Saambou shares

[rotto]

I still have some Saambou shares from way back. Is there anything I can do with it? Has the liquidators paid out anything yet to the shareholders?

 

[DJ...]

I wasn't in the country at the time, however I recall that FNB bought a few of the Saambou assets, however I doubt there was any share swap at all. Investec also had exposure to Saambou but I'm not sure this resulted in any asset purchases and especially not a share swap.

It appears they were 100% liquidated, in which case your money as an investor is the last to be paid out, and the likelihood of you actually being paid anything is absolutely minimal (none actually, otherwise the company wouldn't have had to file for liquidation). Even on the slight chance that they did pay shareholders anything, it would have been done years ago already. Saambou's creditors would have been paid and the likelihood of even them receiving 100% of their dues is minimal as well.

Sorry man, I reckon your investment is worth less than Saambou's last dividend...

 

[DJ...]

This is pretty interesting:

MONEYWEB: Charles, let's just recap on all of this. Saambou was put into curatorship first in 2002. What did the shareholders get back?

CHARLES EDWARDS: I'm not the right...

MONEYWEB: Did they get anything back?

CHARLES EDWARDS: Well they did get something back, but I'm not the right guy to give you feedback on that. What I would like to, maybe, if you will allow me, is just give you this one positive thing that came out of the court case. I would so have loved the old colleagues of Saambou to have been there, to have joined us on that day that the curator was in the court and under oath explained to the court that, even a month after curatorship, and after he had put the organisation through a stress test and wrote off all the bad debts that he could think of, even after that process, Saambou was still solvent to the tune of R713m. And, you know, I think that is testimony to the quality of assets that we had in the place and the quality organisation that Saambou always had been. So I just wanted to - you know, I think it's something that the Saambou people can treasure and take with them on the road going forward.

Seems they were solvent and investors did get something back...