We finally have some clarity on the Royal Bafokeng Platinum situation. The company is under offer by Impala Platinum and there has been much debate over whether Northam Platinum should also be making a mandatory offer. The Takeover Regulation Panel (TRP) has ruled in favour of Northam that no mandatory offer is required to Royal Bafokeng Platinum shareholders. This is good news for Northam shareholders, as the offer may have ended up being at a high price based on the deal with Royal Bafokeng Holdings for the initial strategic stake. Shareholders in Royal Bafokeng Platinum can now consider the Impala offer without worrying about whether an offer from Northam may be forthcoming.
Vukile Property Fund has updated its earnings guidance for the year ending 31 March 2022. The company expects funds from operations (FFO) of between 130 and 135 cents per share. The dividend pay-out ratio will be between 75% and 80% of FFO. The share price closed 4.5% higher yesterday at R14.18.
South32 has announced a delay to the expected closing date of the acquisition of an additional stake in Mozal Aluminium. The deal is expected to be completed before the end of 2022, with the original expectation being for it to close in the second quarter this year.
Rebosis is in the process of selling a large portfolio to Ulricraft, a special purpose vehicle linked to Vunani. The due diligence phase has been completed and the deal was almost slashed in half as a result. The buyer still needs to raise the funding for the transaction and Rebosis has opted not to send out a circular to shareholders until the funding has been secured by Ulricraft. This is a prudent approach that I agree with. Ulricraft has until 22 April 2022 to raise the funding so the circular will hop efully be sent out by the end of April.
Trencor has released financials for the year ended December 2021. The operating loss has improved but is still in the red, with a loss of R3 million this year vs. R43 million in 2020. Net profit has swung into the green, with a R4 million profit vs. a loss of R20 million in the prior year. Headline earnings per share is 3 cents and there is no dividend. The net asset value per share is R6.97 and the share price is R4.51.
Europa Metals has released results of the six months to December 2021. The group is centred around the wholly-owned Toral lead, zinc and silver project in Spain. The project is a potential low capex, high margin mine within the EU. This is mining exploration in its purest form, with the focus on demonstrating the potential of the resource. The company is in cash-burn phase, so a loss of nearly AUD1.4 million for this period isn't surprising.
Oando PLC is still not ready to release its audited annual financial statements for the year ended 31 December 2019. The company hopes to finalise this by the end of April 2022 to finally catch up on the 2019 year. Of course, 2020 and 2021 need to be done as well. The company hopes to be fully up to date by the end of October 2022.
Don't fall behind on
Magic Markets episodes! In episode 68, Mohammed Nalla and I discussed the interesting world of burgers and fairy tales. It's a useful coincidence that Famous Brands is making acquisitions again, as we dedicated a big chunk of the podcast to talking about the restaurant industry.
Listen to the show here.
That's it for today. Have a good one!
The Finance Ghost
