ROB ROSE: Ascendis’s grisly turn as JSE’s worst performer
Ructions among the shareholders of Ascendis, which was SA’s worst-performing company on the JSE last year, seem ominous
Aside from, say, Atul Gupta or Markus Jooste, few had a more miserable 2018 than the little-known Ascendis Health, tucked away in a forgettable corner of the JSE. Amid widespread carnage on the market, Ascendis took the dubious honour as the JSE’s worst performer, losing a numbing 77%. It’s a trajectory that has, insiders say, brought its 28% shareholder, private equity company Coast2Coast, to its knees. Quite how bad it is isn’t clear, since Coast2Coast CEO Gary Shayne has gone to ground, diligently avoiding calls from the FM — which suggests it may have got pretty grisly indeed. The question is, to what extent have Coast2Coast’s problems infected an already battling Ascendis? If you don’t know what Ascendis is, you’re not alone. But it has built up some solid brands like Reuterina, which is the top-selling probiotic in SA. It’s also the third-largest seller of multivitamins and minerals in SA, and the second-largest supplier of pet supplements, like DermaVet. True, it also holds s...
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