Is now the time?

Finweek English Edition - - COMPANIES & MARKETS -

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%).

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