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04 May 2020
Hello Voornaam,

While the government crafts a plan to launch a new national carrier from the wreck of SAA, what was once a successful airline group has hit major turbulence. Comair says it hasn't earned any revenue at all since the lockdown started and, with flights only expected to resume in October or November, it's in a bit of a financial predicament. It's now trying to get bridging finance in place with its bankers and is lobbying the government for special aid for the airline industry.

Meanwhile, plans to take Metrofile private are on hold due to the lockdown. The consortium that plans to buy the documents storage group needs to take another look at its books once business returns to normal and international air restrictions have been lifted, which may be months away.

The lockdown on postal services is also creating problems for companies that have to get circulars to shareholders ahead of general meetings where they are expected to vote on far-reaching proposals. RCL Foods and RMB Holdings are just two of these.

More on those stories to follow, along with a reasonably upbeat AGM statement from British American Tobacco, which is reported to be heading to court today over the government's continued ban on cigarette sales. Also, PPC has secured a permanent chief financial officer as it grapples with impact of the lockdown on its operations and EPP says business is returning to normal at its Polish shopping centres.

In The Week Ahead, Chris Gilmour reviews some of last week's market-moving news and takes a look at what lies ahead this week, including results from Altron, Net1, Long4Life and Sappi.

I hope you have a good week.

Stephen Gunnion

Managing Editor, InceConnect


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Todays Latest Headlines

Comair hits Covid-19 turbulence
The airline operator says the lockdown has caused conditions to deteriorate to the point where it is in a very difficult financial position.
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RCL circular held up by postal lockdown
The food producer says it is trying all avenues to facilitate timeous access to an important circular by all shareholders.
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Metrofile takeover put on ice
After lockdown restrictions are over, the takeover consortium will need to take a fresh look at its books before making a firm offer.
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BAT smouldering over tobacco ban
The tobacco giant says cigarette sales have only been restricted in a few countries as it reports a good start to its 2020 financial year.
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Kimpton Kawana Bay Resort. A World-Class Citizenship by Investment Opportunity
There has been increased demand from High Net Worth Individuals in South Africa seeking secondary citizenship as a way to protect themselves and their families from...
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The Week Ahead
Some countries slowly opening up after lockdown.
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Company Notices and Announcements
RMH distributes restructure circular
The investment holding company has encouraged shareholders to obtain the circular electronically as there may be postal delays.
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