IN THE MONEY
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.