COMPANY COMMENT: Wiese clout emboldens Pallinghurst disputers
Wiese, one of the country’s richest people, can afford to take a long view
The iron fist of Christo Wiese may be helping to push the decision by certain shareholders in diversified miner Pallinghurst Resources to start publicly expressing their displeasure with management after a long period of underperformance of their shares. Wiese, one of the country’s richest people, can afford to take a long view.Long4Life – the investment company spearheaded by deal-making doyen Brian Joffe – appears to have opportunities aplenty. The company came to the JSE while talks were under way with health and beauty specialist Sorbet and last week, pitched a nonbinding offer to acquire sports and outdoor-wares retailer Holdsport. This week, Long4Life issued another cautionary about a potential deal. The speculation about a possible target has been wide-ranging (even outrageous) – which is perhaps understandable because crimping consumer spending has lowered price expectations markedly in the past 12 months.
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