Is now the time?
OUR DIRECTORS’ DEALINGS table this week (see page 41) shows some noteworthy buys by top directors at empowerment company
SEKUNJALO – not only for the confidence shown in the empowerment company but also for mopping up the potential overhang in shares inherited by Absa after the single stock futures debacle.
But it was the tail-end of Sekunjalo’s Sens announcement that prompted a double-take from TheSPECtacle. Tucked away in the last paragraph is mention of a 6% stake secured in Sekunjalo by a company called Miramare Investments. There’s wasn’t much TheSPECtacle could dig up about Miramare – except the mystery investor appears to have also snapped up a goodly portion of the Absa “default” shares.
It’s all very interesting. With Survé owning more than 40% of Sekunjalo, Abdullah (and staff) around 10%, Absa retaining a 10% strategic stake and Miramare holding 6%, it would appear roughly two-thirds of the empowerment group’s issued shares are spoken for.
That might be significant for the share price – especially if strong second-half trading this financial year spurs demand for Sekunjalo scrip (currently discounting intrinsic NAV by around 30%).