| Thursday 11 November 2021 Good morning Voornaam,
Sibanye-Stillwater announced the pricing on an oversubscribed, dual tranche USD1.2 billion Senior Notes offering. In simple terms, this means that the company is raising debt capital and there has been strong demand from investors. The USD675 million 5-year tranche is priced at 4% per annum and the USD525 million 8-year tranche is priced at 4.5% per annum.
The proceeds will be used to redeem the 2025 notes ($370 million) and the rest will go towards initiatives like the green metals strategy.
Tongaat Hulett released a cautionary announcement that the company is looking at strategic options to reduce debt. That was good enough to send the share price over 4.5% higher.
The impact of shareholder activism is being laid bare at York, as the company works towards finalising a new remunera tion structure that more closely aligns management with shareholders. The group needs to find a new CEO and a new Chairman, so there's a great deal of change underway. It's encouraging to see the new short-term incentive plan include a weighting of 60% for achievement of EBITDA targets, for example. The focus needs to be on profitability, not just forestry metrics.
Spear REIT, the small Cape Town-focused property fund on the JSE, has issued a cautionary announcement noting that it is in negotiations for the disposal of a property.
eMedia Holdings, the R193 million market cap group which controls the likes of e.tv, YFM and Openview, has released a trading statement for the six months to September 2021. HEPS for the period was between 28.21 and 28.29 cents, a stunning turnaround from a loss in the comparative period. The share price rocketed over 32% as a result, although traded volumes in this counter are tiny.
This result is thanks to a recovery in television and radio advertising spend. Even compared to 2019, television revenue is 23% higher and radio is up 17%. eMedia claims to be the most watched broadcaster in South Africa, with prime-time market share of 31.8% and 06h00 to 24h00 share at 30.9%.
As strong as Sirius' performance has been, CEO Andrew Coombs clearly thinks there is more to come. He bought over GBP1 million worth of shares with his own money this week.
Even on the basis of continuing operations, Stefanutti Stocks reported a headline loss per share of 80 cents. It's better than last year, but this company still has some way to go. The share price is over 85% higher year-to-date, which shows how bad things were.
Barloworld's trading statement for the year ended September 2021 reflects normalised HEPS of between R11.61 and R13.93. The core businesses are performin g strongly and there's been a turnaround in the fortunes of the car rental industry. Barloworld has proven resilient during the pandemic and the share price is up 42% year-to-date as a result.
Today's feature articles are on Purple Group's results, Vodacom's sudden burst of deals and Novus' impressive profit turnaround. There's also a review by DealMakers of African M&A activity for the first three quarters of the year.
Today is also your last chance to read the Magic Markets Premium report on Microsoft for free. Tonight, it goes back behind the paywall. Don't miss out on your chance to learn about the world's most valuable company.
Finally, there's a forex update from Currency Assist.
Have a good day!
The Finance Ghostiv>
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