Following a dream
Moneyweb founder goes stud farming but still very interested
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