Consolidated Infrastructure Group left investors scratching their heads yesterday after three directors resigned, including non-executive chairman Michael Wilkerson. The three were all nominated by its biggest shareholders - and significant debt holder - Fairfax Africa, which will now no longer be represented on the board of the infrastructure group.
The move comes ahead of the release of interim results, possibly this week, and as it continues crucial talks to restructure its debt.
Meanwhile, it appears that Adapt IT has a handle on its debt situation. It's share rose yesterday after it released results that showed an improvement in earnings and a reduction in gearing despite the impact of Covid-19 on its operations. And, as warned, Famous Brands reported a first-half loss after Covid-19 exacerbated an already difficult trading environment, particularly for Gourmet Burger Kitchen in the UK, now under administration.
Also today, Astral Foods has outlined what investors can expect when it releases interim results next month and Astoria Investments says after a couple of months of slow trading for CNA, next year's back-to-school season will provide a good indication of the prospects of the book and stationery retailer.
Finally, with all eyes on Finance Minister Tito Mboweni's Medium-Term Budget Policy Statement on Wednesday, Ingham Analytics' latest Searchlight report"Sink or Swim" questions whether government bonds are a good investment right now. More details down below and in today's newsletter.
The Medium-Term Budget Policy Speech on Wednesday, already delayed, will throw into stark relief the financial situation that the ANC has solely engineered. In "Sink or swim?" Ingham Analytics give a precursor to what they think Tito Mboweni will have to say and give backdrop to the data. SA government bonds offer high rates, do you buy?
