Given how tense things are at Group Five, you’d think it would make sure it gets the stuff it can control right — such as the notice sent to shareholders with details of an extraordinary general meeting.Agricultural services group Senwes – one of just three listings on the new ZAR-X bourse – will embark soon on a share buy-back programme. At a share price of R10.40, there seems merit in the share repurchase exercise, considering interim earnings (to end-October 2016) came at about 58c per share. The plan is to repurchase about 2% of the issued shares and a target range of R10.50 to R14.20 per share has been set. The plan is not to exceed a weighted average of R12.30 per share, with the maximum consideration set at R45m. Interestingly, the board of Senwesbel, which holds a 52.55% stake in Senwes, has not opted for a share buyback exercise. On paper, there appears to be considerably more value in Senwesbel shares that would justify a share buyback. The see-through value of Senwesbel’s...
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