THE GOOD, THE BAD & THE UGLY|
FLOWN THE COOP ONE OF THE FOUNDERS of the increasingly popular poultry group Sovereign Food, Rob Spanjaard, has resigned as non-executive chairman and as a non-executive director with immediate effect.
That’s not so surprising as last time we looked Spanjaard was lightening up his Sovereign holdings markedly in order to bring institutional investors into the shareholders’ register.
What’s more surprising is that Spanjaard will now be focusing attention on his asset management business. That’s something we’ll watch with keen interest…
Perhaps even more interesting is the appointment of Charles Davies – the former CEO of defunct Norwich Life – as non-executive chairman and as a non-executive director of Sovereign.
Davies – currently a nonexecutive director of The Land and Agricultural Development Bank of South Africa – had largely dropped off the radar screen after Fedsure bought Norwich in the late Nineties.
It would be interesting to know why Sovereign appointed Davies, who – on paper – seems a most unlikely candidate to head an Eastern Cape-based food group.
BACK TO BASICS WE’RE NOT SURE how much exploration company Chrometco enhanced its reputation as a serious mining counter by announcing its participation in what sounds like rather informal gold digging in the Democratic Republic of the Congo.
The group, which has always looked a tad shy of sufficient exploration capital, has secured a joint venture with Centre Professionnel de Développement to market artisanal gold production (apparently 300kg a month) in the Kalemie district.
The group is also undertaking a pre-feasibility study of a mechanised mining project to assist the artisanal miners as well as concentrator to upgrade ore currently being mined by artisanal miners on the Kawama copper cobalt ore reserve near Lubumbashi.
These projects sound rather “grassroots” (to put it politely), and one wonders whether the effort will really yield anything worthwhile.
A number of readers may even remember OTR Mining, another small miner whose artisanal bent was none to lucrative during its short tenure on the JSE. IMPOSSIBLE PRONOUNCEMENT UNLISTED EMPOWERMENT company Grand Parade Investments (GPI) should shortly make a recommendation on the scriponly buyout offer pitched by Dynamic Cables.
But with Dynamic’s share price so skittish of late, how will it be possible for GPI to make a fundamental call on the merits of the offer?
Of course, the volatility in Dynamic’s illiquid shares may well form the thrust of what we expect to be GPI’s vigorous defence.