| Wednesday 22 December 2021 Good morning Voornaam,
We are close to the end of the year now. SENS has quietened down considerably, although there was still significant news yesterday and I expect that there will be more to come this week. InceConnect officially closes for Christmas at the end of this week and will return in January. Don't make the mistake of thinking that the market is entirely asleep this week. For example, Massmart dropped 3.9% yesterday after releasing a truly horrible trading update, which is one of today's feature articles. The other feature is on my perennial favourite Ascendis, which keeps me highly entertained as a casual observer. If I was a shareholder in that circus, I may use different words to describe my feelings about the company. Read about the latest update here. Marshall Monteagle PLC has released its interim results. The company has a diversified portfolio across property, importing, distribution and food processing businesses. Revenue from continuing operations increased 18.1% in USD and 12.1% on a constant currency basis. The group has swung into a strong profit of USD 3.87 million vs. a loss of USD 0.3 million last year. An interim dividend of USD 1.9 cents has been declared. An important milestone has been achieved in the Fairvest - Arrowhead proposed merger. At a meeting held yesterday, Fairvest shareholders approved the scheme of arrangement for the transaction with a resounding yes (98.74% in favour). Reunert has proposed a B-BBEE transaction that would entail a restructure of the original deal, an issue of Reunert shares and the establishment of an employee share ownership programme. The circular for this transaction has now been released to shareholders. Mustek was granted a general authority from its shareholders to repurchase up to 15.31% of its shares. This is a substantial transaction for any company and especially a small cap. Having commenced the process on 29 November, Mustek has confirmed that 4.69% of its total share capital has been repurchased. 3,000,000 shares have been acquired for nearly R40 million at an average price per share of R13.32 per share. The company will continue repurchasing shares but is naturally constrained by liquidity and the existence of willing sellers. To put that repurchase programme in perspective, P rosus is also busy repurchasing its shares. Between 13 December and 17 December (literally just a few days), the company repurchased shares worth nearly USD200 million. That gives you some idea of the enormity of Prosus vs. a small cap like Mustek. Take advantage of a quiet day to get up to date with Magic Markets. The latest free episode is a discussion on the themes we've seen from our first eight deep dives in Magic Markets Premium. Each week in the Premium show, we focus on a global growth stock and unpack it properly, including a view on its current valuation and technical trading indicators. This puts us in a strong position to find the themes that are impacting various sectors. Listen to the show here. Have a good day! The Fina nce Ghost | 