayed as! https://www.bloomberg.co...r&utm_medium=social[/quote]

Shame on you Shame on you Shame on you Kenya remains the best investment hub in the region. Some of our neighbours are so uncouth. ARM is equally facing challenges with TZ regulations


d'oh! d'oh! d'oh! I meant Ethiopia is lauded by many but that isn't the real story. The real story is what happened to Atlas and might happen to Dangote. KE firms should stay away from ET under the current regime.
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
alotoftalk
#23 Posted : Thursday, June 22, 2017 11:42:15 PM
Rank: Member


Joined: 8/27/2015
Posts: 138
Location: Harare
Atlas has to be the biggest con job ever pulled at the NSE. CMA as always is waiting to react after the patient has died.
Investment philosophy development in progress...
alotoftalk
#24 Posted : Thursday, June 22, 2017 11:53:03 PM
Rank: Member


Joined: 8/27/2015
Posts: 138
Location: Harare
VituVingiSana wrote:
jgithige wrote:
Shame on you [quote=VituVingiSana]Ethiopia isn't what it is portrayed as! https://www.bloomberg.co...r&utm_medium=social[/quote]

Shame on you Shame on you Shame on you Kenya remains the best investment hub in the region. Some of our neighbours are so uncouth. ARM is equally facing challenges with TZ regulations


d'oh! d'oh! d'oh! I meant Ethiopia is lauded by many but that isn't the real story. The real story is what happened to Atlas and might happen to Dangote. KE firms should stay away from ET under the current regime.


Navigating Ethiopia is hard but it offers better industrial prospects than Kenya. Their government is a stickler to rules some of which are not very investor friendly. My guess is that Atlas was undone by either opaque capital gains tax or forex controls.

Dangote will do quite well in ET. Different playbook.
Investment philosophy development in progress...
Pesa Nane
#25 Posted : Thursday, August 03, 2017 10:03:01 PM
Rank: Elder


Joined: 5/25/2012
Posts: 4,105
Location: 08c
Pesa Nane plans to be shilingi when he grows up.
obiero
#26 Posted : Thursday, August 03, 2017 10:06:54 PM
Rank: Elder


Joined: 6/23/2009
Posts: 13,517
Location: nairobi
Pesa Nane wrote:

Saddening

HF 90,000 ABP 3.83; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
Fyatu
#27 Posted : Thursday, August 03, 2017 11:26:20 PM
Rank: Veteran


Joined: 1/20/2011
Posts: 1,820
Location: Nakuru
Pesa Nane wrote:


These wazungu thugs(mercenaries) should just tell us how much money they are returning to wanjiku now that they have dissolved all assets. If liability is greater than assets then they should tell us so that we can accept and move-on seeing that they are not keen on publishing financial reports. Shame on CMA
Dumb money becomes dumb only when it listens to smart money
sparkly
#28 Posted : Friday, August 04, 2017 3:56:22 AM
Rank: Elder


Joined: 9/23/2009
Posts: 8,083
Location: Enk are Nyirobi
Fyatu wrote:
Pesa Nane wrote:


These wazungu thugs(mercenaries) should just tell us how much money they are returning to wanjiku now that they have dissolved all assets. If liability is greater than assets then they should tell us so that we can accept and move-on seeing that they are not keen on publishing financial reports. Shame on CMA


Was the company solvent, or did the shareholders voluntarily liquidate an insolvent company, which is illegal?
Life is short. Live passionately.
Fyatu
#29 Posted : Friday, August 04, 2017 9:07:38 AM
Rank: Veteran


Joined: 1/20/2011
Posts: 1,820
Location: Nakuru
sparkly wrote:
Fyatu wrote:
Pesa Nane wrote:


These wazungu thugs(mercenaries) should just tell us how much money they are returning to wanjiku now that they have dissolved all assets. If liability is greater than assets then they should tell us so that we can accept and move-on seeing that they are not keen on publishing financial reports. Shame on CMA


Was the company solvent, or did the shareholders voluntarily liquidate an insolvent company, which is illegal?



According to FY 2015 the company was solvent with equity worth USD 3.5m. What i am asking for is 2016 numbers vs. total number of shares issued nijipange
Dumb money becomes dumb only when it listens to smart money
Ebenyo
#30 Posted : Friday, August 04, 2017 10:27:42 AM
Rank: Veteran


Joined: 4/4/2016
Posts: 1,997
Location: Kitale
Its indeed very sad whats happening here.They should release FY 2016 results so that shareholders should know their fate.How was the FY 2015?
Towards the goal of financial freedom
Sober
#31 Posted : Friday, August 04, 2017 10:35:14 AM
Rank: Elder


Joined: 11/27/2007
Posts: 3,604
Ethiopia Exit

What an unfortunate time for those who have the Atlas Shares in their holding. CMA should stipulate clear guidelines on how to handle such, and even a recovery mode for the shareholders. In Ethiopia, some amount had been frozen in their bank accounts.Sad
African parents don't know how to say sorry.. the closest you will get to a sorry is a 'have you eaten'
Fyatu
#32 Posted : Monday, September 11, 2017 8:38:10 AM
Rank: Veteran


Joined: 1/20/2011
Posts: 1,820
Location: Nakuru
Pesa Nane wrote:
90 days for starters




Its way over 90 days. Does this mean CMA is toothless?
Dumb money becomes dumb only when it listens to smart money
obiero
#33 Posted : Monday, September 11, 2017 11:46:06 AM
Rank: Elder


Joined: 6/23/2009
Posts: 13,517
Location: nairobi
Fyatu wrote:
Pesa Nane wrote:
90 days for starters




Its way over 90 days. Does this mean CMA is toothless?

Very saddened by this bandia firm.. The less we talk about it the better

HF 90,000 ABP 3.83; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
Fyatu
#34 Posted : Monday, October 30, 2017 10:56:35 AM
Rank: Veteran


Joined: 1/20/2011
Posts: 1,820
Location: Nakuru
Is there hope of me getting my money that i invested in this firm?? What happens to shareholders when firms are de-listed from NSE?
Dumb money becomes dumb only when it listens to smart money
obiero
#35 Posted : Monday, October 30, 2017 12:12:58 PM
Rank: Elder


Joined: 6/23/2009
Posts: 13,517
Location: nairobi
Fyatu wrote:
Is there hope of me getting my money that i invested in this firm?? What happens to shareholders when firms are de-listed from NSE?

It would depend on the circumstances leading to delisting. Some do pay, but in this specific case, the deposit protection fund may need to reimburse the mandatory balance.. It's minimal though

HF 90,000 ABP 3.83; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
Fyatu
#36 Posted : Monday, October 30, 2017 12:24:08 PM
Rank: Veteran


Joined: 1/20/2011
Posts: 1,820
Location: Nakuru
obiero wrote:
Fyatu wrote:
Is there hope of me getting my money that i invested in this firm?? What happens to shareholders when firms are de-listed from NSE?

It would depend on the circumstances leading to delisting. Some do pay, but in this specific case, the deposit protection fund may need to reimburse the mandatory balance.. It's minimal though


Thanks
Dumb money becomes dumb only when it listens to smart money
Fyatu
#37 Posted : Friday, December 08, 2017 12:44:58 PM
Rank: Veteran


Joined: 1/20/2011
Posts: 1,820
Location: Nakuru
This is how wanjiku was shafted(yours truly included).At the risk of sounding racists, it is my opinion that wazungus should not be trusted especially Brits and Africa born brits. Phil Edmonds and Andrew Groves and by extension Carl Esprey ni wakora...see link below


LINK



Dumb money becomes dumb only when it listens to smart money
VituVingiSana
#38 Posted : Friday, December 08, 2017 4:06:40 PM
Rank: Chief


Joined: 1/3/2007
Posts: 18,103
Location: Nairobi
Fyatu wrote:
This is how wanjiku was shafted(yours truly included).At the risk of sounding racists, it is my opinion that wazungus should not be trusted especially Brits and Africa born brits. Phil Edmonds and Andrew Groves and by extension Carl Esprey ni wakora...see link below


LINK



Crooks come in all shades. Naikuni, Merali, Matu, etc...
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
obiero
#39 Posted : Friday, December 08, 2017 6:12:16 PM
Rank: Elder


Joined: 6/23/2009
Posts: 13,517
Location: nairobi
VituVingiSana wrote:
Fyatu wrote:
This is how wanjiku was shafted(yours truly included).At the risk of sounding racists, it is my opinion that wazungus should not be trusted especially Brits and Africa born brits. Phil Edmonds and Andrew Groves and by extension Carl Esprey ni wakora...see link below


LINK



Crooks come in all shades. Naikuni, Merali, Matu, etc...

Ciano was the worst.. Looking soo holy but devious indeed

HF 90,000 ABP 3.83; KQ 414,100 ABP 7.92; MTN 23,800 ABP 6.45
Fyatu
#40 Posted : Thursday, January 04, 2018 1:01:37 PM
Rank: Veteran


Joined: 1/20/2011
Posts: 1,820
Location: Nakuru
Now even the website has been pulled down

LINK
Dumb money becomes dumb only when it listens to smart money
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