- Thursday 29 September is the last day for SABMiller (JSE code: SAB). Shareholders approved the take over and it will be suspended and delisted from close on 29th. It has been listed on the JSE since 1897 Index changes; IMP into Top40, AVI into Indi25 & FFA/B into Findi.
- There is a chart floating around of Lehman Brothers just before they hit the wall and one of Deutsche Bank over laid on each other. Nice to look at but in no way telling us anything worth being told.
- Remgro (JSE code: REM) is doing another rights issue at R192.50, a decent discount to the current price of some R240. That said the book value of Remgro in the most recent results was R153.17 (intrinsic value was R306.44).
- MTN, more woes in Nigerian. I remain a happy ex-shareholder.
- What happens to bonds and bond ETFs if we get downgraded?
Can we trust Capitec?
Capitec (JSE code: CPI) results were decent enough albeit Keith McLachlan pointed out on Twitter “Quick calc: If Capitec had kept Arrears Coverage Ratio flat at 239% (not dropping it to 229%), Basic Earnings would’ve been R1504m =only +2%”
Capitec defines Arrears Coverage Ratio as “The provision/arrears coverage ratio expresses the provision for doubtful debts as a percentage of the loans in arrears. The ratio is therefore affected by the arrears performance of the month in which it is measured, while the impairment model is used to determine the provision for doubtful debts over the loan period. The ratio should therefore not be considered in isolation.”
I am a shareholder and I do not think the board fiddled the numbers.
We Get Mail
- If you own CSEW40 do you get invited to the different companies AGM? Who makes decisions for all the investors shares?
- Points out the very marked difference between saving and investing.
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