What hap­pened while you were away...

Non-ex­ec­u­tive bulks up fam m ily trust by R30m

Finweek English Edition - - FRONT PAGE - MARC HASEN­FUSS marc.hasen­fuss@fin­week.co.za

THE HOL­I­DAY sea­son was a fairly brisk pe­riod in terms of di­rec­tors’ deal­ings – per­haps sug­gest­ing some clever fel­lows were us­ing the fes­tive lull as a time to qui­etly shuf­fle scrip when most mar­ket par­tic­i­pants were sun­ning their buns in Plett. The stand­out deal – at least for me – was Chris Otto, a non-ex­ec­u­tive at in­ven­tive in­vest­ment com­pany PSG, cash­ing in al­most R30m of PSG shares via the Chris Otto Fam­i­lie Trust.

Cur­rently, it’s a very in­ter­est­ing time for PSG, with its in­vest­ment in Capitec still hold­ing up well and its spe­cial­ist in­vest­ment com­pa­nies – such as Zeder and Pal­adin – hold­ing quite a few irons in the fire. While it’s a big trans­ac­tion, Otto – widely re­garded as the foil for PSG’s ad­ven­tur­ous founder Jan­nie Mou­ton, may well be just be­ing pru­dent in tak­ing a lit­tle profit off the ta­ble. In­deed, Otto sold the shares at prices close to PSG’s all-time high of 4000c. Now that’s some­thing open to in­ter­pre­ta­tion.

An­other in­ter­est­ing bout of sell­ing was by Dave Alexan­der, the CEO of elec­tronic se­cu­rity spe­cial­ists,

Amecor. The com­pany has started to look op­er­a­tionally adept and its share price has re­cently started re­flect­ing the mar­ket’s recog­ni­tion of its div­i­dend at­trac­tions. Alexan­der sold 2,25m shares at 145c to cash in a nifty R3,26m.

While Alexan­der’s de­ci­sion to sell off a por­tion of his share­hold­ing might raise ques­tions about Amecor’s medium term value, its di­rec­tors at Ar­gent In­dus­trial seemed de­ter­mined to send a mes­sage to the mar­ket that the com­pany’s shares are value laden. Ar­gent di­rec­tors bought en masse (off mar­ket) – in­clud­ing al­most R800 000 spent by CEO Treve Hendry.

Penny stock pun­ters should per­haps take note of a flurry of deals in low-cost hous­ing group RBA Hold­ings. Des­ig­nated ad­viser Mar­ius Meyer cer­tainly had no qualms throw­ing some of his (well-earned) Christ­mas bonus at RBA, snap­ping up around 1,4m shares at prices be­tween 16c and 17c from 14 to 22 De­cem­ber. If you scan RBA’s Sens notices for the past few months you’ll see it wasn’t the first time RBA’s com­pany’s des­ig­nated ad­viser has taken a tilt at the shares. Meyer, who has been around the small cap block a few times, clearly sees value in a com­pany with its most re­cent num­bers not re­ally mak­ing pretty read­ing.

Other – per­haps sig­nif­i­cant – share buy­ing in­cluded Italtile, where chair­man and founder Gio­vanni Ravaz­zotti splurged R5,6m on 2,3m Italtile shares at 400c each via 60% con­trolled ve­hi­cle Rallen; and poul­try group Coun­try Bird Hold­ings (where founder Kevin James snapped up 194 000 shares at 300c each).


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