COMPANY COMMENT
Full marks to the EOH board
Including the auditors’ detailed comments in the published accounts shows a refreshing commitment to transparency
EOH boss Stephen van Coller certainly seems to be making the best of the very bad hand he is playing with. And the good news is that finally it appears investors are appreciative. Despite the unrelenting bad news emerging from the company, this week the share price spiked by almost 20% to a recent high of R15.98. This is of course far off the R171 it was trading at in December 2016, but it is comfortably off the multiyear low of R9 at which it traded earlier in 2019.
The share price spiked just after the release of EOH’s results for the year to end-July 2019, which revealed a massive drop in earnings as a result of impairments. The results included a detailed account of the “suspected criminal behaviour” behind the impairments...
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