Key Developments: African Bank Investments Ltd (ABLJ.J)

ABLJ.J on Johannesburg Stock Exchange

655.15ZAc
29 Jul 2014
Price Change (% chg)

-7.00c (-1.07%)
Prev Close
655.00c
Open
665.00c
Day's High
667.00c
Day's Low
648.00c
Volume
4,921,303
Avg. Vol
6,617,298
52-wk High
1,478.09c
52-wk Low
578.00c

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Latest Key Developments (Source: Significant Developments)

Moody downgrades African Bank's rating
Friday, 30 May 2014 

African Bank Investments Ltd:Moody's Investors Service has on May 29, downgraded African Bank Limited's local national scale issuer ratings by one notch to A3.za/P-2.za from A2.za/P-1.za and its global senior debt and deposit ratings by one notch to Ba1/Not Prime, from Baa3/Prime-3.African Bank thereby maintains its national scale investment grade rating. In addition, the long term ratings have been placed on review.Says conclusion of this review will likely follow the publication of the Bank's trading update for the nine months ending June 2014.African Bank announced a headline loss for the six months ended March 2014 and this rating action reflects Moody's assessment of the deterioration in African Bank's asset quality.  Full Article

African Bank Investments Ltd announces dividends
Monday, 19 May 2014 

African Bank Investments Ltd:Has not declared dividends for the six months to March 31, 2014.Has declared an interim gross cash dividend of 349 cents per ordinary share (296,65000 cents net of dividend withholding tax).  Full Article

African Bank Investments Ltd does not declare preference share dividend
Monday, 5 May 2014 

African Bank Investments Ltd:Confirms not to declare an interim dividend, in light of forecast interim results for six months ended March 31, 2014, relates solely to dividend on ordinary shares, and not to dividend on existing preference shares.  Full Article

African Bank Investments Ltd gives H1 2014 earnings outlook
Friday, 2 May 2014 

African Bank Investments Ltd:Expects H1 2014 headline loss of between 3.1 - 3.3 bln rand.Expects H1 2014 headline loss per share to be between 239 cents and 254 cents.Expects H1 2014 basic loss to be between 4.3 - 4.5 bln rand.Expects H1 2014 basic loss per share to be between 331 cents and 347 cents per share.  Full Article

African Bank Investments Ltd still keen to sell Ellerines but keep credit arm - Reuters
Wednesday, 5 Feb 2014 

African Bank Investments Ltd:African Bank Investments Ltd still plans to sell off its retail unit, Ellerines, but is keen to retain the financial services part of the business and the distribution footprint to sell loans, its chief executive said on Wednesday - Reuters.  Full Article

African Bank Investments Ltd Announces Cash Dividend
Monday, 11 Nov 2013 

African Bank Investments Ltd announced that it has declared a final gross cash dividend of 5 cents (4.25 cents net of dividend withholding tax) per ordinary share, resulting in a total dividend for the year ended September 30, 2013 of 30 cents per ordinary share (2012: 195 cents).  Full Article

African Bank Investments Ltd Prices Rights Issue At 38.72% Discount-Reuters
Friday, 1 Nov 2013 

Reuters reported that African Bank Investments Ltd said that it would be issuing 685.3 million new ordinary shares at a discount of 38.72%. The bank plans to raise ZAR5.5 billion ($549.70 million) at a subscription price of 800 cents per rights offer share. Shareholders can exercise rights at 84 new shares for every 100 held.  Full Article

African Bank Investments Ltd Settles Credit Probe For $2 Million-Reuters
Thursday, 3 Oct 2013 

Reuters reported that African Bank Investments Ltd said on October 03, 2013 it had agreed to a fine of ZAR20 million ($2 million) to settle an investigation into reckless lending by the credit regulator.  Full Article

African Bank Investments Ltd's African Bank Issues CHF105 Million (Swiss Francs) Senior Unsecured Bonds
Tuesday, 1 Oct 2013 

African Bank Investments Ltd announced that African Bank (a wholly-owned subsidiary of ABIL) has successfully issued a third fixed rate senior unsecured Swiss bond of CHF105 million, equivalent to ZAR1.155 billion. The senior unsecured bond (ISIN CH0224486578) will be listed on the SIX Swiss Exchange under African Bank’s existing USD2 billion Euro Medium Term (EMTN) Note Programme and is designated for general funding purposes. The bond is due to mature on October 11, 2017 and will pay an annual coupon on the October 11 of 5.5%.  Full Article

African Bank Investments Ltd Issues FY 2013 Earnings Guidance
Wednesday, 18 Sep 2013 

African Bank Investments Ltd announced that for fiscal 2013, it expects headline earnings to be lower than fiscal 2012 headline earnings by between 58% and 63%. Excluding the impact of the increasing coverage ratio and the LTIP charge, ABIL fiscal 2013, normalised headline earnings are expected to be lower than fiscal 2012 normalised headline earnings by between 30% and 40%.  Full Article

UPDATE 1-S.African bank Abil's shares leap on talks to sell furniture unit

* Bank has been hit by bad debts, credit downgrade (Recasts, adds comment and background)

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