I see that poor old Optimist in the other place is still labouring under the delusion that "Afriag SA" exists as a registered company. It doesn't. A search at CIPC for all companies with "Afriag" in their name returns only:
Until I reported him to the regulator, Lenigas tried to mislead y'all into believing that you had invested in a company explicitly named as "Afriag SA (Pty) Ltd". It never existed. You can find it in reports via Google but only because those reports quote from Lenigas's misleading announcements.
In later announcements, Lenigas corrected the name to Afriag (Pty) Ltd and claimed he was just using "Afriag SA" as a form of shorthand.
One reason I was attracted to AfriAg was that the company is lining themselves up for Brexit and the removal of tarrifs for African produce.. I picked up the following this morning,
April 24, 2018
Remainer Lord Hannay is wrong about EU tariffs on African imports
Remainer Lord Hannay is wrong about EU tariffs on African imports
Kevin Dowd Written by
Kevin Dowd is professor of finance and economics at Durham University and a member of Economists for Free Trade.
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There was an interesting argument in the House of Lords last week. Last Wednesday, April 18th, Viscount Ridley was speaking against the various wrecking amendments to the European Union (Withdrawal) Bill when Lord Hannay interrupted him: I just want to ask the noble Lord where he gets his idea that being in a customs union with the European Union will mean imposing tariffs on Africa when the European Union has zero tariffs on all African countries. Lord Ridley responded: The European Union has an external tariff. It applies to not all products from Africa, admittedly, but to a considerable number. [emphasis added] Lord Ridley is correct. There are still plenty of tariffs against imports from African countries. To give some examples, consider the tariffs that the UK is obliged to apply to imports from Nigeria (as indeed are France, Germany and every EU member state). These include, among others:
15% tariffs on live animals
26% on meat and edible meat offal
31% on dairy produce, birds eggs; natural honey; edible products of animal origin not elsewhere specified or included
12% on edible vegetables and certain roots and tubers
18% on products of the milling industry; malt; starches; inulin; wheat gluten
23% on preparations of fish and meat, of fish or of crustaceans, molluscs or other aquatic invertebrates
28% on sugars and sugar confectionery
18% on preparations of vegetables, fruit, nuts or other parts of plants
19% on tobacco and manufactured tobacco substitutes
And so on. More details can be found here. As another example, consider this screenshot showing UK tariffs on certain categories of orange imports (accessed April 22nd 2018): Note the date: 22nd April 2018. Scroll down and we find:
Egypt: a tariff of 45.90 Euros/100 kg
Morocco: a tariff of 56.20 Euros/100 kg
Tunisia: a tariff of 65.90 Euros/100 kg
Meanwhile, Gabon, Nigeria and the Republic of Congo are subjected to the EUs general orange tariff of 64.40 Euros/100kg. The tariff schedules are there for all to see, and these are current tariffs. The claim that there are no EU tariffs against imports from African countries is demonstrably false. The fact is that the EU still has tariffs against imports from African countries and way too many of them too.
Also disturbing is the discovery from CIPC that Afriag (Pty) group's formerly biggest revenue earner, Amalgamated Tobacco Manufacturing (Pty) Ltd is no longer a registered company - presumably as a result of the smuggling charges against it.
This will have had a material impact on Afriag (Pty) revenues and therefore on alleged 40% owner, Afriag Plc - so why has there been no RNS about it?
The UK regulators have been informed.
In passing, I noted that Cozinix (Pty) Ltd, the Paul de Robillard company which received AFRI's £1.3m (188m AFRI shares) for the alleged investment in Afriag (Pty), has also ceased to exist.
Worryingly, there seems to be no legal record of AFRI's 40% stake in Afriag (Pty) Ltd.
PIs were told by RNS on 30/7/2013 that the £1.3m investment had been properly recorded in Afriag (Pty)'s Memorandum of Incorporation (MOI) - but it never was recorded there.
I have retrieved the current Afriag (Pty) MOI from the South African regulator, CIPC and it doesn't mention AFRI or any equity deal. In fact, it hasn't been changed since it was first filed on 17/7/2013.
You can view it here: https://www.dropbox.com/s/h04tja7b68kr5ct/Afriag%20%28Pty%29%20MOI%20at%20180418.pdf?dl=0
David Lenigas has some explaining to do. The UK regulators have been informed.
I dont think there is any doubt that the cannabis products are going to take off and make some companies (and entrepreneurs) a lot of money. Im just not seeing it for Afriag Global, yet.....I'll wait
I dont like all this stuff thats going on re investigations blah de blah.
The comment it needs tidying up re the website, made me smile, I hope they intend to sack the old men running the advertising/ marketing campaign. In the shots under "where do we see things heading" they have some tinctures and some chocolate. In the middle they have a young models bottom. Im supposing that is reference to the swimwear. Bit old fashioned for modern marketing, they will be popping a cannabis leaf over her bits next
LGC Capital rebranding starts. A bit more work to tidy up new website and branding over the next few days and add a lot more information. But I wanted you to see it. http://www.lgc-capital.com @LGCCapital_LG @Jadmcmullen $LG.V
Westmonster News today, post Brexit, if it's good for Australia it will be good for AfriAg in South Africa and elsewhere. In my view, the setting up of the UK Marketing arm of AfriAg under Tim Stokes is all in preparation for Brexit.
David Lenigas Exec Chair of AfriAg is a staunch advocate of Brexit.
A bumper free trade deal with Australia would be taken off the table if Britain remained in the Customs Union, according to the Australian Foreign Minister.
Julie Bishop said: Australia is very keen to pursue a free trade agreement with the United Kingdom. I think that would be precluded if the United Kingdom were to rejoin the Customs Union.
So there we have it, this talk of Britain staying in the Customs Union post-Brexit (which is basically staying in the EU) would actually hamper the UK economically.
Its just not Brexit, is it? The whole point is that the public voted to be able to go around the world and make the most of global trade opportunities. The Customs Union blocks that.
Thanks for the links, I came in to post those myself
Im beginning to wonder if PFC was the name of the potential merger company that Shylock mentioned. Maybe someone remembers what the name of the company was
Im thinking that because the link provided by shyduck reminds me that when I went to the AGM I asked about ATM/Pfc. They were non committal as if they didnt know that much or didnt want to say
One thing that I did think was a bit odd at the time, I asked how Afriag global might be adding value to shareholders. A couple of ideas offered, and I stated here that I was not convinced. One of those options was that Afriag pty may decide they no longer needed "our" help and give us "our" money back and we could go and do something else with it. I thought that since "we" owned 40% of Pty, it was strange. I just put it down to me not knowing the way of the workings of these things. I did ask re the inconsistencies we Afriag pty being called subsidiary and other times being referred to as associate. DS was very clear, Afriag pty was associate
I noted in the link that shyduck has posted, in the 2015/16 Financial Statement, directors listed are Gideon David Rossouw, presumably related to Rene Rossouw of PR/payroll Afriag/Pfc association
AN EXTRACT FROM
However, the accounts for Afriag Pty contain no sign of this - although the 2016 set reveal a loan to Afriag (Pty) Ltd of a comparable amount by another Robillard company, PFC Integration. Afriag has never declared any stake in PFC Integration so what is going on here? Perhaps CIPC will be able to clarify after its enquiry.
FOR INFO re PFC Integration, if anyone is interested
Sometime back another poster (may have been Shylock, but not sure) posted a few posts on another bb. The gist of those posts that there had been a merger with a company and Afriag, yet no RNS had been issued or any info generally relating to a merger. The poster seemed quite certain that there had been some sort of merger. I think it sprang from a guy on Linkedin, who was working for Afriag. This guy said that he had worked for so and so company, and that they had merged with Afriag. I rang Afriag office and got to speak to DL. I asked him about this merger. He said there wasnt a merger but that Afriag had taken on a substantial amount of another companies employees. I think this company may have been PFC. I spoke to DL for about five mins or so and he insisted there was no merger. My memory may be playing tricks but I seem to think something was said about authorities saying it should have been a reverse takeover, but DL saying it wasnt
Bit after that I came across a linkedin account for Renee Rossouw, It stated she had worked for Afriag PTY but was also now doing PR and payroll for Afriag and PFC. I have looked for the linkedin account tonight but couldnt find it so dont know if it has been deleted. I did find the bit where I posted the info, but cant find the complete post. It does suggest they are a joint company now
EXTRACT FROM OLD POST
Rene Rossouw Manager at afriag pty ltd. Johannesburg Area, South AfricaLogistics and Supply Chain Current Pfc Integration /Afriag pty ltd. Previous PwC South Africa Education University of South Africa/Universiteit van Suid-Afrika Experience Human Resources Manager/Accounting/payroll. Pfc Integration /Afriag pty ltd
Interesting article in the press, Daily Cannabis smokers 'have more sex than non-users'. A marketing ploy for AfriAg perhaps?
A study at Stanford University found that women who had not used cannabis in the last year had sex on average six times a month. That rose to 7.1 times for those who smoked it daily. For men, non users 5.9 times against 6.9 times for daily smokers.
Regardless of the benefits, I don't think I can afford to be out of my tree on a daily basis, financially or otherwise.
Good -- he was asked some awkward questions for once and he didn't look comfortable.
Interesting - but not surprising - that the cannabis JV might need $20m+ to get up and running. That's a lot of new shares and a potentially slippery slope for LGC shareholders.
When asked about Afriag (Pty)'s reported leap in revenues without any increase in profits, he blandly sidestepped the question by saying that the money was reinvested in the business. But surely you can't reinvest £11.7m in a small business without having something material to tell investors about, such as new trucks, an acquisition, new assets, etc. But AFRI shareholders weren't told any such news.
I think there's an elephant in the room here and it would explain why AFRI shareholders are being kept in the dark.
If LGC's cannabis JV partner, Afriag (Pty) has to put up its fair share of cash in order to acquire a controlling interest in House of Hemp and invest in other facilities in order to get a permit and produce and transport medical cannabis according to the strict regulations laid down, it needs a lot of cash.
Unlike a public company, Afriag (Pty) can't raise cash on the market. So could it be diverting funds which might otherwise have been reported as profits into its cannabis JV kitty?
Based on its last two years' figures, as much as £5m could have been squirrelled away for the JV - much to the detriment of AFRI shareholders.
Had Afriag (Pty) declared £5m of profits then 40% of it (£2m) would have been handed over to AFRI -- which would have seen AFRI's SP rocket.
Even if the cannabis JV makes a profit one day - which isn't guaranteed and is arguably unlikely given DL's listed companies' track record of never making profits for shareholders - then the payback to AFRI shareholders from the JV would be just 12%.
If this scenario were real, then presumably DL can't tell AFRI shareholders about it because plenty of shareholders might prefer to take a £2mpa dividend today than wait several years for a 12% dividend from the bird in the bush.
And if this JV is sucking Afriag (Pty)'s coffers dry, then AFRI's SP is paying a heavy price for it.
This is purely my theory but it seems to add up -- if you believe that Afriag (Pty) really did notch up £11.7m of revenues last year which hasn't been verified.
DL on Stock Tube re LGC Capital to dominate global medical cannabis market
''We've made some very tough decisions in the last few weeks and the toughest was actually withdrawing from Cuba as a whole so we could focus on our medical cannabis initiatives which we're very excited about'', says LGC Capital's (CVE: LG) David Lenigas.
''We've got plans for global domination, ex-US at this stage, with respect to creating a medical cannabis company with a global footprint.''
A lot of money to be made for sure. The set up looks pretty impressive, govt backing/association? just wondering with Victoria (aus) govt harvesting their first crop in Feb Note LGC have SA security to keep it off the black market. Picked up a few links. Several companies now getting the licences
Chris Macdonald, principal and investment adviser at Morgans Chatswood, notes that most of the stocks have fallen off from highs in March and had arrived at a "happy medium"."The government awarding licences a couple of months ago is what really set off the current hype, and like all of these bubbles they do run out of steam," says Macdonald, who has advised companies in the industry.
"People are still paying quite high multiples for these stocks that are pre-revenue, or certainly a number of years away from profitability because they're happy to bet on the fact that over the next three to five years they could potentially have access to very, very large revenues."...............
.......................Chapman says Stemcell United's "out of control" share price fluctuations (it has since returned to 11¢) risked damaging the reputation of the whole industry.
"Unfortunately, mum and dad investors get hurt in that," he says.....................
................"And now as the industry is maturing, and as the investors within the industry are maturing as well and understanding what goes into making a successful medicinal cannabis company, we should see less and less of that sort of behaviour."................
................."Unfortunately the nature of this particular industry, just because of what it is, attracts some very interesting individuals. And then you've got some on the other side that are just after a buck at the end of the day: they're going to sprout any kind of idea and let it do a run. There is just an incredible amount of hype, for sure."
until they get their act together and tell us how it really is, there will be no trust
I asked DS and HH about blurb going out from LGC stating the venture was with Afriag Global plc. They stated they didnt know anything about it and further went on to say they could not control what LGC were saying anyway
I initially referred to LGC as LG. HH said he didnt know who I was talking about. DS told him, I dont know if he was being deliberately evasive or he didnt realise I was talking about LGC
I saw some of the links that Kenny100 on the bb over the road put up. I was pleased to see that the video interview came up with the heading LGCvAfriag SA.
However, at 1.25 in when the LGC CEO speaks, he states Afriag SA, a publicly listed company.
This can no longer be considered a mistake. It is deliberate. Either it is true that Afriag Global own this lot or it is a lie and Afriag SA is not a publicly listed company. DS didnt agree that there were trust issues with this company, yet it goes on
I dont think he was expecting hordes of rampaging shareholders
Don Strang and Harris were aware of who would be attending. They had the LetterofRepresentations by the 6th Oct. They expected maybe at least oneor two others besides me to be attending. For thos not attending in person, they had the proxy they knew generally how the voting was going. They could see that even if holders like me intended to vote against everything, it was never going to affect anything. I knew that, I went because I was angry and wanted to ask questions and to register my votes AGAINST certain resolutions
If some of the larger holders had registered their vote, and voted by proxy, they did not even need to attend. It would however have registered that holders were awake and maybe some progress could have been made in the future, even if that meant simply more communication
Both Don Strang and Hamish Harris were very personable. Hamish was what I would call a bit of a lad, not unpleasantly so, he just amused me. Don seemed geniunely unaware that holders perceived the company set up to be messy. He took on board my criticisms, but stated that he did not agree with them. My criticisms were much the same as those that have been voiced across boards for over the last year
I dont know if they really believed it themselves, but they were both upbeat on the cannabis deals and they could not understand why I was so insistent that the benefits of those deals for the private entity (Afriag pty) would not be benefittng Afriag Global investors
I wish some of you had gone, I did my best to get info but I wasnt going to ask some of the questions I had seen on other boards. A lot of those would have been commercially sensitive, they are not going to give out operational figures and the like
They had a couple of options as to how shareholder value would come in, but I wasnt convinced
I did ask what the potential placing of up to £300k was for, they were non committal. I felt that they didnt even know themselves, but surely I was mistaken
Im pretty sure Hamish said there hadnt been a placing for some time. I pointed out that there had just been one recently for £200k
I asked about CK and ATM, Again non committal. I felt they either didnt want to discuss it or didnt know that much about it.
Generally, they were not giving away too much. I thought that was surprising because nothing I was asking was price sensitive. Simply trying to get some idea of what was happening with Afriag pty. This information is surely in the public domain in as much as the SA employees will know all about the merger that wasnt a merger, as in they just took on a lot of employees from another company.
Been reading the posts across the road, hi there. Im a she
i noticed one poster saying they had looked at selling but was offered only .18. i looked up the NEX and was a bit amused to see that between the 4th and 9th of October there had been buys of nearly the same amount as my holdings. What a coincidence that is
Barclays, went they first sent my notification to register my name and holdings for the shareholding register, made a mistake. For some reason they only disclosed a holding of 200k. That was sent to the registrars a few days before the deadling of the 6th Oct. A day or so later when I rang them to pull them up on their mistake (obviously they sent me a copy of the letter of Rep) they sent another notification very hurriedly, for the further >1.7. That was still registered with the registrars in time of course, by 6 October
It was not necessary to have the proxy form in and disclose how I would vote by the 6th even that was requested. If you go in person you just vote on the day. Your holdings need to be registered on the declared date though
I just thought it was such a coincidence that someone had bought nearly the same amount within that timespan. Dont think I would have bought another million on the day of the AGM. You would have thought they would have waited, unless they intended to go to the AGM but didnt register in time. Maybe they bought them by the 6th and it only showed up on the NEX listings by the 9th and then they didnt go to the AGM for whatever reason
ps Hamish doesnt like the Scam word, it hurts his feelings, director of all those AIM companies, yet so delicate, bless
I was the only person, besides Don Strang, Hamish Harris and their solictor, that attended
I had been to Jermyn Street in the morning to let them see all my documentation to ensure there was problems with my being able to register my vote. I had intended to vote FOR all resolutions except the potential £300k raise
I was in the meeting room of the AGM at Broadgate Tower at around 3.50pm. The guys came in, introduced themselves and then at 4pm announced that all the resolutions had been passed by x amount (I didnt quite catch it) by 200k against. I stated that was not correct because I had interest in >1.7 million and that I intended to vote against resolutions as a dissdenting voice. Don Strang said that he would add my interests as votes against. They did not hold a vote as such, just announced the results. They did not ask me how I was going to vote. They had assumed because the official proxy form was not filled in, there was no further action to take. I had with me my Letter of Representation to state that I had authority to vote on my own behalf. I had checked with Jermyn St, that offical proxy form was not required since I had all other documentation
However, my votes were counted as against. The vote, if I wanted to be pedantic, was not carried out in the correct manner. I did not intend to vote against all the resolutions, just the resolution 5 but I was not given the correct opportunity to vote
There was a full question and answer session, well there was only me there so they had plenty of time even if Hamish was a little impatient and frustrated with my comments and questions
From that question and answer session I do not think there will be any value added change here in the near future
Either they have it wrong, again, or Afriag pty are doing even better than the BOD even knew about
Afriag pty (the South African 60% privately owned associate or sometime subsidiary) just turned itself into Afriag Global pty, or maybe it always was the one company and they just forgot to mention it. Maybe they did an RTO or maybe they didnt merge, maybe they just took on most of the staff of Afriag Global plc
Whats it to be, Afriag Global plc or Afriag Global pty? There isnt a company, Afriag Global pty, as far as I know. Will anymore of the back office be leaving?
I note on another forum posters are surprised that DL is stating no placings, yet a little later there is a placing.
No one should be surprised. Each year when the voting papers come out you will note there is a special resolution. This is the resolution that I have highlighted. It was there 2015, I didnt look for 2016, that was the year they went to ISDX.
Shareholders are giving the BOD the right to issue further shares without any recourse to current shareholders.
Dont be surprised when you get ad hoc placings, by doing nothing, shareholders authorise it. BOD have complete authority to do it
The company wish you to vote for the possibility of allowing further dilution within the next 15 months, for an amount of up to £300,000. Bearing in mind there was the placement recently to acquire £200,000. This resolution needs careful consideration by shareholders. The resolution seeks to do away with offering current shareholders the opportunity to take part in a placement on a pro rata basis.
The company should have set out any business case for this action. They are seemingly so blase about Afriag plc shareholders, we are not even deemed worthy of an explanation. They dont expect shareholders to vote, so without any action from shareholders it will go through.
Well, I suggest as many as possible get in touch with the company and ask for a rationale for this request for another placing. If you feel the explanation is satisfactory then vote accordingly, but get an explanation at least
The Act that governs this is to protect from unneccesary and unsatisfactory ditlution of our current holdings
My own perception is that the company is not currently giving a satisfactory performance as far as my holdings are concerned. They are not being open enough to what is happening or where any value is coming from with regard to Afriag Global plc. Its all very well stating a 40% equity holding in Afriag pty ltd or a 100% ownership of Afriag Marketing pty ltd. Both entities, protected by their pty designation, are not going to disclose anything anytime soon. They cannot issue shares to the general public, but Afriag Global plc will carry on issuing without giving any reasonable explanation
The Companies Act protects a UK company's shareholders from having their stake in the company diluted by giving them pro rata rights to subscribe for new shares issued for cash unless those rights are disapplied by special resolution. The same rules apply to non-UK companies with a premium listing on the London Stock Exchange (LSE) by virtue of the Listing Rules overseen by the Financial Conduct Authority
Re pty company
'Cannabis can strengthen the rand'
NEWS / 23 SEPTEMBER 2017, 10:15AM / DUNCAN GUY
Durban - Coastal fields that once produced more sugar than they do now could be planted with hemp for export products that could bring the rand back to a healthier exchange value.
Krithi Thaver, founder of the lobby group Canna Culture SA, this week addressed cannabis growers organising themselves into an industry association, the Cannabis Development Council of South Africa (CDCSA).
New research says we can grow hemp (a cannabis variant) on a large scale, Thaver said. The sugar industry is selling off sugar farms on the South Coast and the North Coast as sugar is being imported from Brazil. So heres the solution.
He said hemp products could include animal food and fibre for clothes and shoes. The plant can also offer biofuel.
i read on a couple of boards that the LGC presentation has been amended re misleading/confusing statement of jv with Afriag Global. The whole presentation still goes on to say that that LGC is in 'partnership' with Afriag Global. Dont quite see how that works when Global only have a 40% minority investment, but whatever. Kenny on the other site UK gives links to other sites where there is general discussion that is putting the suggestion forward that it was merely a typo. Well I will leave that to whoever is investigating these things. However, while looking at this stuff it occured to me that there appears to be another, ahem, typo. I think it was brought up on the other bb so I did the research, and there it is. In the accounts, in link below, it lists subsidiaries and further goes on to describe Afriag pty as 'associate'
items 12 - 13 FINAL RESULTS DEC 2016 http://www.nexexchange.com/announcements?newsid=3648963
but in the RNS via NEX it describes Afriag pty as a 40% owned subsidiary. Confused? I understood that an associate was when the parent company (I am considering this to Afriag Global since when it was set up Afriag pty was supposed to be a new company), owned the minority stake. A subsidiary being when the parent company owns the majority shareholding. This coul explain why Afriag Global are making the announcements for Afriag pty I suppose, but surely this is not a subsidiary, is it? Did I miss where Afriag took a majority stake? Dont think I did. Again quite misleading and confusing. I would have thought this had to be dead on accurate where formal announcements are made. It does state on the bottom of the announcement that the directors of the company are responsible for the content of the announcement
AfriAg Global PLC, the London listed global food and logistics group announces that its 40% owned subsidiary, AfriAg (Pty) Ltd (AfriAg), has entered into a strategic alliance with Canadian listed LGC Capital Limited (TSX-V: QBA-V)(LGC) to create a new 50/50 Joint Venture to grow and distribute medical and recreational cannabis products in the southern African region for export to regulated and certified end users around the world.
in the notice of AGM for 9th October, as well as the usual resolutions for re election of directors and passing of accounts etc, items 1-4 there is Resolution 5. This resolution is asking for shareholders to vote to enable the directors to issue further shares without the usual permissions, therefore not requiring any disclosure for the reasons. Just so they can
The directors are advising that we all pass this resolution without further question on trust of the directors. Since I do not have trust in the directors to do this in the best interests I consider that shareholders take a good look at this and vote accordingly, as opposed to just letting it pass through without further investigation
Voting forms need to be with the company before 4pm on the 6th October. i was concerned that because this is now NEX listed there would not be the opportunity to vote. I have spoken to Barclays this morning and they can send out the necessary voting paperwork to investors should they require it
Further to my posts in July, drawing attention to the fact that LGC site announcement was misleading in that it announced a joint venture with Afriag Global plc. Afriag Global plc announced the jv., but stated in RNS on NEX that the jv was with Afriag pty, which is a privately owned company in South Africa. It is not listed on any exchange. I see that the poster Shylock on another forum has also picked up on this, and has sent complaints to the relevant TSX authority. I am so pleased to see this
A couple of items being put out are misleading folk into thinking there is new news for Afriag. There isn't. Seems odd they are so desparate for attention they are putting this very old news out. DL said (last week?)on twitter that people wouldn't not notice Afriag Global in the next week or so. Old news doesn't cut it. Especially when it looks more and more only to mislead. Take note, Afriag pty is not Afriag Global ie Afri that is London listed. Afriag Global does shareholders do not get to see what Afriag pty are up to, nor do they get any transparency. Afriag global shareholders have very limited information on what is happening with Afriag pty and so far that has not been a good thing for retail investors
posted on LSE purporting to be a 3 day old news item. Most of the news items on this mag are dated August 2017. This news item is from Aug 2014
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