Invicta rallied to a four-month high yesterday after announcing the sale of four businesses as it tries to make a dent in its debt pile. Even after yesterday's close to 20% gain, the company's market capitalisation of R814 million is dwarfed by debt of more than R2 billion - some of it as a result of a settlement it reached with SARS over its taxes. Yesterday's share-price recovery will provide some relief to chairman and largest shareholder Christo Wiese, whose fortune has take a turn for the worse since the demise of Steinhoff over the past two and a half years.

Meanwhile, Tsogo Sun Hotels is taking advantage of weakness in Hospitality Property Fund's share price to increase its stake in the group that owns many of the hotels that it operates. It will use its own stock to fund the acquisition of Hospitality shares from a number of fund managers.

More on those stories to follow, along with Renergen's plan for the country's first auction of liquefied natural gas as it prepares to turn on the taps at its Virginia Gas Project in the Free State. South32, in the meantime, has pulled the plug at its Metalloys smelter in Meyerton, placing it on temporary care and maintenance.

Finally today, Spur is looking within its ranks - and further afield - for a replacement as long-serving CEO Pierre van Tonder prepares for retirement.

I hope you have a good day.

Stephen Gunnion

Managing Editor, InceConnect

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