- Another week, another vaccine. This time from Moderna and also using the Messenger RNA as does the Pfizer / BioNTech vaccine.
- Stor-Age* (JSE code: SSS) results very solid.
- Wilson Bayly Holmes (JSE code: WBO) results not great as Australia hurts, again.
- Raubex (JSE code: RBX) announces an R2.87billion contract win from Sanral.
- Strong Spar (JSE code: SPP) results.
- Boeing 737 MAX 8 returns to skies as FAA lifts grounding order.
- Brait (JSE code: BAT) net asset value 771c (based on 9x EV/EBITDA), share price 388c.
- 05 November ~ JSE Power Hour: Searching for income
- 19 November ~ JSE Power Hour: Twenty years of ETFs
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Owning unlisted shares
In the last few years, we’ve seen a bunch of stocks being delisted from the JSE and in pretty much all cases existing shareholders get paid out and no longer hold the stock.
Anchor (JSE code; ACG) are now proposing a delisting at 425c, but with an option to remain invested in an unlisted Anchor.
I have never held an unlisted share outside of companies I have founded or worked for a few simple reasons;
- No JSE oversight
- Lack of communications to minority shareholders
- Majority shareholders acting as if it is their private company
- Zero liquidity to buy and sell
- Zero price discovery
- In short, being screwed over.
That said Anchor will very much still be in the public eye and this is not usually the case when a stock delists. That will help act as a guard rail (not that they need it) so maybe it will be fairer to minority shareholders.
Certainly, I think the 425c offering is very cheeky and I still don’t want to hold unlisted stocks, for many this time may be the exception.
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