| Tuesday 14 September 2021 Good morning Voornaam,
The trend of companies simplifying their groups and focusing on core markets continues, with Sanlam announcing that it has agreed to dispose of its 100% stake in Sanlam Life & Pensions UK Limited. The price of GBP39 million is too small to require a shareholder vote or even a detailed announcement, but Sanlam has confirmed that the money will be used to reallocate capital to Africa and other selected emerging markets.
AngloGold Ashanti has confirmed that definitive agreements have been signed for the acquisition of the remaining 80.5% in Corvus that AngloGold doesn't already own. This USD370 million deal is part of the mining group's strategy to consolidate one of the largest new gold districts in Nevada, located around 120 miles from Vegas and next to Death Valley. Hopefully, this gamble will pay off for the gold giant that has re cently released poor operational results.
Remgro's HEPS from continuing operations grew between 61% and 71%, although Mediclinic has been a drag on the result due to the ongoing impact of lockdown measures on its business. One of the greatest ironies of the past year has been the pressure on hospital group profits from the pandemic.
In preparation for its proposed litigation settlement, Steinhoff has announced a placement of up to 370 million shares in Pepkor. In addition, if the settlement goes ahead, a further 300 million shares would be distributed to claimants. Steinhoff currently holds 68.2% in Pepkor and that stake would decrease to 50.1% after these steps. This would give Pepkor a liquidity boost, with the free float (shares held by small investors) increasing from 31.8% to 41.7%.
Goldman Sachs and Investec are managing the placement and it is open to qualifying investors on ly. In other words, if the desks at those banks don't have you on speed dial, don't expect a phone call asking if you want to buy shares in Pepkor.
Texton enjoyed a rally of 11.67% yesterday on the news that the property fund expects its distributable income for the year to June 2021 to increase by between 36.9% and 45.5%. The company will pay a dividend of between 35.12 and 39.80 cents per share, the mid-point of which is a yield of over 11% on yesterday's closing price.
Attacq expects its distributable income per share for the year to June 2021 to be 46.8 cents, down 35.9% vs. the prior financial year. This is due to the non-receipt of dividends from MAS Real Estate, a stake which Attacq sold down over the course of the financial year. The Waterfall City portfolio grew its income by 30.6%. However, there will be no dividend this year as the company focuses on reducing debt and developing its pipeline. The next dividend must be paid by October 2022 for the company to retain REIT status.
There's a lot for you to get through today. There are articles on Famous Brands, Vodacom, Karooooo and Raubex. Generally, there's good news all round!
If you are interested in trading, make sure you listen to the latest episode of Magic Markets. Petri Redelinghuys of Herenya Capital Advisors joins us for #HerenyaSeptember and you don't want to miss out, as Petri explains what it really takes to be a successful trader.
Happy Tuesday!
The Finance Ghost
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