| Combined Motor Holdings has been quick to respond to the changing environment that has resulted from the Covid-19 pandemic, right-sizing its car hire business in particular. After a particularly tough first half, it has managed to claw back the losses with the result that full-year earnings are positive, albeit slightly down from last year. While its shares rose more than 5% yesterday, Equites Property Fund fell more than 5% after it released full-year results that showed a small decline in its net asset value. Meanwhile, Value Group grew earnings despite the tough environment for logistics companies. It hasn't declared a final dividend as it prepares to buy out minority shareholders and delist from the JSE. Also today, ArcelorMittal South Africa is looking for a new chief financial officer after Desmond Maharaj resigned after less than three years in that position. And Jubilee Metals Group has signed an agreement that could see it enter a joint venture to process old gold and copper tailings in Cyprus. Finally, Black Onyx's Andrew Ludwig speaks to Royce Long from Obsidian Capital about long equity funds. I hope you have a good day. Stephen Gunnion Managing Editor, InceConnect
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