Northam gets its MAC on

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:

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>>>

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