COMPANY COMMENT
Daybreak can offer ray of light to Sovereign
While outsourcing specialist Workforce Holding’s cautionary notice raises a few questions about its plans
What a year it has been for Sovereign shareholders, one jam-packed with drama that saw the share price swing from a low of R6.30 in January to a high of R9.50 in September before plummeting back to R7.78. The share price moved pretty much in tandem with expectations around an offer from unlisted Country Bird Holdings (CBH). The move to R9.50 followed the much-awaited announcement of an offer; the slump to R7 in October followed the enforced lapsing of that offer. While shareholders had a rocky ride, the lawyers and advisers at Sovereign did well out of the ingenious defences put up against the CBH marauders. But perhaps 2017 is the time to save on the legal and other fees and work on a big audacious plan appropriate for the industry’s tough times. One such plan gaining a little bit of traction among battle-weary Sovereign shareholders is a tie-up not only with CBH, but also Daybreak. Daybreak hit the headlines briefly early in 2016 when it appeared on the Public Investment Corporati...
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