FOR A CHANGE...

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SKAAPTJOP - funny how things happen - KAP is playing out as predicted. It will be interesting to watch the share price action.

[rsalie]

A bit disappointed with the 250c offer price though.

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There is no offer price yet. In fact - the SHF statement indicates that they want to list the various asset classes seperately. "The Transactions represent a further step towards establishing, dedicated, focused and separately listed operating entities, in line with Steinhoff's key strategic objectives." So lets hope that SHF requests that the requirement of an offer to minorities be waived.

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Or tp put it more correctly: there is no "offer" yet.

[#5]

Hmm, I seem to remember you saying that it was the era for diversified industrials to make their return, but I don't see how this is in line with your prediction? They be acquiring all the low margin assets from Steinhoff. You gotta ask yourself the reason for the sale here. Is SHF's hand being forced? Or are they streamlining. If it is the latter, then I wouldn't want to be a KAP shareholder - because SHF are not going to streamline by dropping quality assets!

[rsalie]

The way I read the 2 SENS is that Steinhoff's shareholders will vote on offering 250c or ask for the mandatory offer to be waived.

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SHF will retain ownership of most of the assets. She is not "disposing" of them. SHF has been cheap relative to the market for years now. A frequently quoted reason for these situations is the diversity of the underlying assets making it difficult to assign a value to the enterprise as a whole. By listing these assets seperately SHF is attempting to allow proper price discovery. This is really a reverse takeover.

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Precisely - so it remains to be seen whether or not an offer is made to minorities. If we believe that the SENS (and why should we not?) then SHF is trying to list these assets seperately - if she makes an offer to minorities - she will need to delist. So I guess it is safe to assume that she wants the minorities to "go along for the ride."

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KAP shareholders.

[#10]

OK, I admit I lost interest after reading the will acquire ...blah blah blah. In evaluating this now - I would say it is a pretty bad deal for you? You started singing the merits of this stock in July - at the 260 price range. If you had bought then - you would be out of pocket now with no chance of ever recovering your money. Not the best deal on the table for existing KAP shareholders, I would say?

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Actually - if you can get your facts straight - I said I had bought them at half that price and I was "talking my book." Since then they gave 10c distribution. I added some more at R2,25 and now I have a cover price at R2,50 while waiting to see what happens in a potential growth story. I am quite happy, thanks.