ABANS FINANCE PLC (AFSL.N0000)

Wimal Modawansa wrote:It is reported that AFSL is in deep trouble and the profit for February is only Rs 100,000 and the major share holder Abans Will not subscribe for the rights issue.The share is trading at 23.10 as against the rights price of Rs 25.00.Market is being manipulated and one  share was traded at 28.10 to mislead the investors.

fortuneteller wrote:A Consultant by the name of Eric Rajendra too quoted that Abans PLC (Parent Company)  is in the verge of collapse due to their investment on mixed development  "Colombo City Centre project"where the investment has increased and delays in completion .

He also said that the current chairperson is too old over 86 years and the Managing Director is also a sick person.With no succession plan and weak top management and the group not generating Cash flow,they will not take up the right issue shares of Abans Finance PLC.

Profit of Abans Finance PLC for the month of February is only Rs 100,000/=

Abans Finance PLC is also reported to be manipulating the profits.The share is trading at 23.10 as against the rights issue price of 25.00.

number of false trades of one share each is being traded to artificially push the share price.

Teller wrote:Yes , this is happening because of this private placement has one condition.
The investors who participated this private placement  can't sell any single share till 2019 March.
So there will not be any selling pressure during next 3 years from private placement.
It means very few public holding at the market so easy to go up the prices above 60/- levels.
On the other hand AFSL got lot of free cash for lending to customers but no need to pay any interests for the investor.
So definitely AFSL share prices will be upward no doubt on it

fortuneteller wrote:I am a longtime investor in the stock market and was holding on to 10,000 shares in Abans Finance and the marker value of  same was Rs 699,000.00 by end  September 2016.When a proposal was made to issue 20% to a Company owned by a Director of Abans PLC @ Rs 25.00 with no experience in the Financial Services Sector (1.4 times book value), I objected and wanted the shares to the existing Share holders first and then to the Director. A number of share holders walked out of the EGM in protest of this manipulation.
Since then the performance of the Company has declined and the share is now trading at Rs 23.00 and the value of my investment is Rs 230,000.00 a loss of Rs 469, 000.00.(69 %).
Abans PLC , the parent Company which is now in financial difficulties also has lost Rs 1.3 Bn on this investment is unlikely to take up the rights @ Rs 25.00.

antony thomaspulle wrote:Fortune teller was only responding to Sangeetha who was referring to a quote of teller-of September 2016 misleading investors by saying AFSL shares will  increase to Rs 60.00 which never materialized."It means very few public holding at the market so easy to go up the prices above 60/- levels."


He also says "Since then the performance of the Company has declined and the share is now trading at Rs 23.00 and the value of my investment is Rs 230,000.00 a loss of Rs 469, 000.00.(69 %)."

It is clear that "AFSL  is an inefficient company  badly managed with lots of free cash.      "

All Relevant ratios are Weak

Capital funds to deposit 19.78% (minimum 10%)
Core Capital 18.39% (minimum 5%)
Total Risk weighted Capital 18.34% (minimum 10%) 

Does AFSL need capital infusion?

antony thomaspulle wrote:Fortune teller was only responding to Sangeetha who was referring to a quote of teller-of September 2016 misleading investors by saying AFSL shares will  increase to Rs 60.00 which never materialized."It means very few public holding at the market so easy to go up the prices above 60/- levels."


He also says "Since then the performance of the Company has declined and the share is now trading at Rs 23.00 and the value of my investment is Rs 230,000.00 a loss of Rs 469, 000.00.(69 %)."

It is clear that "AFSL  is an inefficient company  badly managed with lots of free cash.      "

All Relevant ratios are Weak

Capital funds to deposit 19.78% (minimum 10%)
Core Capital 18.39% (minimum 5%)
Total Risk weighted Capital 18.34% (minimum 10%) 

Does AFSL need capital infusion?

antony thomaspulle wrote:Very good counter argument by Sangeetha aunty!All should buy AFSL!

As CSE VIJAY point of view fortuneteller and Teller, I also think Teller wearing new clothing after the HEXP debacle.

Should we buy the rights @ Rs 25.00?When will it go to Rs 60.00?

Miss-Sangeetha wrote:

antony thomaspulle wrote:Very good counter argument by Sangeetha aunty!All should buy AFSL!

As CSE VIJAY point of view fortuneteller and Teller, I also think Teller wearing new clothing after the HEXP debacle.

Should we buy the rights @ Rs 25.00?When will it go to Rs 60.00?

Uncle is coming with Old toddy in new pot

Wimal Modawansa wrote:

Miss-Sangeetha wrote:

antony thomaspulle wrote:Very good counter argument by Sangeetha aunty!All should buy AFSL!

As CSE VIJAY point of view fortuneteller and Teller, I also think Teller wearing new clothing after the HEXP debacle.

Should we buy the rights @ Rs 25.00?When will it go to Rs 60.00?

Uncle is coming with Old toddy in new pot

Aunty has been a miss for a long time being the old toddy in old pot.

Wimal Modawansa wrote:1)Does AFSL need capital infusion?

Capital funds to deposit 19.78% (minimum 10%)
Core Capital 18.39% (minimum 5%)
Total Risk weighted Capital 18.34% (minimum 10%) 

2)Will inefficiencies of AFSL be addressed now?

fortuneteller wrote:

Wimal Modawansa wrote:1)Does AFSL need capital infusion?

Capital funds to deposit 19.78% (minimum 10%)
Core Capital 18.39% (minimum 5%)
Total Risk weighted Capital 18.34% (minimum 10%) 

2)Will inefficiencies of AFSL be addressed now?

Is it worth buying AFSL rights issue @ 25.00?

Miss-Sangeetha- We are not concerned with your past \"Love and Hate relationship with "Teller".Is it wor?th buying the rights issue at Rs 25.00? wrote:On 5^th May year 2016 AFSL listed 7,400,000 QTY of AFSL rights shares at CSE. https://cdn.cse.lk/cmt/uploadAnnounceFiles/7001462419151_1069.pdf

 Just within three months on 01/08/2016, the axis of evil under took propagandas very well knowingly about the worst financial position of AFSL, that ” If Abans decides rights issue the share will shoot to 70” to dump their boss’s AFSL on small scale investors heads, and that was subsequently ations.

 Now the same axis of evil totally turned against the AFSL right issue not because to safe guard this forum members but for their own interest.

They very well know after this second AFSL rights issue with in 12 months period, the AFSL share price will go down to least level less than Rs.10/- because AFSL financially on life supporting machine before their last year’s rights issue.

Now the same axis of evils trying to discourage the AFSL right issue among the investors, to suspend their boss’s AFSL portfolio holding value going down (erode).

 Now if they subscribed this AFSL rights offer, AFSL share price definitely will go down after the right issue and have to face double losses one forum their newly subscribe shares and 2^nd from their exiting AFSL shares holding in collective accounts

 If this axis of evil unsubscribes their own rights issue and subsequently AFSL rights issue go on as said, their own exiting huge quantity of AFSL will lose its value.

This is the main reason, now these evils are posting this forum with borrowed financial data from their bosses as they did the same in the case of  HEXP, now they totally against the AFSL rights issue and talking about good company but mad management and inefficiency to dump their AFSL holding after the AFSL rights issue fails.

After seeing my depth of writing in my posts these fools are refuse to accept that I am a female and imagining I am a matured man or old lady because they still thinking about the male dominance of last century.

 They think they can promote anything on behalf their boss and after the short period of time, forum members will forget everything, and again they can write against their own post to plunder.

Now what had happened to the HEXP share price after the great land sale?  I am the single lady fought back against Teller’s HEXP mafia.   

fortuneteller wrote:

Miss-Sangeetha- We are not concerned with your past \"Love and Hate relationship with "Teller".Is it wor?th buying the rights issue at Rs 25.00? wrote:On 5^th May year 2016 AFSL listed 7,400,000 QTY of AFSL rights shares at CSE. https://cdn.cse.lk/cmt/uploadAnnounceFiles/7001462419151_1069.pdf

 Just within three months on 01/08/2016, the axis of evil under took propagandas very well knowingly about the worst financial position of AFSL, that ” If Abans decides rights issue the share will shoot to 70” to dump their boss’s AFSL on small scale investors heads, and that was subsequently ations.

 Now the same axis of evil totally turned against the AFSL right issue not because to safe guard this forum members but for their own interest.

They very well know after this second AFSL rights issue with in 12 months period, the AFSL share price will go down to least level less than Rs.10/- because AFSL financially on life supporting machine before their last year’s rights issue.

Now the same axis of evils trying to discourage the AFSL right issue among the investors, to suspend their boss’s AFSL portfolio holding value going down (erode).

 Now if they subscribed this AFSL rights offer, AFSL share price definitely will go down after the right issue and have to face double losses one forum their newly subscribe shares and 2^nd from their exiting AFSL shares holding in collective accounts

 If this axis of evil unsubscribes their own rights issue and subsequently AFSL rights issue go on as said, their own exiting huge quantity of AFSL will lose its value.

This is the main reason, now these evils are posting this forum with borrowed financial data from their bosses as they did the same in the case of  HEXP, now they totally against the AFSL rights issue and talking about good company but mad management and inefficiency to dump their AFSL holding after the AFSL rights issue fails.

After seeing my depth of writing in my posts these fools are refuse to accept that I am a female and imagining I am a matured man or old lady because they still thinking about the male dominance of last century.

 They think they can promote anything on behalf their boss and after the short period of time, forum members will forget everything, and again they can write against their own post to plunder.

Now what had happened to the HEXP share price after the great land sale?  I am the single lady fought back against Teller’s HEXP mafia.   

Miss-Sangeetha wrote:Sangeetha is this statement Correct?

Now if they subscribed this AFSL rights offer, AFSL share price definitely will go down after the right issue and have to face double losses one forum their newly subscribe shares and 2^nd from their exiting AFSL shares holding in collective accounts.
ts 

All these figures and ratios given are from the Financial Statements and Stock Exchange Filings and not from borrowed financial data from Bosses as stated by you-PLEASE CHECK THE CSE SITE!

"This is the main reason, now these evils are posting this forum with borrowed financial data from their bosses as they did the same in the case of  HEXP,..."


“ Is it worth buying AFSL right issue@25?” in view of the following?

1)Why is NPL of AFSL @ 13.00% when the industry ratio is below 6.00%?.
2)Why was the share given to a related party on private placement to touchwood fame Ironwood @25.00 when the market rate of 69.90.
3)Why was the share sold to a paper company owned by a Director  with no experience in the Financial Services Industry?
4)Have they achieved all targets or Wish List given by IRONWOOD when the private placement was made at 25.00.)ie-1.4 times asset value when Seylan Bank offered 2 times the asset value)?
3)Why are the following  ratios reflecting inefficiency?

a)Capital funds to deposit 19.78% (minimum 10%)
b)Core Capital 18.39% (minimum 5%)
c)Total Risk weighted Capital 18.34% (minimum 10%) 
4)Has the exchange control fraud related to vehicle import under valuation sorted out?
5)What has AFSL done to overcome the restriction placed by Central Bank?(Fraudulent products to lease up to 100%)


You sort-out your problems with others separately!