A Fin24 user wants to know what is going to happen to his shares in African Bank. He writes:
I own a bunch of African Bank [JSE:ABL] normal shares and I cannot seem to find any answers as to what will happen to the normal shares should the African Bank (the good bank) be restarted.
Will they pay out a portion of the value of the African Bank shares or will my existing shares move over to the new entity, but with fewer shares, depending on the value of the new shares?
Should they close down entirely, what happens to my shares then?
READ: African Bank placed under curatorship
The board of Abil responds:
The resolution of African Bank is in progress as announced on the August 10 2014 by the then Governor of the South African Reserve Bank Gill Markus.
READ: Rescue plan for African Bank
African Bank under curatorship and African Bank Investments have issued several JSE Sens announcements over the past months updating the market on the process.
The answers to the questions raised will be made public in due course by the Abil board of directors as the resolution progresses.
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