A horrific third trading update from one-time punter’s darling, Consolidated Infrastructure Group (CIG), wiped 57% off its share price on Tuesday, compounding last week’s 21% slide. CIG’s market capitalisation, which peaked at more than R7bn in October 2015, dropped to less than a 10th of that — to R687m — at Tuesday’s close of the market. A day before it was due to release results for the year to the end of August, CIG warned that headline earnings would be "at least" 55% worse but did not "have reasonable certainty to provide a percentage range". CIG’s management has promised that the results will be published by "no later" than November 30. Vunani Securities small-cap and medium-cap analyst Anthony Clark said "this is an utter catastrophe. I would say the market is going to demand someone’s head on a spike. "The key issue here is why didn’t management know what was going on?" Market talk is rife that the implosion will force a breach of CIG’s banking covenants or push it to a rig...

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