| Wednesday 03 November 2021 Good morning Voornaam,
Renergen had another big day on the market, with helium pumped into the share price to achieve a 14.3% climb on the day. The move was driven by an announcement of a significant gas strike in the Virginia Gas Project, as drilling at the R2D2 well has been completed. The company already expected to find helium at this site, but was pleasantly surprised by the higher flow rate than other wells.
CSG Holdings has released a trading statement that flags an increase in HEPS of between 149% and 169%. Naturally, a base period ruined by Covid makes growth rates like this possible. Attentive readers of InceConnect will know that CSG is currently trading under cautionary, with African Rainbow Capital considering an offer of 35 cents per share to take the company private. The share price has now traded up to 35 cents on the latest numbers, so that cou ld get rather interesting.
Nvest has released interim results that reflect a 24.8% drop in HEPS. Despite this, the dividend is up 4.55%. A consortium of existing shareholders has previously announced a firm offer to take the company private at R2.10 per share. Weirdly, the share price has been bid up to R2.46.
In the Adapt IT - Volaris deal, Volaris has managed to mop up 3.2% of the shares in Adapt IT by just buying them in the market. Exit elections (i.e. a confirmed decision by shareholders to sell to Volaris) have been received for 18.8% of the shares in issue excluding treasury shares.
Progress is slow in getting to the 50% minimum, which means it is likely that a scheme meeting will need to go ahead to bring the deal to a close one way or another.
In today's feature articles, I wrote about Massmart's sales update (which the market grabbed with both hands), property updates from Octodec, Sirius and Capital & Regional Properties (a mixed bag) and Net1's announcement of the acquisition of Connect Group.
I'm also very pleased to share the link to the brand-new Magic Markets website. If you haven't listened to Ep 49 with special g uest Kate Mackenzie (Bloomberg Green Columnist) yet, you'll now find it there (along with every other episode). Have a careful look around the site and you'll see some other exciting news as well!
Jaltech also gives us an update on its cryptocurrency basket, which is up 25% since its inception one month ago. Crypto is never boring, that's for sure!
There's also an update on the latest forex moves from Currency Assist.
Have a lovely Wednesday!
The Finance Ghost
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