Some dogs bark again

Finweek English Edition - - Coverstory -

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.

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