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Good Morning Voornaam,

It's time to register for the next Unlock the Stock event, this time featuring investment holding company Astoria. The event is scheduled for Thursday, 13th April at midday and you can register here. To see what this is all about, watch the recent events with CA Sales Holdings or PPC.

A selection of podcasts for the long weekend:nt>

With Easter upon us, I won't be in your inboxes again until Tuesday. To keep you out of trouble this weekend, here are some suggested podcasts:

Learn about how Westbrooke is thinking about the equity layer in solar investing in Episode 118 of Magic Markets
Sticking with the solar theme, you can find out about Grovest's Twelve B Energy Fund (which is open to investors) in this episode of Ghost Stories
In case you missed these updates, Ghost Wrap (brought to you by Mazars) dealt with Absa, RCL Foods, Metair, York Timber, Nampak, EOH, Bell Equipment and Barloworld.

Northam gets its MAC on

I'm showing my age here. If you don't know what it means to get your MAC on, then you're too young for anyone my age to be getting their MAC on with you.

In the business context, it means Material Adverse Change, also known as an escape hatch in a deal. If the MAC clause is triggered, a party can walk away from the transaction. It's quite rare to see this happen and it can end up in a dispute, like when Barloworld tried to pull this trick with Tongaat Hulett for the Ingrain business (a deal that subsequently went ah ead anyway).

There's no dispute in the case of Northam Platinum, as the MAC clause is very clearly drafted and objectively measured. The fight for Royal Bafokeng Platinum is off the table, leaving Impala Platinum as the sole bidder. I'm not sure I would call Implats the winner here, as there weren't any winners in this process except the lawyers charging an hourly rate.

The other big news of the day for me was the stellar performance by CMH. The car dealerships group has absolutely shot the lights out, posting huge growth even vs. the lofty base of 2022.

Other updates came in from EOH, Europa Metals, Industrials REIT, ISA Holdings and Texton. Read Ghost Bites here for all the details>>>

All eyes on US data

The rand has been trading in a tight range between R17.80 and R18.00 as the market digests US data that has largely missed expectations. This has put the dollar under pressure, with the latest example being the private sector ADP number that was below expectations. TreasuryONE notes that this is usually a good indication for non-farm payrolls, due on Friday. Markets will be closed when that number is released and a print below expectations seems pretty likely at this stage.

TreasuryONE doesn't just offer services to companies. They also do forex services for private individuals at competitive rates. You ca n find out more at this link>>>

And finally, DealMakers

A day early this week because of the public holiday, DealMakers brings you summaries of the latest M&A and general corporate finance activity. There are also articles on the role of DFIs in the future of private equity in Africa, as well as efforts to address lack of liquidity on African exchanges.

With that, I wish you a blessed Easter or ChagSameach for those celebrating, and a weekend of chocolates for those who just take advantage of the Lindt specials.

PS: if you are keen on learning more about alternative investments once you've come down from the sugar high, register for one of the various Jaltech webinars this month that you'll find details on at this link>>>

Ghost Bites (Combined Motor Holdings | EOH | Europa Metals | Industrials REIT | ISA Holdings | Northam Platinum | Texton)

Northam Platinum walks away from RB Plats. CMH has another massive year. EOH catches a bid. Europa Metals starts drilling. Industrials REIT is now a pure-play business. These and more in Ghost Bites!

Unlock the Stock: CA Sales Holdings

The management team of CA Sales Holdings returned to the Unlock the Stock platform to update the market on the latest excellent results and the strategy going forward.

How disruption is shaping the future of healthcare and its impact on medical real estate.

If you were able to go back half a century and suggest that in 2023 you will be able to have your hip replaced with a prosthetic and be home the same day you would be guided quietly to the Mental Health ward for "re-orientation".

Unlock the Stock: PPC Limited

In the fifteenth edition of the Unlock the Stock platform, PPC Limited joined us to discuss the way forward and the financial foundation for the strategy.

Who's doing what this week in the South African M&A space?

Weekly summary of Merger & Acquisition activity by South African companies

Weekly corporate finance activity by SA exchange-listed companies

Weekly summary of corporate finance activity by South African exchange listed companies

The African Exchanges Linkage Project: A viable solution to boost liquidity levels in African stock markets?

The AELP is expected to, among other things, promote innovations in product creation that would support the diversification needs of investors in Africa.

The role of DFIs in the future of Private Equity in Africa

For many years Development Finance Institutions have provided the backbone for private equity managers looking to raise capital to deploy in Africa.

Magic Markets Ep118: The Equity Layer in Solar Investing (with Westbrooke)

The team from Westbrooke joined us on Magic Markets to discuss their approach to the solar investment opportunity. Spoiler alert: it involves equity, not debt!

Listen Now

Ghost Wrap #18 (Absa | RCL Foods | Metair | York Timber | Nampak | EOH | Bell Equipment | Barloworld)

In this week's Ghost Wrap, a number of marginal companies on the JSE are in the spotlight. There's also deal activity at Absa and RCL Foods, along with results from Bell Equipment and Barloworld.

Listen Now

Ghost Stories #11: Investing in 12B Solar with Grovest (with Jeff Miller, CEO Grovest)

Jeff Miller, CEO of Grovest, joined me to introduce the Twelve B Energy Fund and the opportunities that it offers to investors who are looking for a tax-enhanced exposure to solar assets.

Listen Now

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