Fol­low­ing a dream

Mon­ey­web founder goes stud farm­ing but still very in­ter­ested

Finweek English Edition - - Companies & Markets -

ALEC HOGG has al­ways had a thing for race horses. That soft spot, en­hanced by a long fam­ily in­volve­ment in horse breed­ing, en­dured through the 13 years he ini­tially founded and later man­aged me­dia com­pany Mon­ey­web Hold­ings. Hogg’s love for Thor­ough­breds has now ne­ces­si­tated his di­vest­ment from his pri­mary oc­cu­pa­tion at Mon­ey­web and has taken him to the KwaZulu-Natal Mid­lands.

“I am fol­low­ing a dream that I have long had,” Hogg tells Fin­week by tele­phone from the Mooi River farm. That was af­ter he sold 1m shares for 68c each. “My grand­fa­ther was a horse-breeder and so were many in our fam­ily be­fore him.” Only my great grand­fa­ther, a boiler-maker, broke the horse-farm­ing tra­di­tion.

Struck at the same price as the 30,8m shares Mon­ey­web is­sued to Cax­ton and CTP Pub­lish­ers two weeks pre­vi­ously, Hogg says the com­pany’s new con­trol­ling share­holder was aware of his im­pend­ing sale soon af­ter the end of the closed pe­riod dur­ing which he could not trade. To­gether with Mve­laphanda Group, Cax­ton is now a ma­jor­ity share­holder in Mon­ey­web. They jointly own around 65% of the com­pany, which in the year ended March swung to a R1,6m profit from a loss of R146 000.

The R680 0000 Hogg raised with the trade fol­lows share sales to­talling R3,2m since Novem­ber last year, when he an­nounced loos­en­ing of his per­sonal in­volve­ment in the com­pany’s dayto-day man­age­ment. At the time he only an­nounced that he was buy­ing a house in the Mid­lands re­gion of KwaZulu-Natal in

Hogg says the new con­trol­ling share­holder was aware of his im­pend­ing sale

ALEC HOGG Only fo­cus­ing on the ed­i­to­rial side

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.