Friday 30 July 2021
Good morning Voornaam,
Those of you who read the Investors Monthly supplement in Financial Mail may have seen my article yesterday on the property sector and the relatively high valuation of logistics funds vs. office and retail funds.
I've highlighted the valuation of Sirius a few times in InceConnect and on Twitter. The German logistics fund has been driven up by investors to more than a 50% premium to net asset value. It doesn't make sense to me.
Yesterday, Sirius announced that CEO Andrew Coombs sold 1.65m shares, reducing his stake to 8m shares. The price closed 2.86% down on the day, as the market interprets insider selling as a signal that the share price is running too hot.
Staying with property, Vukile Property Fund released an encouraging update on the damage to its malls, noting that the damage is less than anticipated and below the amount for which Vukile is insured. Resilient also updated the market on Jabulani Mall and Mams Mall, both of which are anticipating a return to significant trading within the next 30 days.
The big news yesterday was that Anglo American shareholders are in for a bumper return of cash. There's a $2.1bn interim dividend, a $1bn special dividend and a $1bn share buyback programme.
Today's feature article deals with the decision that Adapt IT shareholders need to make on the Huge offer. In this article, I've tried to answer questions posed in the discussion forum that was offered to shareholders by InceConnect.
There's also a note on Ellies, which has become a profitable company again. When small caps turn from red to green, share prices react sharply.
As is customary on a Friday, DealMakers gives us their summary of the week in the market, covering all major corporate actions. It's useful to flick through the articles to see what you may have missed.
I want to encourage you once more to sign up to Ghost Mail, my weekly mailer that deals with in-depth financial concepts and market trends. It's free and goes out every Tuesday. You can sign up here.
Have a lovely weekend!
The Finance Ghost
Local and Offshore Market News
Adapt IT - is there a Huge opportunity?
The clock is ticking. If you hold Adapt IT shares, you need to make your choice re: the Huge offer this morning. Read More
Ellies is profitable again
Ellies might have red branding, but the company no longer has a red bottom line. Read More
Who's doing what this week in the South African M&A space?
Weekly summary of Merger & Acquisition activity by South African companies Read More
Who's doing what in the African M&A space?
Weekly summary of all Merger & Acquisition activity from across Africa (excluding South Africa) Read More
Weekly corporate finance activity by SA exchange-listed companies
Weekly summary of corporate finance activity by South African exchange listed companies Read More
Company Notices and Announcements

Stellar Capital Partners Limited >>

Imperial Logistics Limited >>

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