SHOCKER: AfriAg plc – Er…about that investment in AfriAg PTY Ltd?

Comments

1. ---

   DUCK AND DIVE

   14 December 2015, 13:43

   Thank you, Nigel. I love this story. AFRI just keeps on giving – and I think there is much more to come.

   But to begin at the beginning, have you, or anyone, been able to confirm that Afriag SA or Afriag (Pty) ever existed? Have you found its registration anywhere? Can SP’s South African correspondent find it? If it didn’t exist on the date that AFRI allegedly bought 40% of it then this has been a scam from birth.

2. ---

   DUCK AND DIVE

   15 December 2015, 06:30

   OK, that was a tough ask. So instead, what do we know about the 0.1p investors in the shell, 3D Resources which morphed into Afriag Plc?

   There, on 10/12/2012, we find Brita de Robillard with 50m shares – since dumped for a tasty profit on 5/9/2013, according to an AFRI TR1. I wonder why BDR sold as soon as the (alleged) Afriag SA investment with PDR was confirmed? Might she have been expecting PDR’s 188m AFRI shares to be dumped quickly, thus forcing the SP down?

   We also find there Amberdays Limited with 60m 0.1p shares. This appears to be a dormant shell with only £1 in assets according to its accounts to 31/3/2013 – https://goo.gl/twUsVH – and yet in some lists it still shows up as a major shareholder in AFRI…although not in the list of same published on the AFRI website. I can’t find any TR1 for Amberdays so does it still own 60m AFRI shares; and if so, why does it continue to reveal (dormant) assets of only £1?

   Another blue chip investor was Marsden Resources Limited with 110m shares (13.4% of 3D Resources’ equity). Marsden crop up as early-stage, bargain basement investors in several Lenigas ventures,including UKOG – and yet they were dissolved on 11/2/2011 – https://goo.gl/RWq4Pk – and they no longer appear on the list of AFRI shareholders, even though there has been no TR1 announcing their divestment. I don’t know how a dissolved company can be so active.

   Last, but not least, comes Eastland Investments Limited who also owned 110m cheap 3D Resources shares. This Hong Kong registered company appears to have been dissolved some seven years earlier – http://goo.gl/fq2C1l – but may have risen from the ashes in 2015 as a New Zealand registered company – http://goo.gl/YquSzp …or the investor may have been the slightly differently named Hong Kong company, Eastland Investment (no ‘S’) Limited – http://goo.gl/miw5kt

   In any event, AFRI no longer list Eastland as a shareholder; nor have they announced the disposal of their 110m shares.

   By my reckoning, that’s at least 468m AFRI shares (including the 188m paid over to Peter de Robillard and not listed in either his name or his Cozinix vehicle name on the AFRI website) that have gone AWOL – unless they are now held in nominee accounts. But if they are held in nominee accounts then the beneficial owners of 280m of them are dissolved or dormant companies with no declared assets.

   FWIW, Cozinix Limited did show up in AFRI’s 2013 report as owner of 188m shares (notwithstanding the non-appearance of a TR1 following the initial transaction) but had disappeared by the time that the 2014 report came out. But Pershing Nominees suddenly appear in the 2014 report with 238m shares so maybe the Cozinix shares were moved to this more opaque place. Or not. Who knows?

   I have taken the details of the December 2012 3D Resources 200m share subscription from this source:
   http://www.proactiveinvestors.co.uk/companies/rns/1212103dr0922t/

3. ---

   DUCK AND DIVE

   16 December 2015, 15:22

   I seem to have found Afriag (Pty) Ltd:

   http://www.keepandshare.com/doc/7720504/afriag-pty-details-pdf-118k?da=y