Alluvial diamond miner Trans Hex, which is facing a takeover bid, swung to an interim profit as its Angolan mines offset losses at its South African operations. Net profit was R32.5m for the six months to end-September, compared with a R32.5m loss in the same period a year earlier, said Trans Hex, noting that the offer for the company closed at midday on November 25. In August this year, Cream Magenta and Metcap — two companies owned by billionaire Christo Wiese, who made his fortune in retail — bought 47.08% of Trans Hex and, together with investment company RECM and Calibre Investments, launched a mandatory offer for the whole of the alluvial diamond miner for R3.94 a share. Calibre owns 25.2% of Trans Hex. The independent board of Trans Hex advised shareholders not to accept the offer, pointing out experts had set a "fair and reasonable value" of R8 per share for the company, more than double the bid on the table. Trans Hex’s continuing operations — which include its wholly owned...
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