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See update from hell - Moneyweb, https://www.moneyweb.co.za/news/companies-and-deals/the-trading-update-from-hell/
If you are a shareholde might as well hold on and hope for a recovery. Scary - highly rated management yet this has happened. Good luck.
the 'highly rated' mangement have messed this up and frankly I think will be shown the door soon.
I would be selling, sure prce has tanked, but it can tank furthe and going bust or a fire sale not out of the question. When it is time to panic, panic quick.
Sure but if major shareholders like Pinecourt, Old Mutual, Melnick family etc. have not yet panicked should the minor shareholders? One assumes the big boys have done due dilligence and know their management well. Just saying.
maybe, but this would hardly be the first bad due dilihence gone bad or the first that turned or the first time an asset manager got it very wrong. I sit ion a unit trust IC that held CIL, they as convinced it was a great investment - but they bailed last two weeks.
Bigger issue, only 2 shareholders are +5% below that you don't have to notify market. Some 50m shares have changed hands, that 25% of total. That a lot of selling (sure and buying) but we don't know who the sellers are as yet.
So now we have the results and they horrid. Essentially co is bankrupt and living with thanks from the loan providers who have given them until 15 Feb to sort things out. What can they actually do by then? They not gonna make enough profit before then, so rights issue or fire sale of an asset? Me thinks AES may be on the chopping block ?