Some dogs bark again
AMAZINGLY, some long-lost companies – those suffering a prolonged suspension or having been terminated – can make (sometimes stunning) comebacks to the JSE. Hosken Consolidated Investments, the holding company of failed assurance company IGI, was reconstituted as a highly successful empowerment conglomerate. Saflife was used as a reverse listing vehicle for Capital Alliance, which (before being snapped up by Liberty) was a fine scavenger in the life insurance sector.
Pointer Fashion, a fizzled leather goods company, was reconstituted as SAIL, the sports brand company (subsequently delisted), while bombed out property group San Vito was reformed as Wescape Property Group (also since delisted, after being bought out).
More recently, the left-for-dead listing Shops for Africa now trades as Ingenuity (a diversified property group with a market cap of R400m). Cyberhost, which fizzled out after its Internet business floundered, was in limbo for years before being reconstituted as Queensgate, a hotel developer and management specialist.
Well-known Cape Town investor Allan Groll was involved in both San Vito and Shops for Africa, as well as being involved in a lucrative value extraction exercise at cash shell Wooltru.