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AMEI African Med

0.225
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
African Med LSE:AMEI London Ordinary Share IM00B39HQT38 ORD NPV
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.225 - 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

African Med Share Discussion Threads

Showing 176 to 199 of 225 messages
Chat Pages: 9  8  7  6  5  4  3  2  1
DateSubjectAuthorDiscuss
14/12/2010
13:46
You sure re Harbinger? I thought they were raising money for US satellite commitments - hence also selling down ISAT stake. And they only very recently put more into AMEI.

I still think there's a long-term story in AMEI but I'm no longer in - the rebasing of the fundraisings & subsequent dilution makes me think "around 10p" is about right.

spectoacc
14/12/2010
13:22
very quiet here, cant be good news, harbinger in all kinds of trouble, recently sold their stake in SBLM, I expect they may have to dispose here too!
thebull3
12/10/2010
08:33
Afraid I ditched the last of mine, been a dreadful investment for my SIPP but ce la vie. Good luck holders.

They're not going bust with Harbinger's confirmed support, but on the revised subscription schedule I just can't see them going back to what I originally paid for many years.

spectoacc
07/10/2010
09:03
Suspect it's going to be a long, slow haul back to respectabilty..
spectoacc
07/10/2010
08:38
2-day riser now

good rns yesterday

rollout of boutique hospitals still on track & new board appointment

andrbea
21/9/2010
06:35
Thanks, missed that yesterday.

Two pluses, one negative IMO: Harbinger still supportive, so any threat of co running out of money been removed (& the more money they chuck at it, the less likely they'd stop supporting AMEI in the future). Also they're paying 9, 10, 11p for their shares, ie around market price.

Negative - can't see the shares taking off now that they're paying around current share price - old deal involved them paying quite a bit more.

Keeping what I've got, but not buying more.

spectoacc
21/9/2010
01:06
Up from here then after that RNS ????
lufc5
27/8/2010
14:10
Was in the results; one positive point is that they're freezing his 11% s/holding, so that's the overhang issue dealt with.

My guess is they'll renegotiate Harbinger's buy-in prices. Harbinger supportive thus far, last tranche went in after the problems emerged, but they surely won't pay the previously agreed prices, which by 2013 were going to be over a $1 a share.

Market seems worried that Harbinger will walk; I don't think they will because they haven't thus far, and have also sunk $28m in up to now. If they did walk, AMEI would be a goner IMO.

spectoacc
27/8/2010
12:06
Some gloomy news!
andy
25/8/2010
12:30
Big jump in cost of sales relative to profits. Shows what a dodgy reprting job solanki was doing. Next interims with income from maputo will give a better idea of what the comapny can make from each hospital, still on the sidelines here but think this is an interesting prospect.
bobbieblock
25/8/2010
06:43
Looks like a kitchen sink job, hopefully be the last of it.

Harbinger still supportive, they've a lot more $m's to pump in to 2013.

spectoacc
17/8/2010
11:00
Cash not likely to be an issue whilst Harbinger play ball. Rather wish they'd just bid for the lot though!
spectoacc
17/8/2010
10:22
I find it encouraging that building work continues on the Harare hospital. If the cash situation was dire building work would probably have stopped.
pylewell
17/8/2010
06:35
Update out this morning.
spectoacc
04/8/2010
21:39
bit of a soap opera this:
mattjos
04/8/2010
12:20
Too much shenanigans to be played out here to even warrant a punt IMO.

Could go anywhere. Sold the small amount i had for an £8 profit ;)

Will monitor to see if its resolved.

stegrego
04/8/2010
08:22
Surprised Harbinger still going along with the drawdown when it's that serious - an alleged $5m, loss of the "key worker" in one clinic, no speedy resolution (love the counter-suing for reinstatement by the manager), and an 11% shareholding that could take years to resolve.

A fair bit priced in down here, but strewth..

spectoacc
03/8/2010
20:13
let's wait and see how the underlying business is performing shall we?
perhaps optimistically, I am still of the opinion that there will a silver cloud to this ..... whatever his penchant for thievery / inability to stop helping himself when in the sweetie shop, the Doctor seemed to have some entrepreneurial abilities that caught the eye of Harbinger.
Providing the company has reached a sufficient critical mass and a replacement technician/administrator can be found then, the bod & Harbinger may yet look back on these events in a couple of years and determine they got shot of him cheaply at this juncture.
Let's see what Wessel Roets does next too.

Interesting to see how they deal with his shareholding in such circumstances ... on the website it's non existent at present :-) but most of his shares were in a trust for his wife & child. under who's control etc will all have to be resolved.

If he'd just stuck with the plan - 24m shares in trust at the suggested minimum 70p by 2013 ... £16m in 2013 or an illegal $5m now?

mattjos
03/8/2010
19:46
I thought he might have nicked some paperclips, not half the blooming company!
stegrego
03/8/2010
19:41
Busted Steg. ;o)
liarspoker
03/8/2010
19:39
Hope they dont RNS that in the morning as id like to escape unscathed.
stegrego
03/8/2010
16:41
$5 million? No wonder the share price tanked!
bobbieblock
03/8/2010
12:16
Here's the bones of it .... it appears the good Doctor has a bit of reputation previously. Good to get shot of him and his accomplice at this stage.
Given his track record I'd imagine his chances of successfully defending himself are not good.

Manager flees after US$5m hospital scam.

By Augustine Moyo. Zimbabwe Sunday Mail 1/8/10

AFRICAN Medical Investments plc's chief executive officer Dr Vivek Savji Solanki, who was suspended last month pending investigations into the suspected embezzlement of nearly U$5 million at one of Harare's top hospitals, Trauma Centre, has resigned.

An ongoing probe into financial and administrative irregularities at Trauma Centre and other health institutions in South Africa has also sucked in the hospital's general manager, Ms Zarina Dudhia, who is believed to be on the run after being charged with theft.
Ms Dudhia failed to appear in court last Monday, raising fears that she might have absconded.
African Medical Investments (AMI) is a private healthcare provider listed under the London Stock Exchange's Alternative Investments Market (AIM) with special focus on Africa.
It is understood the UK-based AIM board has commissioned a top forensic team comprising experts from South Africa and local accounting firm PriceWaterhouse Coopers to get to the bottom of the matter.
Sources said preliminary investigations confirmed that US$718 000 was misappropriated while more than US$4 million is yet to be accounted for.
It is suspected that Ms Dudhia skipped the country and AMI shareholders are now offering a US$20 000 reward to anyone with information leading to her arrest.
In a statement confirming Dr Solanki's suspension last month, the AMI board said: "The AMI-listed company operating in the African healthcare sector announces that the company's chief executive officer, Dr Vivek Solanki, has been suspended by the board pending an investigation into potential financial and administrative irregularities at the company's Harare and Johannesburg medical facilities . . .
"This suspension does not affect the day-to-day running of the company's facilities, which will continue to operate as normal.
"Newly appointed finance director Mr Brett Winstone has been appointed interim chief executive during the period of investigation with immediate effect and the board has appointed forensic accountants to assist with the investigation."
However, AMI board members from London who are in the country to assess progress on the ongoing refurbishment confirmed that Dr Solanki had resigned from the group.
Sources last week revealed that Ms Dudhia was implicated after some building materials, among them 400 boxes of ceramic tiles earmarked for the health institution's refurbishment, went missing.
The sources said the materials were later recovered in Emerald Hill, resulting in criminal charges being filed against Ms Dudhia.
Allegations against the general manager also involve a top-of-the-range Toyota Prado vehicle which, according to the hospital's books, was purchased at a cost of US$70 000 but was never registered with Central Vehicle Registry under its name.
More than 10 other vehicles are also said to have been registered under Shakit Trust despite having been purchased using Trauma Centre funds.
Shakit Trust is believed to be linked to Dr Solanki.
Sources said some of the financial irregularities emerged after cash was withdrawn from the hospital's account and allegedly kept in a safe by Ms Dudhia.
It has been confirmed that US$181 000 in cash was found in the safe when police picked her up for questioning.
She, in turn, filed theft charges against some of the hospital's directors who were assisting police and auditors with investigations, accusing them of kidnapping her and stealing her Toyota Prado, laptop and US$181 000.
The matter is now also before the courts.
Ms Dudhia's arrest has attracted keen interest from the Moslem community with some of the "who is who" of that community hiring lawyers for her.
Among her three legal representatives is prominent Harare lawyer Mr Jonathan Samkange.
Last month Ms Dudhia, through another lawyer, a Mr Mohammed of Ahmed & Ziyambi Legal Practitioners, filed an urgent chamber application at the High Court seeking her reinstatement as general manager and the handover of the Toyota Prado and US$181 000.
The court, however, threw out the application.
It is understood the vehicle and cash are being kept until the probe is concluded.
Mr Mohammed confirmed the development to this newspaper, but would not be drawn into revealing more details.
Mr Samkange also confirmed representing Ms Dudhia in a case "in which she filed charges against some Trauma Centre directors for kidnapping and the robbery of her laptop, vehicle and US$181 000".
The Zimbabwean-born Dr Solanki specialises in trauma, deep-vein thrombosis (DVT) as well as occupational and women's health.
He is the brains behind Harare's up-market Parkview Hospital whose numerous boardroom squabbles forced shareholders to call for an audit in 1999.
He was accused of trying to raise funds for the construction of the hospital through a private placement without prior permission from investors.
Further allegations were that he failed to transfer the land on which the medical facility was to be constructed into the company name; to supply hospital equipment and to volunteer information on the seizure of his operations in South Africa at the end of 1998.
African Medical Investments plc's strategy focuses on capitalising on the continent's demand for quality healthcare, particularly from the emerging middle class, overseas business and tourists.
Its boutique hospitals, similar to that under construction in Harare, are expected to provide world-class treatment without the overheads associated with large integrated hospitals.
The health service provider intends to convert Trauma Centre into a full-fledged hospital with the expansion exercise expected to be completed this month.
Other African Medical Investments facilities in Africa include airport clinics in Johannesburg and Cape Town, South Africa, and Tanzania's Trauma Centre, Well-Woman Clinic and airport medical and travel vaccination centre.
The company is evaluating a further 15 sites across the continent.

mattjos
22/7/2010
15:00
The problem is that we still don't know what the Solanki situation actually is.
spectoacc
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