IN THE MONEY

Finweek English Edition - - Companies & Markets -

THE ALTX hasn’t been a par­tic­u­larly lu­cra­tive place to be for stock mar­ket in­vestors this year. That’s un­less you’ve taken a punt on golf es­tate de­vel­oper Acc-Ross. Its share price jumped 32% over the past six months and is 54% up on a year ago. Its re­cent share price rally is ad­mit­tedly off a low base but is in­dica­tive of how quickly and dra­mat­i­cally in­vestor sen­ti­ment to­wards the de­vel­oper has swung.

Key driver of the about-turn is no doubt the pro­posed merger with un­listed golf es­tate de­vel­oper Pin­na­cle Point Hold­ings. Acc-Ross an­nounced in April it planned to buy the busi­ness of the Pin­na­cle Point group for around R1,5bn. Man­age­ment is­sued a cau­tion­ary 10 days ago to say ne­go­ti­a­tions are still on track.

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