The ideal time to step down as the head of a company is when it's at the top, leaving a positive legacy. That's what Chris Griffith is doing after achieving what he set out to when he took over as CEO of Anglo American Platinum over seven years ago. While Griffith can't take credit for current high rhodium and palladium prices or the weak rand, which have boosted earnings significantly, he has presided over a restructuring of Amplats' operations to focus on its most efficient mines. He'll be leaving in April and Anglo says an insider is likely to replace him.

Read on for more on Amplats' record earnings and a special dividend for shareholders due to its particularly strong cash position. Meanwhile, shareholders in AB InBev's empowerment scheme, SAB Zenzele, have done very well out of their investment. It winds up in March and will be replaced by a new 10-year scheme which will also give investors the opportunity to trade their shares on the JSE's Empowerment Segment.

Also today, Discovery will report a decline in first-half earnings due to an interest-rate hedge it entered in the UK and the cost of investing in new initiatives. So too will Bidcorp, Merafe Resources and Mpact as they face tougher conditions in many of their markets. And it will be a mixed bag from African Rainbow Minerals as improvements in some of its commodities were offset by weakness in others. That market seemed to like its trading statement though, sending its shares higher in the last half hour of trade yesterday.

Finally, Jonty Sacks, partner at Jaltech Fund Managers, explains the "fund"amentals of Section 12J investing. Follow this link to find out more.

I hope you have a good day.

Stephen Gunnion

Managing Editor, InceConnect

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