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MARC HASENFUSS: Delisting has made Trans Hex more agile, and rewards are following
The group, once a cursed JSE counter, has turned a profit under the stewardship of Astoria Investments
Trans Hex Group paid a dividend? Well, I never. After the diamond miner, once controlled by Remgro, delisted in late 2019, I honestly thought the next chapter in Trans Hex’s four-decade history might well be business rescue or a similarly desperate fate. I picked up the R3.5m dividend disclosure when scanning the latest report from investment company Astoria (where I am a very small shareholder). Astoria, spearheaded by Jan van Niekerk and deep-value acolyte Piet Viljoen, offers a cheap entry into some cash-spinning alternative gaming assets (RECM & Calibre) as well as a left-field retail niche (outdoor paraphernalia and pet stores).
The group remained a shareholder in Trans Hex after the delisting — at a time when the diamond miner was struggling for traction with the Namaqualand mining assets it bought from De Beers. Van Niekerk says that being unlisted enabled the Trans Hex management team to move fast and effectively in restructuring the business. “Little did we kno...
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