Latest news with #R125
IOL News
13-06-2025
- Business
- IOL News
How this mining company turned R10,000 into just R125 in five years
Sable Exploration and Mining (SEAM) has incinerated 99.55% of investor value since 2019 – turning R10,000 into just R125 – while reporting a R47 million annual loss, seemingly operating without a CEO, and its auditors have questioned its ongoing viability. Image: SoraAI Sable Exploration and Mining (SEAM) has incinerated 99.55% of investor value since 2019 – turning R10,000 into just R125 – while reporting a R47 million annual loss, seemingly operating without a CEO, and its auditors have questioned its ongoing viability. Yet it continues to attract investment, a history of failed rebrands, and joint ventures with entities like Boo Wa Ndo, whose owner publicly seeks funding to "make the dream a reality'. Five years ago, the stock was trading at 11c and has lost 99.55% since then. Your loss from your investment would be R9,875. The industrial metals and mining company, which received a demand for an annual general meeting on 10 December 2024, is currently worth R2.8 million. In fact, it is doubtful as to why the company still even exists. Its auditors, CM & Associates Incorporated, questioned its ongoing viability as a business in their opinion statement in the latest annual report, given that it incurred a net loss of R47 million for the year to February. SEAM's then CEO, James Allan, who has since retired, noted in the annual report that it lost a 'considerable' amount in profit because of a joint venture partner's failure to provide funding for a project. IOL could not find a statement to shareholders indicating it had appointed a new CEO. The company also has a history of attempted buyouts and consequent name changes. In 2023, PBNJ Trading and Consulting offered shareholders 100c a share to buy out the rest of the company it did not already own. Only 9.8% of all the SEAM shareholders accepted the offer, resulting in PBNJ Trading and Consulting owning 59.9%. At that stage, its shares were worth 99c. In 2012, it listed under the form of Sable Platinum and its name was changed to Sable Metals and Minerals in March 'to more fully reflect the broader mineral interests of the company,' it said on its website. Consequently, it was approached by unnamed Middle Eastern investors who wanted to focus on diamond acquisitions, but they never came through with the funding. Regardless, the company's name changed to Middle East Diamond Resources Limited in January 2016. Because the promised investment never happened, trading in shares was suspended until 2022, by which time it had brought its accounts up to date and changed it name again, this time to Sable Exploration and Mining. Despite reporting losses, it has successfully attracted investment from Ironveld, which committed to funding the completion of a beneficiation plant to produce magnetite. SEAM has also signed a deal with Boo Wa Ndo for the latter to buy a 55% interest in the prospecting rights and mining permits over two properties in Limpopo. Boo Wa Ndo is apparently owned by Thulani Ngwenya, who says on his LinkedIn profile that he's seeking investment for his projects to 'make the dream a reality'. 'This transaction strengthens SEAM's asset base and aligns with its exploration mandate and will improve the cashflow,' it said upon announcing the deal. Interestingly, one of its independent executive directors is Hazel Bango-Moyo, a CA with more than 19 years of experience. Bango-Moyo, who this contributor has personally met, is exceptionally bubbly and has won awards. She started Primorial in 2017 to help small businesses grow by offering financial services advice, including support in filing their tax returns. IOL Business
TimesLIVE
28-05-2025
- Automotive
- TimesLIVE
Nissan plans $7bn funding, including loan backed by UK government
Japan's struggling Nissan is considering raising more than ¥1-trillion (R125,794,820,900) from debt and asset sales which would include a syndicated loan guaranteed by the UK government, Bloomberg News said on Wednesday. The country's third-biggest carmaker plans to issue as much as ¥630bn (R78,291,108) worth of convertible securities and bonds, including high-yielding US dollar and euro notes, Bloomberg News said, citing documents it had seen. Nissan is also considering taking out a £1bn (R24,260,850,000) syndicated loan guaranteed by UK Export Finance, the report said. The report said Nissan is also looking at selling part of the stakes it holds in French carmaker and long-standing alliance partner Renault and in battery maker AESC Group, and plants in SA and Mexico. Representatives for Nissan and UK Export Finance did not respond to a request for comment. Bloomberg News cited sources as saying Nissan's board did not appear to have approved the funding proposal yet, leaving it unclear whether it would happen. The proposal was also slated to include the rollover of some debt, the report said. Earlier this month, the company presented a sweeping cost-cutting plan under which it plans to reduce its workforce by around 15% and cut car plants to 10 from 17 globally. Sources told Reuters this month Nissan is considering plans to shut two car assembly plants in Japan and overseas factories, including in Mexico, and stop production in SA as part of its cost-cutting plan. Nissan's shares rose more than 4% after the report but they gave up most of the gains and were last trading up 0.6%.
Eyewitness News
21-05-2025
- Business
- Eyewitness News
Canal+ buyout of SA's MultiChoice one step closer
JOHANNESBURG - South Africa's competition authority announced Wednesday it had approved the buyout of Africa's largest pay TV enterprise MultiChoice by France's Canal+, which wants to expand its footprint on the continent. The merger, which has been in the works for nearly a year, needs the final go-ahead from the commission's Competition Tribunal, it said in a statement. Canal+ holds around 45% of MultiChoice's shares and offered last year to acquire the remainder for R125 (6.16 euro) per share. Canal+ is present in 25 African countries through 16 subsidiaries and has eight million subscribers, according to the French group. MultiChoice operates in 50 countries across sub-Saharan Africa and has 19.3 million subscribers, it says. It includes Africa's premier sports broadcaster, SuperSport, and the DStv satellite television service. "This is a major step forward in our ambition to create a global media and entertainment company with Africa at its heart," Canal+ CEO Maxime Saada said in a statement. The commission said its approval of the merger was subject to public-interest conditions worth about 26 billion rand over three years, including increasing the shareholding of people disadvantaged under South Africa's white-minority apartheid regime. It will also maintain the MultiChoice headquarters in South Africa. A date for the Tribunal's decision on the merger has not been announced but Canal+ said it was aiming for the deal to be completed by early October.
eNCA
21-05-2025
- Business
- eNCA
Canal+ buyout of S.Africa's MultiChoice one step closer
South Africa's competition authority announced Wednesday it had approved the buyout of Africa's largest pay TV enterprise, MultiChoice by France's Canal+, which wants to expand its footprint on the continent. The merger, which has been in the works for nearly a year, needs the final go-ahead from the commission's Competition Tribunal, it said in a statement. Canal+ holds around 45 percent of MultiChoice's shares and offered last year to acquire the remainder for R125 (6.16 euro) per share. Canal+ is present in 25 African countries through 16 subsidiaries and has eight million subscribers, according to the French group. MultiChoice operates in 50 countries across sub-Saharan Africa and has 19.3 million subscribers, it says. It includes Africa's premier sports broadcaster, SuperSport, and the DStv satellite television service. "This is a major step forward in our ambition to create a global media and entertainment company with Africa at its heart," Canal+ CEO Maxime Saada said in a statement. The commission said its approval of the merger was subject to public-interest conditions worth about R26 billion over three years, including increasing the shareholding of people disadvantaged under South Africa's white-minority apartheid regime. It will also maintain the MultiChoice headquarters in South Africa. A date for the Tribunal's decision on the merger has not been announced but Canal+ said it was aiming for the deal to be completed by early October.
The South African
21-05-2025
- Business
- The South African
MultiChoice moves one step closer to being SOLD
South Africa's competition authority announced on Wednesday it had approved the buyout of Africa's largest pay TV enterprise MultiChoice by France's Canal+, which wants to expand its footprint on the continent. The merger, which has been in the works for nearly a year, needs the final go-ahead from the commission's Competition Tribunal, it said in a statement. Canal+ holds around 45 percent of MultiChoice's shares and offered last year to acquire the remainder for R125 per share. Canal+ is present in 25 African countries through 16 subsidiaries and has eight million subscribers, according to the French group. MultiChoice operates in 50 countries across sub-Saharan Africa and has 19.3 million subscribers, it says. It includes Africa's premier sports broadcaster, SuperSport, and the DStv satellite television service. 'This is a major step forward in our ambition to create a global media and entertainment company with Africa at its heart,' Canal+ CEO Maxime Saada said in a statement. The commission said its approval of the merger was subject to public-interest conditions worth about 26 billion rand over three years, including increasing the shareholding of people disadvantaged under South Africa's white-minority apartheid regime. It will also maintain the MultiChoice headquarters in South Africa. A date for the Tribunal's decision on the merger has not been announced, but Canal+ said it was aiming for the deal to be completed by early October. Let us know by leaving a comment below, or send a WhatsApp to 060 011 021 1 Subscribe to The South African website's newsletters and follow us on WhatsApp, Facebook, X and Bluesky for the latest news. By Garrin Lambley © Agence France-Presse
