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AFG, AUSTRALIAN FINANCE GROUP LTD
Livas1
post Posted: Mar 6 2008, 04:17 PM
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In reply to: AndrewD01 on Thursday 06/03/08 05:14pm

Check out ASX announcement... they have put out an updated announcement as at 5:13pm



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LIVE BIG
Embrace the moment!
Life is a journey not a destination
The only thing that moves markets is surprise...
"The wisest men follow their own direction" - Euripides
People sell stocks for many reasons, but they buy for only one...
 
AndrewD01
post Posted: Mar 6 2008, 04:14 PM
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In reply to: Livas1 on Thursday 06/03/08 04:42pm

Pls explain. Thanks.

 
Livas1
post Posted: Mar 6 2008, 03:56 PM
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In reply to: Livas1 on Thursday 06/03/08 04:42pm

Just to clarify, thats for API not AFG



--------------------
LIVE BIG
Embrace the moment!
Life is a journey not a destination
The only thing that moves markets is surprise...
"The wisest men follow their own direction" - Euripides
People sell stocks for many reasons, but they buy for only one...
 
Livas1
post Posted: Mar 6 2008, 03:42 PM
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Posts: 7,957
Thanks: 1597


Administrators to be appointed shortly thumbdown.gif



--------------------
LIVE BIG
Embrace the moment!
Life is a journey not a destination
The only thing that moves markets is surprise...
"The wisest men follow their own direction" - Euripides
People sell stocks for many reasons, but they buy for only one...
 
mercury
post Posted: Mar 6 2008, 09:47 AM
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In reply to: Monteverdi on Thursday 06/03/08 07:57am

Looks like I was wrong, but it could be that AFG asked the margin lenders to say they were exercising their call to make it look like they had to. I mean somebody bought the lot , the whole kit and kaboodle!

if the margin lenders were going to call in the margin, it would have been over the limit a long time ago....seems like something is happening, and I think that AFG is going down the tubes or into somebody else's hands. But I am only guessing.

One thing is sure, one director was buying the Trusts for his superfund.

Mercury

 
Monteverdi
post Posted: Mar 6 2008, 07:57 AM
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In reply to: mercury on Wednesday 05/03/08 11:41pm


I hope you are right.

I have never owned AFG, but I don't like seeing shareholders shafted by dodgy management.

Best of luck if you hold,

Regards,
Monteverdi.





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I could be wrong, of course.
 


fluff
post Posted: Mar 6 2008, 06:42 AM
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Takeover rumour

Takeover rumours swirling around Allco gained credibility today, after RAMS founder John Kinghorn lifted his stake in the troubled group to 10 per cent.

Take a look at this video

http://www.abc.net.au/reslib/200803/r229876_916932.asx



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MZM
 
mercury
post Posted: Mar 5 2008, 10:41 PM
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In reply to: Monteverdi on Wednesday 05/03/08 09:30pm

If you haven't noticed
Allco's share holding in REU was 46million and a few. Today at the end of the day every share was traded for 15cts.
I would say that Allco have traded there entire shareholding because they need money, and with it, I will venture to guess (just a guess mind you) that with it will be announced a deal shortly that they have sold their managment rights. And these rights will go for a high price as part of the deal for giving away those 46 million shares for peanuts. They can't sell those shares at their real value, but musts sell at market price. I am guessing that 15 cts was the high to day, and so that was the price to go along with selling the management rights . If my guess is right, I am hoping those managment rights sale will work out well for both AFG and REU.

Mercury

 
Monteverdi
post Posted: Mar 5 2008, 09:30 PM
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In reply to: ericson on Tuesday 04/03/08 04:00pm

From yesterday's Crikey.com

QUOTE
Glenn Dyer writes:


Allco founder David Coe and directors Gordon Fell and David Turnbull announced yesterday that they are standing down, but not leaving the company just yet, and the share price dropped 25% to an all time low of 60 cents.



Coe told the The Australian he was "personally devastated" by the recent events and in this morning's Fin Review he blamed a "perfect storm" for Allco's demise. How original! Blame the markets rather than himself and his fellow incompetents.

After all, Coe pressed ahead with the Rubicon deal when the market was criticising him and Rubicon boss, Gordon Fell, for doing a richly priced related partly deal that netted them millions of dollars in cash and Allco shares. Rubicon was valued at $320 million when bought by Allco back in December: it now has a value of $80 million.

There was no need for that deal to be done except to pump cash into Fell's hands at a time when he was buying a $28.7 million house in Sydney's Eastern Suburbs. Fell received around $28.7 million in cash from the Rubicon deal, and his house is now in his wife's name, but he denies any link between the Rubicon sale and the house purchase.

Coe also got cash from the Rubicon deal and if he is genuinely interested in making a contribution, he could give it back to Allco. It would come in handy paying the redundancies for all the staff who will be leaving next week.


Both Coe and Fell claim not to have seen the credit crunch coming and that's the biggest indictment of the duo. Either they were blinkered and didn't understand what was going on or deliberately looked the other way. The crunch started in August and gradually accelerated during November into December. Dozens of US and European banks, mortgage groups and investors were writing off billions of dollars or closing due to the impact of the subprime mess and credit freeze.


To argue that they didn't see it coming is specious nonsense from two men who are supposedly smart financial engineers. To me it looks like they were determined to get the Rubicon deal done no matter the cost and bugger other shareholders.



Regards,
Monteverdi



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I could be wrong, of course.
 
fluff
post Posted: Mar 5 2008, 09:24 PM
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Allco co-founder Kinghorn lifts stake


Allco Finance Group Ltd co-founder John Kinghorn lifted his holding in the embattled finance house to almost 10 per cent on Wednesday, sparking heavy trading in its shares.




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MZM
 
 


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