Local company news:
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Anglo American's board believes that BHP is "opportunistic" and isn't putting a high enough indicative price on the table. I would be very worried about any kind of deal that isn't opportunistic from the buyer's perspective, otherwise what's the point of going through the process? We now wait to see if BHP will give a higher indicative price, or if another bidder will emerge.
In other mining news, Impala Platinum has commenced a substantial retrenchment process and Sibanye-Stillwater is asking shareholders to approve equity-based settlement of its convertible bonds rather than cash-based settlement. At Renergen, the maintenance cycle has hurt profits and these numbers won't do anything to calm the nerves of bearish players in the market.
Moving on, Invicta has decided to restructure its holding in aftermarket parts business KMP by selling the stake to Kian Ann Engineering, in which Invicta holds a 48.81% stake. KMP has done alright, but hasn't shot the lights out in the last couple of years, so perhaps this will inject some energy into that story.
In other news, Reinet fund, which is the precursor to Reinet's listed numbers, grew its net asset value by 7.9% in just the last three months. That's in euros, by the way! And over at Oasis Crescent, the property fund that doesn't have any debt, the distribution is up by 12.9% for the year ended March 2024.
Finally, keep an eye on Finbond. It's been getting more attention from more speculative punters who expect a swing into profitability. The latest trading statement leaves more questions than answers unfortunately, but the direction of travel is positive.
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