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A Fin24 user, who calls herself A Troubled Investor, wants to know how African Bank's curatorship impacts the bank's BEE scheme Hlumisa. She writes:
My question relates to African Bank's BEE scheme Hlumisa.
The director feedback from Hlumisa is quite shocking, as I feel we are being kept in the dark as to what is going to happen.
I have noticed now that the over-the-counter (OTC) trading platform will cease to exist on Sepetember 12 2014.
What does this mean for the scheme's investors?
Additionally, will these shares be worth anything if a "good" African Bank is listed?
Or is the capital I have invested a total write-off?
Is there any action I can take to regain some money, or is it just a wait and see?
Fin24 asked African Bank's curator Tom Winterboer of PwC to respond and he said:
The Hlumisa shares are linked to the Abil shares and the trading in the Hlumisa shares were suspended after the trading in Abil shares were suspended on the JSE.
The valuation of the Hlumisa shares cannot be determined at this stage as the value of these shares are linked to the valuation of the Abil shares.
We’ll communicate with the market at an appropriate time.
- Fin24
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