Afriag Share Discussion Threads

[pr100] 21/8/2018 11:41

Meanwhile, I see that a couple of AFRIesque companies have been quietly registered in Lesotho. Shareholders should make sure that AFRI owns at least 40% of them, otherwise your investment cash might be being covertly siphoned off.



Similarly, a new Afriag company - Afriag Transport (Pty) Ltd - was registered in South Africa last month. If it is a subsidiary of Afriag (Pty) Ltd, make sure you own 40% of it or your cash could flow into it, never to be seen again.

[pr100] 21/8/2018 09:57

That document will have to be withdrawn as it contains a falsehood - which might mean delaying the GM.

It states that AFRI own 40% of a non-existent company - Afriag SA (Pty) Ltd.

As Lenigas is well aware, AFRI allegedly owns 40% of a company called Afriag (Pty) Ltd - which at least is a real company, even if hasn't recorded AFRI's 40% stake anywhere.

PIs must monitor Lenigas's tricks. There's a reason he is trying to sweep Afriag (Pty) Ltd under the carpet - and it won't be good news for AFRI shareholders.

Of course, there was no need to alter AFRI's investment strategy since the previously approved strategy gave AFRI full licence to expand into cannabis. Most likely, Lenigas only wants permission to issue new shares without hindrance from shareholders' pre-emption rights. If you give him that, you will be diluted util the cows come home.

[pr100] 11/7/2018 08:47

Why no mention of the cannabis license that Lenigas waved in front of the mug punters at the Hash conference last week?

Why no proposal to change the company's name to something more appropriate?

Why no statement of AFRI's cash position?

Why no timeline?

"The Company may need to raise additional funds for these purposes and may use both debt and/or equity."

Dilution looming big-time - in the unlikely event that this illiquid chancer can raise a few shekels on the NEX lobster pot.

Looks to me like a last-ditch attempt to raise keep-the-lights-on working capital for AFRI which is borderline insolvent. But stay alert to the possibility that any alleged current AFRI assets may be sold or pledged as collateral.

[cpap man] 11/7/2018 07:40

11 July 2018

AfriAg Global PLC
(“AfriAg Global” or the “Company”;)

Update: Expansion of Investment Strategy to include Medical Cannabis

AfriAg Global PLC, the London listed global food and logistics investment group, provides an update on its intention to seek shareholder approval to expand its investment strategy to include investments in the developing markets for medicinal cannabis derivatives, or related products.

David Lenigas, AfriAg Global’s Chairman commented:

“The legalised global cannabis industry is a fast-growing sector with many international governments now legalising the use of cannabis products for medical use. Since out last announcement on this matter, the Company has engaged experienced UK legal counsel as part of the process of gaining approvals from our regulators to actively engage in this very exciting sector and we now in active discussions with leading global experts in the medical cannabis field to join our advisory board.”

The Company’s expanded investment strategy will include investments in companies, projects or products that are either progressing medicinal cannabis research and development; producing or cultivating medicinal cannabis; or commercialising or marketing medicinal cannabis and its derivatives. AfriAg will look to invest in companies and projects in jurisdictions which have well-developed and reputable laws and regulation for the research and production of medicinal cannabis and in jurisdictions that are signatories to the United Nation’s conventions on narcotics.

The Company is likely to be an active investor within this sector and acquire control of certain target companies although it may also consider acquiring non-controlling shareholdings. The proposed investments to be made by the Company may be in either quoted or unquoted securities and made by direct acquisition of an interest in companies, partnerships or joint ventures, or direct interests in projects and can be at any stage of development. Accordingly, the Company’s equity interest in a proposed investment may range from a minority position to 100 per cent. ownership and a controlling interest. The Directors primary objective is to achieve the best possible value over time for Shareholders, primarily through capital growth.

The Board believes that their collective experience, together with their extensive network of contacts, will assist them in the identification, evaluation and funding of appropriate investment opportunities within the medicinal cannabis space. When necessary, other external professionals will be engaged to assist in the due diligence on prospective targets and their management teams. The Directors will also consider appointing additional directors and /or advisors with relevant experience if the need arises.

There will be no limit on the number of projects into which the Company may invest within this space, and the Company may invest in a number of propositions or in just one investment, which may be deemed to be a reverse takeover pursuant to Rule 58 of the NEX Exchange Rules. The Company may need to raise additional funds for these purposes and may use both debt and/or equity.

It is anticipated that there may be opportunities to spin out businesses privately or via IPO where Shareholders may be able to benefit via distributions of cash and/or shares and/or rights to subscribe in listings. It is anticipated that the Company will hold investments for the medium to long term, although where opportunities exist for shorter term gains the Company may take advantage of such opportunities.

If the Company takes a controlling stake, the acquisition could trigger a Reverse Takeover under Rule 57 of the NEX Exchange Rules.

[pr100] 27/6/2018 12:41

Farce of an AGM. Where is the proof that Afriag Global own 40% of Afriag (Pty)?

Directly leased truck fleet slashed to 42 while using sub-contractors if more needed. Lenigas must be joking when he said that this would improve margins. It will hurt margins which are already dangerously thin.

And the "scale" story doesn't compute. They had "scale" when they had a large fleet of their own and it didn't generate any profits. With sub-contractors taking an increasing slice of the pie, there will be even less chance of generating any profits.

The cannabis yarn is an admission of defeat - as well as a warning about an upcoming keep-the-lights-on fundraising. How else can Lenigas raise cash to invest in a new industry?

And if anyone believes that Lenigas will be more transparent going forward, they are being naive and gullible. Lenigas doesn't do transparency.

All in all, AFRI is a mismanaged disaster for minority investors and some PIs are rightly taking the chance to dump.

[pr100] 27/6/2018 12:40

Farce of an AGM. Where is the proof that Afriag Global own 40% of Afriag (Pty)?

Directly leased truck fleet slashed to 42 while using sub-contractors if more needed. Lenigas must be joking when he said that this would improve margins. It will hurt margins which are already dangerously thin.

And the "scale" story doesn't compute. They had "scale" when they had a large fleet of their own and it didn't generate any profits. With sub-contractors taking an increasing slice of the pie, there will be even less chance of generating any profits.

The cannabis yarn is an admission of defeat - as well as a warning about an upcoming keep-the-lights-on fundraising. How else can Lenigas raise cash to invest in a new industry?

And if anyone believes that Lenigas will be more transparent going forward, they are being naive and gullible. Lenigas doesn't do transparency.

All in all, AFRI is a mismanaged disaster for minority investors and some PIs are rightly taking the chance to dump.

[pr100] 26/6/2018 10:07

Where's the cash coming from? AFRI are skint and NEX is the worst place to raise cash.

And why? AFRI is a tiny, inconsequential outfit with no credentials - and there are already hemp-infused beers in the UK from bigger and more credible suppliers. Not that it will ever be more than a niche market.

One thing Lenigas should know by now is that even if medical cannabis is legalised in the UK (which is not a given), it will take the government and regulators years to sort it out and therefore years for any licenses to be issued. Even then, why any government would issue a cannabis license to any Lenigas company is a mystery - especially one which is equity-linked to a South African firm which is facing charges for tobacco smuggling.

Bargepole.

[cpap man] 26/6/2018 09:30

AFRI likely to move shortly to either LSE standard list or the TSXv?

[cpap man] 26/6/2018 09:00

GREAT NEWS for all AFRI shareholders!

[cpap man] 26/6/2018 08:55

Linked to TSXv:LG

[cpap man] 26/6/2018 08:50

Monday 25 June, 2018
AfriAg Global Plc
Proposed Medicinal Cannabis Investment Strategy
25 June 2018

AfriAg Global PLC

(“AfriAg Global” or the “Company”;)

Proposed Expansion of Investment Policy to Include the Medicinal Cannabis Sector

AfriAg Global PLC, the London listed global food and logistics group, announces that its Board of directors have resolved that at the next general meeting of shareholders of the Company, the Company intends to put a resolution to shareholders to expand the Company’s existing investment policy to include investment opportunities in the medicinal cannabis sector.

The Directors believe that there are numerous investment opportunities within both private and public businesses that operate in the legalised medicinal cannabis sector in jurisdictions that are internationally recognised as having well-developed and reputable laws and regulations that govern this sector.

On adoption of the proposed new investing policy, the Company intends to appoint a medicinal cannabis advisory board comprising individuals with the relevant experience and knowledge in the sector to carry out appropriate due diligence on assets and businesses in the medicinal cannabis sector and to provide on-going monitoring of investments once made. Prior to any investments being made the Company intends to conduct legal, accounting and technical due diligence using appropriately qualified personnel for such activities and shall in particular seek and obtain appropriate legal advice to ensure that any investments or partnerships made will comply in all respects with the laws in those jurisdictions in which investments are made as well as the laws of the United Kingdom.

The Company’s Chairman has experience in this sector, serving as Co-Chairman of Canadian listed LGC Capital Ltd, which is currently engaged with investments and potential investments in Canada, Jamaica, Europe and Australia.

David Lenigas, AfriAg Global’s Chairman commented; “The legalised global cannabis industry is a fast-growing sector with many international governments legalising the use of cannabis products for medical use. Medical Cannabis for the treatment of Epilepsy has even managed to gain significant interest in the UK over recent weeks as it is doing in a number of countries around the world. AfriAg Global and its management team considers that it can bring a tremendous amount of cultivation, processing and global logistics expertise to this fast-growing sector. We will not be limiting our investment search in this sector to any one country or region and we see the growing European markets as ones of particular interest.

The directors of the Company accept responsibility for the contents of this announcement.

-ENDS-

Doriemus Plc:
David Lenigas (Executive Chairman)
Anthony Samaha (Finance Director)
Hamish Harris
Donald Strang [phone]
Peterhouse Capital Limited
Guy Miller
Fungai Ndoro [phone]

[pr100] 25/6/2018 20:26

So AFRI wants shareholder approval tomorrow to invest in the now-burst cannabis bubble. Sounds like a last-minute thing - and why do they need approval anyway as their current investment policy allows them to invest in anything agricultural anywhere in the world - including the processing of agricultural products, which would presumably cover cannabis and medical cannabis.

It looks like a diversionary tactic in the hope that it leaves no time to answer the important AGM questions about where all the money has gone and where AFRI's 40% stake in Afriag (Pty) Ltd is legally recorded.

And where will the new investment funds come from? AFRI is basically skint - and so is Afriag (Pty) - and the prospect of raising cash on the NEX exchange hover between slim and none.

But most of all this tells me that AFRI needs cash to survive and they are planning to raise some under the cover of some new cannabis venture in the hope that some mugs will show up - which they would not do for an AFRI keep-the-lights-on placing.

Lenigas will of course promise a move to a proper trading platform but we've heard that one too many times before. Anyway, AFRI can't afford to be on a proper exchange in the UK, even if Lenigas were to be made welcome, which is also unlikely.

Watch yourselves! Ask the questions and demand answers. If you shake anyone's hand, count your fingers. And if the share price ever rises again, do the sensible thing. Lenigas never (ever) makes money for the mugs daft enough to hold his shares long term.

[pr100] 21/6/2018 08:27

Judging by recent photographs, you can be sure that David Lenigas at least is being well fed. The rest of it is grandiose/deluded hype which no-one believes.

Imho, the guy doesn't care about the quality of his "assets" as long as he can spin a pump (and dump) around them. Nor is he any good at running a business: his only ambition seems to be to broker as many financing deals as possible and then get on his bike to the next P&D.

His LTHs *always* lose a lot of money. If there is any justice, he will end up in jail.

[pr100] 01/6/2018 13:22

Just for the record, Afriag (Pty)'s liabilities have grown from £1.75m in 2015 to £3.49m in 2016 to £5.56m in 2017.

So the more sales they allegedly generate, the more they are borrowing and/or the more invoices go unpaid.

Given that they don't own their alleged fleet, this doesn't add up. Call the polis.

[pr100] 01/6/2018 13:17

Why are Afriag (Pty)'s liabilities so high? AFRI's 2017 results show the Pty's assets at £5.5m (unlikely imho) and its liabilities at the same figure.

In fact, Afriag (Pty) is on the cusp of trading whilst insolvent so PIs need to get to the bottom of those liabilities urgently.

Otherwise, the Pty could go into liquidation at any time - with AFRI PIs getting nothing from the fire sale of assets.

Not that it matters much as there is no formal proof in the designated place that AFRI actually owns 40% - or even 1% - of Afriag (Pty) Ltd.

Big lorry pileup looming on the Transvaal Highway.

[pr100] 31/5/2018 16:42

AFRI's 2017 results are a farce. How long will the sheepies tolerate all their cash disappearing into the Jo'burg night sky?

But if AFRI don't actually own 40% of Afriag (Pty) - see above - then it doesn't much matter anyway.

But be warned - this "growing","successful" heap of BS is technically very close to trading whilst insolvent.

[pr100] 17/5/2018 13:10

Since the end of the Zuma regime in SA and the Mugabe regime in Zimbabwe - with both of whom Lenigas/Robillard/Kajee were as thick as thieves (allegedly) - Lenigas has spent little time and even less money in southern Africa so it appears that his dream of building another Lonrho may be over.

That would be consistent with the minuscule amount of time he devotes to promoting Afriag and AAAP and communicating with his shareholders.

I suspect that before long Lenigas will be officially Out of Southern Africa.

[pr100] 16/5/2018 09:06

With today's trade at 0.12 taking the share price down 27% it looks as though the sun is about to set on Afriag.

[pr100] 25/4/2018 16:18

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:

AFRIAG (Pty) Ltd
AFRIAG HOLDINGS (Pty) Ltd
AFRIAG MARKETING (Pty) Ltd
AFRIAG AGRICULTURE (Pty) Ltd

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.

Tell Optimist to go look it up for himself at

[pr100] 25/4/2018 13:57

Correction: Amalgamated Tobacco Manufacturing does still exist. But it appears that much of its business has been transferred out, including to Ten Winters (Pty) Ltd, trading as CK FMCG.

[pr100] 24/4/2018 16:46

For AFRI PIs, the loss of Amalgamated Tobacco Manufacturing is a serious matter and should have been announced by Lenigas. It was almost certainly the biggest revenue earner in the Afriag (Pty) group and Afriag Global Plc supposedly owned 40% of it.

So why no RNS about this material loss? If Lenigas won't answer, try the corporate adviser. And if he doesn't answer, ask the regulator to investigate.

There's some fishy business going on here.