Industrial supplies group Invicta, which is partly owned by billionaire investor Christo Wiese, reported a steep drop in full-year earnings after making provision for a potential tax liability relating to "certain transactions" that it concluded several years ago. The company’s warning of the tax liability on Friday shocked the market, and Invicta's share price fell 13% to R35 when the JSE started trading shortly after 11am following technical glitches. The company, which provides capital equipment and engineering solutions, reported headline earnings per share (HEPS) from continuing operations of 90c in the year to March, down 81% from a year ago. Stripping out the tax provision of R400m, HEPS dropped 23% to R4.64, the company said on Monday. Invicta said while it believed the transactions were tax compliant, the tax provision represented a "pragmatic solution" to uncertainty that had hampered its ability to use equity to fund expansion. In the meantime, it is in talks with the Sou...

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