EDITOR’S NOTE: No fairytale ending for this cursed counter
Diamond miner Trans Hex Group has been a steady erosion of value for shareholders
I’m sure no-one needs reminding of some of the horrendous value implosions on the JSE right now.At the time of writing the construction sector was teetering on brittle foundations, with one-time stalwart Aveng trading at a priced-for-disaster level of 2c. Stefanutti and Mazor have also started creaking, badly. I suspect Mazor won’t wait much longer to pitch an offer to minority shareholders and delist from the JSE. Ultimately, harsh lessons will have been learnt around just how fast "hard" NAV can be eroded.One "deep value" story that fascinates me is diamond miner Trans Hex Group. It’s been a steady erosion of value for shareholders, which probably started when retail tycoon Christo Wiese put a spanner in the then Remgro-controlled Trans Hex’s plans to buy profitable and productive marine diamond miner Ocean Diamond Mining Holdings almost 20 years ago.Remgro unbundled its major stake in Trans Hex to shareholders in 2010, and that was perhaps the writing on the wall. If Remgro could...
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