Last Sunday was a day in a hundred in Kommetjie. Not a breath of wind and glassy sea as far as the eye could see. I dusted off my old Hammerhead surf-ski and lugged it down to the Kom for my first paddle in more than 15 years. My much-neglected craft, I discovered after launching, was not exactly seaworthy any more and the steering system was somewhat compromised. Had there been a bit more of a swell, my wonky rudder might easily have caused me to topple over into an armada of jellyfish basking ominously in the kelp forest. Still, good to get out — even if I now ache in muscles I forgot existed.

The JSE, however, was hardly a calm pond this week, and a variety of corporate actions are causing some serious ripples through the investment community. As I wrote in last week’s Fox section, there is something afoot at Adapt IT, which is subject to two buyout offers: one for cash and one for scrip...

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