| Tuesday 14 December 2021 Good morning Voornaam,
Ellies Holdings caught a bid and displayed the volatility that small cap enthusiasts know and love. The share price closed 15.4% higher on decent volumes. The only update from the company was that the existing CFO will reach retirement age in January 2022 and will be replaced with an internal resource.
Shoprite announced that it has entered into a joint venture with RTT Group, Checkers' delivery partner for Checkers Sixty60. This is certainly my favourite on-demand grocery service and seems to be the most popular on FinTwit as well. RTT will move its on-demand business into a new company in which Shoprite will subscribe for a 50% stake, pending regulatory approvals. The key rationale for the transaction is to protect the logistics IP and technology being developed as Sixty60 grows in popularity.
Spanjaard's scheme of arrangement to delist from the JSE has become unconditional, which means the transaction will definitely go ahead. Shareholders will receive R3.90 per share, payable on 10th January. The shares will delist on 11th January.
Harmony Gold reported the terrible loss of life of a miner in a winch-related incident at the Kusasalethu mine near Carletonville. The site was closed for inspection.
The Adapt IT - Volaris deal has taken a significant step towards completion, with approval received from Zimbabwean competition authorities. The company expects remaining conditions to be fulfilled by 30th December, which would result in the delisting of Adapt IT on 4th January.
Nvest has posted its circular for its potential delisting at a price of R2.10 per share. The share price has been traded up to R1.84 per share, with the lack of liquidity struggling to close the gap any further.
Europa Metals has completed a hydrogeological programme on its wholly-owned Toral lead, zinc and silver project. The results are in line with the company's assumptions for the development of an underground mine. The next step is a drilling campaign in 2022.
Telemasters Holdings has declared a dividend of 0.5 cents per share. The share price closed 3.2% higher at R1.30.
Today's first feature article is on BHP's attempted acquisition of Noront, which is being put under major pressure by the largest individual shareholder: an Australian company named Wyloo. The names in this deal never cease to entertain me. Just wait until you read about the underlying assets!
The other article is on Afristrat, a comp any that I have never written about before. The release of a circular highlights something I don't think I've seen in practice. Read about it here.
As newsflow on the JSE eases up, take advantage of the opportunity to expand your knowledge. In the latest episode of Magic Markets, Andries Retief (CEO of Central and Eastern Europe for DHL and a very happy Magic Markets Premium subscriber) joined us to discuss supply chains. This industry is the most topical in the world right now, with an impact on practically every sector. Listen to the episode here.
Enjoy your time in the markets today! div>
The Finance Ghost
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Local and Offshore Market News |
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