| Steinhoff has set the price of Pepco's initial public offering when it floats its European subsidiary on the Warsaw Stock Exchange next week. While the final price it has achieved is towards the lower end of its target range, the retail group will still rake in "900-million from the listing. The retail conglomerate will retain control of Pepco, with the opportunity to reduce that stake and raise more capital as it continues to bring down its debt and settle with disgruntled shareholders. While Steinhoff proceeds with disposals, The Foschini Group is benefitting from acquisitions. Turnover has been boosted by last year's acquisition of Jet from the Edcon Group. Still, it will report a full-year basic loss due to a big impairment of its UK business, which has been severely impacted by Covid-19. Meanwhile, Sasol continues to reduce its debt with the sale of part of its stake in the Republic of Mozambique Pipeline Company. More on those stories to follow, along with results from Spear REIT and news that Redefine won't declare an interim dividend when it releases half-year results today. In episode 25 of Magic Markets, hosts The Finance Ghost and Mohammed Nalla (Moe-Knows.com) discuss the importance of valuations and taking a sensible approach in frothy markets. They discuss Cathie Wood and ARK Invest, including the risks of illiquid stocks and what investors need to consider before investing in such companies. It's free, entertaining and educational, and you can find it here. Have a good week. Stephen Gunnion Managing Editor, InceConnect
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