| Tuesday 30 November 2021 Good morning Voornaam,
There's so much property news today. In addition to the snippets below, be sure to read the feature on Redefine's share-for-share offer for EPP. Other feature articles today are on the big news of Implats' offer for Royal Bafokeng Platinum (a deal that most people thought was dead) and on YeboYethu's earnings as Vodacom's B-BBEE structure.
Standard Bank released a pre-close update which shows a strong recovery across all product lines. Unsecured lending has recovered to 2019 levels and I can't decide whether that is good news or not. Negative JAWS is still expected this year, which means expense growth is outpacing revenue growth.
Invicta has announced an update on the Dartcom SA transaction. Having previously concluded a heads of agreement (which sets out the basics of a deal), the parties have now concluded formal agreements. The transaction can now move firmly into implementation mode.
Resilient's pre-close update reflects comparable sales growth of 7.8% for the four months to October, which is 6.1% higher than the corresponding period in 2019. The results for this period will be boosted by a R12.6 million claim for pandemic cover that was not accrued for in the prior period. On average, new and renewed leases are 1.8% highe r than the lease being replaced, which bucks the trend in the market of negative reversions.
NEPI Rockcastle was planning some island hopping, by considering a migration from the Isle of Man to Malta. After considering other jurisdictions, the company has decided that the Netherlands would be a better choice. It's not so easy to achieve, as non-EU companies cannot migrate directly to the land of Max Verstappen and clogs, so NEPI has to first migrate to Luxembourg and then to the Netherlands. I can almost hear the legal and tax advisors getting excited about the fees.
Balwin Properties has been negotiating to acquire a large tract of land in the south of Joburg. This will allow Balwin to extend its Thaba Eco Village and develop 7,443 apartments as a mix of Green and Classic collections. The price for the land is between R100 million and R330 million, varying based on the timing of developed units transferring to eventual buyers with no escalation clause.
In a pre-close update, Attacq confirmed that its total debt had reduced to R8.75bn, all denominated in ZAR. The gearing ratio has dipped below 40% but the weighted average cost of debt increased from 8.9% to 9.4% as EUR-denominated debt was paid down. Attacq calls its office space "collaboration hubs" but that didn't stop Waterfall City occupancy dropping from 93.8% at June 2021 to 79.2% at October 2021. 12-month average retail trading density is 4.4% higher.
In response to press speculation, Hammerson plc confirmed that it is in discussions for a possible disposal of Silverburn near Glasgow, at pricing of around GBP140 million. Hammerson holds a 50% stake in the property through a joint venture.
Master Drilling Group released a trading statement with an expectation that HEPS for the year ending December 2021 will be more than 400% higher than the prior period in USD terms and 350% higher in ZAR terms. Naturally, any major currency fluctuations between now and the end of the year will impact this.
Metrofile's acquisition of Irontree Internet Services has met all required conditions and the effective date will be 1 December 2021.
Chrometco, a small cap trading at just 8c per share, expects the headline loss per share for the six months to August 2021 to be between -1.73 and -2.32 cents per share, an improvement on the headline loss of -2.95 cents for the comparable period.
Look out for updates from Jaltech and Currency Assist in InceConnect this morning as well.
Good luck in the markets today!
The Finance Ghost
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Local and Offshore Market News |
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| | | Redefining EPP Redefine's share-for-share offer for EPP has been recommended by EPP's board and confirmed as a swap ratio of 2.7 Redefine shares per EPP share. Read More |
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| | | Jaltech’s default cryptocurrency basket Alternative investment specialist Jaltech, has tailored a cryptocurrency investment which removes the complexities, uncertainty and numerous risks associated with investing in the cryptocurrency market. Read More |
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