-When a proposal was made to issue 20% to a Company owned by a Director of Abans PLC @ Rs 25.00 with no experience in the Financial Services Sector (1.4 times book value), I objected and wanted the shares to the existing Share holders first and then to the Director. A number of share holders walked out of the EGM in protest of this manipulation.
-Since then the performance of the Company has declined and the share is now trading at Rs 25.00 and the value of my investment is Rs 250,000.00 a loss of Rs 469, 000.00.(67 %).
-Abans Finance also had a rights issue subsequently and the Abans sold their rights to the same Director.
-Abans PLC , the parent Company which is now in financial difficulties also has lost Rs 1.3 Bn on this investment is now trying to sell shares @ Rs 25.00 to meet the manipulated public float requirements.
-Able Investment (Private) Limited, A B Cold Storage ( Private) Limited, Cleantech ( Pvt ) Ltd and Cleantech ( Pvt ) Ltd are connected parties to Abans PLC and Mr.K.Kunenthiran, Mrs.C.V.Sumanadasa and Mrs.S.C.Henagama Gamage are proxy employees holding shares. Mr.P.N.Pestonjee, Mr.B.Pestonjee, Mr.R.Pestonjeen ,Mrs S.Dubash and Mrs.A.Pestonjee are Directors of Abans PLC.As such the shares owned by them should not be counted under “Public Float”. They have fraudulently manipulated the public float ration to cheat CSE and SEC.
Last edited by Wimal Modawansa on Wed Sep 06, 2017 7:08 pm; edited 1 time in total (Reason for editing : update)