Your daily market overview delivered in bite-sized bullets:

• African Rainbow Capital (ARC) Investments gave the market an update on the numerous companies found in its portfolio. These include the likes of rain, TymeBank and Alexander Forbes. As the update included so many details, I dedicated a feature article to it here.

• The Foschini Group (TFG) is a retailer on a mission. With a strong push into local supply chains and encouraging growth in the business, it seems like TFG just can’t put a foot wrong. The group has now released its results for the year ended March 2022, reflecting group revenue growth of 29.7% and HEPS growth of a ridiculous 409.9%. Of course, when you see a number like that, you need to look at prior years as well. I provide that analysis and far more in this feature article on TFG’s latest results.

• Tongaat Hulett needs to recapitalise the business and the planned investment from Magister Investments has been forced by regulators to hit the brakes. The Takeover Regulation Panel (TRP) has ruled that a previous waiver for a mandatory offer is a nullity. In simple terms, this means that Magister would have to be in a position to acquire the entire company if it supports the recapitalisation in the way currently envisaged. Magister has applied to the Takeover Special Committee for a hearing regarding the TRP’s ruling. Tongaat itself has decided not to appeal the ruling and will abide by the decision pursuant to Magister’s request for a ruling. Tongaat also notes that it is engaging with a “range of stakeholders on a sustainable capital structure” – exactly what the directors should be doing. As a final potential twist, there’s also no guarantee that Magister would walk away if the hearing doesn’t go well. Anything is possible here.

• Industrials REIT has released results for the year ended March 2022. With a portfolio of industrial property assets (obviously) and a loan-to-value of just 25.6%, this fund is sitting in a great position. Occupancy is 93.6% and the portfolio valuation increased by 19.4% on a like-for-like basis. Although the accounting return was a record 25%, the full year dividend of 6.85 pence per share is only slightly higher than 6.75 pence in the prior year. This puts the fund on a trailing yield of 3.9%. The share price is down 11% this year and is trading at almost exactly the EPRA NTA per share, which is a European methodology for measuring Net Tangible Assets per share.

• BHP shareholders (like me) can expect to receive the dividend related to the sale of Woodside Energy shares on 20 June. As a quick reminder, BHP sold its petroleum business to Woodside in exchange for shares which were then unbundled to those shareholders who qualify to hold the Woodside shares. As Woodside isn’t listed on the JSE, most South Africans will be paid out in cash generated from the sale of Woodside shares on their behalf.

• Since November 2021, Motus has repurchased 6.1448% of shares in issue at an average price of R104.2951 per share. The share price is currently R110.90 so this seems to have been a successful strategy. The total value of the share repurchases is over R1.2 billion.

• RECM and Calibre has released a trading statement based on change in net asset value (NAV) per share rather than earnings, which is how investment holding companies measure performance. The NAV per share will decrease by between 30% and 35% but this is due to the unbundling of shares in listed company Astoria Investments. When measuring based on NAV, any unbundlings to shareholders will reduce the size of the company and hence the NAV.

• The managing director of a division at Mpact has sold shares in the company worth around R1.15 million. Given the current boxing match underway between Mpact and Caxton, I felt that this deserved a mention.

• Property development group Acsion Limited has released results for the year ended February 2022. Revenue increased by 29% and HEPS jumped by 47.91%. A dividend of 18 cents per share has been declared. There is very little trade in this stock and the share price is down nearly 20% this year, though a drop like that can often close just through the bid-offer spread when the stock trades again. It is very difficult to invest in illiquid stocks like these because of the bid-offer spreads.

• Tradehold has extended the maturity date of its floating rate preference shares from 20 June 2022 to 31 August 2023. This helps the company meet medium-term working capital requirements.

• An independent director of NEPI Rockcastle has acquired nearly R3.4 million worth of shares in the company. That’s a chunky investment.

• Healthcare investment group RH Bophelo has released results for the year ended February 2022. The net asset value (NAV) per share increased by 5% and a maiden dividend of R0.15 has been declared. The share price is down 30% this year and is yet another example of an illiquid stock on the JSE.

• Southern Palladium is hosting an investor webinar on Wednesday 15th June. If you are interested, you’ll find the registration details here. Someone got very excited with the trigger finger on Friday, buying 858 shares for R100 when the previous close was R25. You can see some crazy things in illiquid stocks.

• Orion Minerals requested a trading halt on its shares ahead of an announcement before 15th June regarding a capital raising. This is an Australian Stock Exchange (ASX) rule, which is where Orion’s primary listing sits.