MARC HASENFUSS: Johnny in no rush to gush
The debt-at-centre is unlikely to soon be culled to a level that would facilitate an unbundling of HCI’s listed investments
Suggestions that Hosken Consolidated Investments (HCI) could be close to a value-unlocking moment might be a tad premature. Investors hoping for an indication of this at Monday’s investor briefing — following the release of results for the year to end-March — would have been sorely disappointed. HCI CEO Johnny Copelyn made it plain that a considerable amount of oil still has to flow under the debt bridge before any dramatic tampering can be considered.
Still, shareholders — myself included — can’t really be faulted for getting a little excited about a potential value unlock. Last week Aktiv Investment Management issued a note that pointed out the strong cash generation and dividend declarations across the handful of HCI’s listed subsidiaries: gaming giant Tsogo Sun, hotel operator Southern Sun, industrial group Deneb, Frontier Transport and broadcast group eMedia...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.