There's been murder on the forex dancefloor in the past three months. The USD/ZAR cross was R15.88 at time of writing yesterday, a substantial depreciation since the R14.20 levels in mid-September. The market is expecting rate increases in the US under newly reappointed Fed chair Jerome Powell, which sucks capital away from markets like South Africa.
The "Avengers" were excited yesterday after news broke that non-executive Aveng director Bernard Swanepoel bought R295,000 worth of shares. Although this is probably lunch money for Swanepoel after a lengthy and highly decorated career, it still sends a positive signal.
In a shock to precisely nobody, BDO found the Bell Equipment scheme to be neither fair nor reasonable. IA Bell (the entity linked to the controlling family) will not increase the offer, so the t ransaction has now died. This was an odd and spectacular waste of money on advisory fees for a transaction that was stillborn.
MTN has received regulatory approval to sell up to 575 million shares in MTN Nigeria. This will be structured as a bookbuild to qualified investors and a fixed price to retail investors once the bookbuild has closed.
Capital Appreciation Group is achieving progress in all its business units and has released a trading statement for the six months to September. HEPS will be between 65.2% and 67.9% higher, coming in at between 7.35 and 7.47 cents per share. The share price is R1.39 so this company trades at a higher Price/Earnings multiple than many other JSE small caps, with a market cap over R1.8 billion.
Royal Bafokeng Platinum has confirmed that Royal Bafokeng Holdings now holds only 3.3% in the company. Northam Platinum holds a 32.5% stake, for which it paid a s ubstantial premium to Royal Bafokeng Holdings.
Grand Parade Investments has confirmed that the last day to trade for the 88 cents dividend (as a result of the sale of Burger King South Africa) is 30 November. The share price was trading at around R3.65 at time of writing.
Investors who may have been hoping for a juicy discount on the dividend reinvestment alternative at Stor-Age will be disappointed to learn that the discount is only 1%, as the reinvestment price is R14.20 per share.
Arrowhead Properties has confirmed that its dividends for its A shares (120.21 cents) and B shares (47.72 cents) will be 4.1% and 44.6% higher than in FY20 respectively.
Hosken Consolidated Investments (which most people know as HCI) is expecting interim HEPS of between 250.2 and 300.5 cents, a huge swing from the loss of 503.4 cents the year before. The share price was just over R79 in afternoon trade.
Coronation Fund Managers released its results for the year ended September. Revenue increased 17.1%, earnings per share increased 22.4% and the total dividend was 470 cents per share, of which the final dividend was 226 cents.
