Re­gard­ing that bear

Finweek English Edition - - COMPANIES & MARKETS -

Th­eS­PEC­ta­cle WAS more than a lit­tle in­trigued to see that uber-bear in­vest­ment in­stru­ment RECM & CAL­I­BRE (RACP) had dropped its cash hold­ings to less than 90%. Fa­mously re­luc­tant to com­mit to the cur­rent mar­ket, any in­crease in its smidgen of equity ex­po­sure is sure to be care­fully mon­i­tored by in­vestors. As at end-June RACP’s cash and money mar­ket de­posits stood at 86,8%, with listed and un­listed eq­ui­ties at 13,2%.

While mar­ket watch­ers will be won­der­ing ex­actly what RACP has been nib­bling at, Th­eS­PEC­ta­cle reck­ons much of the in­vest­ment over the past quar­ter could re­late to the com­pany’s in­volve­ment with di­a­mond miner Trans Hex – through an un­listed struc­ture – in the ac­qui­si­tion of Na­maqua­land Mines.

What­ever the case, the cau­tious ma­noeu­vres by RACP hasn’t been to the detri­ment of share­hold­ers (not to men­tion mar­ket-beat­ing). Its net as­set value has edged up to 1032c/pref share from 1029c/ pref share over the March quar­ter.

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