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Who’s Rex’s real master?
Surely something has to give at fashion retailerRex Trueform Clothing Company [JSE:RTO] Last week saw another re-jigging of the board, with Murray & Roberts [JSE:MUR] financial director Roger Rees appointed as an independent non-executive director to Rextru, as well as the pyramid holding company African & Overseas Enterprises.
It’s all well and good to appoint independent non-executive directors at this family-controlled business, but Rextru (and Af&Over) surely are overdue in aligning its board to reflect the economic interests in the companies.
Empowerment group Brimstone and private investor Hugh Roberts hold an economic interest of close to 70% in Rextru but neither party has board representation, with its N-share structure ensuring control stays with the Shub family.
It’s archaic, it’s unfair and it’s untenable. Brimstone, which has a track record of adding value to its investments, has politely bided its time at Rextru since buying out Old Mutual [JSE:OML] ’s stake a few years ago. But perhaps it’s time Brimstone – hopefully joined by the enigmatic Mr Roberts – takes a tactful tilt at this artificial edifice.
William won’t tell
Shortly after the wooden panel producer received its second instalment of a R30m loan from the Department of Trade and Industry, its MD, Wally van Coller, is suspended “pending an investigation”. Now unlike the rest of this respectable magazine, TheSPECtacle puts huge stock in coincidence. However, seeing as Wiltell is based in the wild West Rand of Johannesburg – where a brandy and Coke is also known as a Krugersdorp cappuccino – let’s focus on what we do know.
According to the company, Van Coller’s actions won’t have any effect on WilTell’s finances whatsoever. Phew. Good to hear the cookies are still safe in the jar.
Still, we’d like to know what Van Coller did to deserve such indiscreet treatment on Sens. Clearly, a company teetering on a successful recovery can’t be seen going soft on an MD who’s been around for less than a year.
Another ace to Uys
So Cape empowerment, which fought such a gruelling battle to secure a niche in the casino sector, has dumped another large parcel of shares in gaming group GPI. There remain 18m GPI shares in CAP’s clutches, which – along with a development property in Cape Town – underpin a 51c tangible net asset value. The market’s opinion on developments is pretty much summed up by CAP’s 26c share price, which is almost a 50% discount to NAV.
CAP sold its GPI shares to a company called Baleine. TheSPECtacle believes Baleine is the domain of the appropriately named Uys Meyer, a man who has long been collecting GPI chips. Baleine… remember that name.
A right royal saga
Forgive TheSPECtacle for thinking Queensgate had shuffled off into the sunset after a rather desperate attempt to inject property assets belonging to the controversial Realcor group into the smouldering ruins of this hotels and leisure group. The latest rescue effort involves acquiring (presumably hotel) assets from Mauritius-listed Dale Capital Partners, whose associate company – Dale Private Equity – is one of the main shareholders in Queensgate.
Dale’s website shows the Shelley Point Hotel, near Pringle Bay in the Western Cape, as its mainstay leisure asset. Nice, but not terribly inspiring. TheSPECtacle is not going to hold its breath on this one…
Quick shunt
Jeepers, it didn’t take long for steel group BSI to dump Vunani [JSE:VUN] as its designated adviser, did it? BSI appointed Sasfin Capital as its new DA only weeks after Vunani (the parent company of VCF) sold off its sizeable shareholding in the steel group.
It looks like a bit of a blow for Vunani… losing all those corporate advisory fees and having to let go of what TheSPECtacle considers a very promising investment.
Surely something has to give at fashion retailerRex Trueform Clothing Company [JSE:RTO] Last week saw another re-jigging of the board, with Murray & Roberts [JSE:MUR] financial director Roger Rees appointed as an independent non-executive director to Rextru, as well as the pyramid holding company African & Overseas Enterprises.
It’s all well and good to appoint independent non-executive directors at this family-controlled business, but Rextru (and Af&Over) surely are overdue in aligning its board to reflect the economic interests in the companies.
Empowerment group Brimstone and private investor Hugh Roberts hold an economic interest of close to 70% in Rextru but neither party has board representation, with its N-share structure ensuring control stays with the Shub family.
It’s archaic, it’s unfair and it’s untenable. Brimstone, which has a track record of adding value to its investments, has politely bided its time at Rextru since buying out Old Mutual [JSE:OML] ’s stake a few years ago. But perhaps it’s time Brimstone – hopefully joined by the enigmatic Mr Roberts – takes a tactful tilt at this artificial edifice.
William won’t tell
Shortly after the wooden panel producer received its second instalment of a R30m loan from the Department of Trade and Industry, its MD, Wally van Coller, is suspended “pending an investigation”. Now unlike the rest of this respectable magazine, TheSPECtacle puts huge stock in coincidence. However, seeing as Wiltell is based in the wild West Rand of Johannesburg – where a brandy and Coke is also known as a Krugersdorp cappuccino – let’s focus on what we do know.
According to the company, Van Coller’s actions won’t have any effect on WilTell’s finances whatsoever. Phew. Good to hear the cookies are still safe in the jar.
Still, we’d like to know what Van Coller did to deserve such indiscreet treatment on Sens. Clearly, a company teetering on a successful recovery can’t be seen going soft on an MD who’s been around for less than a year.
Another ace to Uys
So Cape empowerment, which fought such a gruelling battle to secure a niche in the casino sector, has dumped another large parcel of shares in gaming group GPI. There remain 18m GPI shares in CAP’s clutches, which – along with a development property in Cape Town – underpin a 51c tangible net asset value. The market’s opinion on developments is pretty much summed up by CAP’s 26c share price, which is almost a 50% discount to NAV.
CAP sold its GPI shares to a company called Baleine. TheSPECtacle believes Baleine is the domain of the appropriately named Uys Meyer, a man who has long been collecting GPI chips. Baleine… remember that name.
A right royal saga
Forgive TheSPECtacle for thinking Queensgate had shuffled off into the sunset after a rather desperate attempt to inject property assets belonging to the controversial Realcor group into the smouldering ruins of this hotels and leisure group. The latest rescue effort involves acquiring (presumably hotel) assets from Mauritius-listed Dale Capital Partners, whose associate company – Dale Private Equity – is one of the main shareholders in Queensgate.
Dale’s website shows the Shelley Point Hotel, near Pringle Bay in the Western Cape, as its mainstay leisure asset. Nice, but not terribly inspiring. TheSPECtacle is not going to hold its breath on this one…
Quick shunt
Jeepers, it didn’t take long for steel group BSI to dump Vunani [JSE:VUN] as its designated adviser, did it? BSI appointed Sasfin Capital as its new DA only weeks after Vunani (the parent company of VCF) sold off its sizeable shareholding in the steel group.
It looks like a bit of a blow for Vunani… losing all those corporate advisory fees and having to let go of what TheSPECtacle considers a very promising investment.
