| Wednesday 02 February 2022 Good morning Voornaam,
Impala Platinum (Implats) has released a trading statement for the six months ended December 2021. Refined production and sales volumes fell by 5% year-on-year and capital expenditure increased from R2.7 billion to R3.6 billion. There was also an increase in unit costs. The company doesn't expect HEPS to vary by more than 20% from the prior period. There has been a substantial increase in shares in issue as a result of the acquisition of shares in Royal Bafokeng Platinum.
Accelerate Property Fund has appointed Tito Mboweni to its board of directors as an independent non-executive director and Chairman. Based on Mr Mboweni's culinary displays on Twitter, I don't think they will allow him anywhere near the catering at board meetings.
Aspen released a business update on 18 January and has now provided a trading statement with earnings guidance. Although HEPS is expected to jump by between 34% and 38%, the company notes that normalised HEPS from continuing operations is a more modest increase of 18% to 22%. That was still enough to send the share price up by over 5%.
Zeder has been trading under cautionary since 14 April 2021. At this rate, the pandemic will be outlived by Zeder's cautionary status. The disposal of The Logistics Group was announced in November and a circular will be distributed to shareholders during February. Other approaches have been made for investments in the portfolio, so the cautionary has been renewed once more.
Combined Motor Holdings jumped 7.2% based on a trading statement that had all the horsepower shareholders could've wanted. HEPS for the year to February 2022 is expected to increase by between 70% and 90%. CMH is up nearly 80% in the past 12 months.
Nepi Rockcastle has found itself on the wrong end of an arbitration decision. It relates to a propert y disposal in 2017 that the fund believed it could terminate based on conditions not being fulfilled by the long stop date. The Arbitral Tribunal has disagreed, awarding a substantial EUR 30 million plus interest and costs to the claimants who were trying to acquire the properties at the time. The company is considering a challenge to the award in the common courts in Poland.
Hudaco has released a trading statement related to the year ended November 2021. HEPS will be between 52% and 60% higher, which was good enough for a 6.6% increase in the share price. There's obviously a significant base effect in these numbers related to 2020 lockdowns.
Jasco Electronics has snuck back into the green thanks to an improvement in revenue and operating profit from continuing operations. For the six months to December, HEPS from continuing operations will be between 0.05 and 0.17 cents compared to a loss of 1.2 cents in the comparable period.
Alphamin's share price has been jumping around like a Jack Russel that just spotted its owner after a week apart. The company has released drill results from its Bisie Tin Complex. I certainly won't pretend to understand the geology, but the gist of it seems to be positive news overall. If you know what a visual cassiterite mineralised intercept is, you should read the announcement.
MC Mining has entered into an R86 million convertible advance and subscription agreement with Senosi Group Investment Holdings, a South African based mining group. The issue price is R1.20 per share and will result in Senosi holding 31.71% of MC Mining after the two subscription tranches. Shareholders will need to vote on the transaction and an independent expert will need to opine on whether the share issuance is fair and reasonable. In the meantime, Senosi will lend funds that will become repayable if the shareholder vote fails. div>
Today's feature articles are on Ascendis and the consumer products business that will finally emerge from the extensive restructuring. I've also written on the two telecoms giants on the local market, with Vodacom posting a typically steady result and MTN achieving strong demand for the shares in MTN Nigeria. Finally, I've written on the horrible year for AngloGold that was 2021.
Be sure to listen to Episode 60 of Magic Markets, in which we looked back at our views in some of the earlier Magic Markets Premium shows. By comparing those views to how the market has performed since then, we provide a valuable feedback loop. Listen to it at this link.
That's it for today. Have a great Wednesday!
The Finance Ghost
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