Fukara kivipi?...I believe @sparkly has insider info concerning upcoming restructuring. HAFR has been in advanced stage looking for a strategic investor(s). I think negotiations are ongoing.

No insider information. My buys are based on the 3B inventories held by the company and 1B in deferred income vis a vis their market capitalization of 0.5B.

That's where the exchange bar cometh to help you out. Most of the land is collateral at I&M, Chase, & NIC.. HAFR has pledged legal charge on the prime collateral hence the same currently belongs to the bank and not HAFR

Kindly read and aim to interpret to us mere mortals the independent auditor insolvency concerns on page 30 which I quote, since I am illeterate "Note 1(a) to the financial statements, which indicates that the group’s incurred a net loss of Shs. 168,458,361 (2015:390,091,336) during the year ended 31st December 2016 and, as of that date, the group’s current liabilities exceeded its current assets by Shs.770,171,741 (2015: 69,704,461) and there was a deficiency in shareholders’ funds of Shs.210,167,228 (2015: Shs.41,408,867). These conditions, along with other matters as set forth in Note 1(a), indicate that a material uncertainty exists that may cast significant doubt on the company’s and group’s ability to continue as a going concern.

Of course! If the transaction is not completed, deposit is refunded plus cost of breach.

If deposits are refunded, HAFR will just sell to other buyers, at higher prices.

Also review note number 21 reads KES 679m in unpaid debt.. It's unfortunate I am illiterate so let me just quote the report "the borrowings are secured by the following:
(i) I & M Bank Limited
- Joint and several personal guarantees and indemnities of an amount of Shs. 45,000,000 each by the directors of Home Afrika Limited.
- First legal charge/mortgage for an amount of Shs.45,000,000 over property known as O ce Suite 2 (Penthouse), 5th oor on L.R. No. 2/704, Ngong Road, Nairobi.
- Joint and several personal guarantees and indemnities of an amount of Shs. 325,000,000 each by the directors of Mitini Scapes development Limited.
- Corporate guarantee and indemnity of Home Afrika Limited for an amount of Shs. 325,000,000.
- A xed and oating debenture for an amount of Shs. 325,000,000 over all the assets of Mitini Scapes Development Limited.
- First legal charge/mortgage for an amount of Shs. 325,000,000 over the sublease unit PDS S03 on L.R. No. 29059, Nairobi registered in the name of Mitini Scapes Development Limited.
(ii) Eco Bank Kenya Limited
- Legal charge of Shs. 400,000,000 over property known as unit No. MO014 situated on L.R. No. 29059, Kiambu.
- Corporate guarantee and indemnity from Home Afrika Communities Limited, Home Afrika Limited, Tulip Trustee Limited and Linyanti Limited for an amount of Shs. 400,000,000.
- First loss payee in respect of all insurance proceeds payable to the company under an all risk insurance policy for the assets charged as security as well as any proceeds payable under the all risk contractor’s policy taken out by the company in connection with the construction.

Yes HAFR has loans of 679M and these loans are secured by charges on property, non-physical assets and guarantee of directors to make good the loans in case of the Group's default. It's common knowledge that they took loans to speed up development of Migaa after failure of the bond.

"

Exactly. Bandia management who can quote anything including fictional assets

Morningside Park
Migaa
Mitini Scapes
Tamarind Tree
Lakeview Heights

2.2B of the said inventory is stalled work in progress apart from Morningside which cannot be worth more than KES 125M.

Sounds like a listed firm I know... I think this one "owns" some flying contraptions.

I am no fan of HAFR but I hope it survives and succeeds...
It's going to be tough for real estate developers unless interest rates come down to reasonable levels WITHOUT interest rate caps. Folks love GoK securities yielding 12% after tax.