MARC HASENFUSS: Big moves in Value-ville
Long4Life’s nibble at restaurant franchiser Spur Corp pales in comparison to what is happening on the company’s own share register
Last week’s FM Fox story on Long4Life (https://www.businesslive.co.za/fm/fm-fox/2019-09-19-will-brian-joffes-long4life-take-a-bite-out-of-spur/) – headed by the JSE’s dealmaking doyen Brian Joffe – offered one possible opportunity for mobilising a chunk of the investment company’s R1bn cash pile. But Long4Life’s nibble at restaurant franchiser Spur Corp pales in comparison to what is happening on the company’s own share register.
If I’m reading things right, Long4Life repurchased more than R80m worth of its own shares in August. The register shows that subsidiary companies Long 18 and Long 36 snapped up another 20.6-million shares last month. Now this buyback tally would shift closer to R100m if we factor in share-buying by entities that appear to be linked to subsidiaries — in the form of MoreSport (roughly 2.5-million shares), Chill (1.4-million), Inhle (500,000 shares) and Sorbet (400,000)...
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