Clicks has confirmed that its SASRIA claim is R726 million, of which R217 million has already been received. Due to a large portion of the claim not being accounted for during the year ended August, diluted headline earnings per share for that period is only expected to increase by 0% to 3%. Without that impact, it would've been up between 8% and 13%.
After announcing that it would be selling up to 370 million of its shares in Pepkor, Steinhoff has now confirmed that the market happily took those shares at a 9% discount to Pepkor's price. This raised R7.3bn which will be used in the creditor settlement plan.
Choppies is listed on Botswana and on the JSE. The company has guided a profit after tax for the 12 months to June 2021 of between BWP22.6 and BWP96.7 million, which is a truly enormous ra nge. Still, at least it's a profit this year, unlike the prior year.
Bytes announced that is has achieved "low-teens percentage growth in gross profit" and "high-teens growth in adjusted operating profit" in the first half of its 2022 financial year. The share price closed slightly in the red, so the market didn't appear to be terribly excited by this news.
African Rainbow Capital Investments, which many people know as ARC, released its results for the year to 30 June. There are some interesting tidbits of information, like a note that TymeBank now has 3.45 million customers. Unfortunately, the diluted intrinsic net asset value per share, also known as the directors' view of the underlying value of each share, fell from R9.54 to R8.77 per share. The company attributes the drop to the impact of the R750 million rights issue in October 2020 at a 10% discount to the market price.
The good ne ws for ARC shareholders is that the fee to the general partner is being reviewed. The company has come under criticism since its listing for a fee structure that is not attractive, with the general partner (i.e. the management team of the fund) earning fees despite poor performance. The share price is down 40% over three years.
I have detailed articles for you this morning on REITs Attacq and Stor-Age, as well as investment holding company Universal Partners which must have one of the most varied and interesting portfolios on the JSE.
If you still haven't listened to Ep 42 of
Magic Markets, in which Petri Redelinghuys of
Herenya Capital Advisors joined us to discuss the real-world stuff that traders have to face, I suggest you catch up
at this link. He joins us again this week to answer questions from listeners, so don't miss out on this learning opportunity.
Also be sure to check the latest forex rates to stay on top of that market, brought to you by Currency Assist.
With that, I leave you to have a productive Wednesday.
The Finance Ghost
