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10 Aug, 4 tweets, 3 min read
CEO of Adapt IT, Sbu Shabalala, has taken the decision to terminate his employment with Adapt IT and resign as director of Adapt IT and its subsidiaries.

Reasons for the above?

He took leave in May following allegations he hired thugs to beat up his estranged wife's partner.
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More from @MaanoMadima

Madima Profile picture
10 Aug
Why is Ubuntu-Botho (UBI) dubbed the most successful B-BBEE scheme?

Who is UBI? UBI is a black owned and controlled company (B-BBEE) which was established by Sanlam in 2003.

🧵 Image
The deal saw the Ubuntu-Botho consortium take an initial 8% stake in Sanlam.

Shareholding was extended to include broad-based groups; trade union companies, religious organisations, women and youth groups,provincial companies from all the provinces, representing 700 shareholders
By 31 December 2013, the 8% equity stake had grown to 14% through a combination of share buybacks and the reclassification of an additional 66.5 million deferred shares to ordinary shares.

How/Why is it dubbed to be the most successful B-BBEE scheme?🤔
Read 25 tweets
Madima Profile picture
9 Aug
African Rainbow Energy & Power (AREP) and Absa have launched a green energy fund called African Rainbow Energy (ARE) with R6.5bn in assets.

Absa will invest R500m in cash and transfer R5bn of its existing renewable energy assets to ARE.

AREP was founded by Patrice Motsepe.
African Rainbow Energy and Power expanded its investment into renewable energy earlier this year with a strategic 40% stake in the Sola Group.

SOLA has a deal with Amazon, in the 1st ever solar PV wheeling project in South Africa.
Who is African Rainbow Energy and Power (AREP)?

AREP is an African energy company focused on clean energy solutions including renewables, hydro, gas and complementary Transmission investments.

AREP a portfolio of 740MW of renewable investments.
Read 4 tweets
Madima Profile picture
9 Aug
Saudi Arabia's Crown Prince Mohammed bin Salman previously announced that Saudi Arabia is in discussions to sell 1% of Saudi Aramco to a "leading global energy company".

Aramco reported a net income of $25.5 billion in Q2 of 2021 vs $6.6 billion in Q2 of 2020. This is a ~286% ⬆️ Image
Aramco promised to pay a $75 billion annually to investors for five years after the IPO. This was made in order to attract foreign investors during the IPO.

That dividend is of $75 billion is a crucial source of funding for Saudi Arabia government, which owns 98% of the company.
In Q1 of 2021, Saudi Aramco declared dividend of $18.8 billion which was paid in the 2nd quarter.

It has now declared a Q2 dividend of $18.8 billion that will be paid in the 3rd quarter.

Free cash flow was $22.6 billion in Q2 and $40.9 billion for the first half of 2021.
Read 7 tweets
Madima Profile picture
8 Aug
Former MTN CEO Rob Shuter started a programme to pay down debt using proceeds from the disposal of what was deemed "non core assets".

The aim was to raise ~R25bn from the sale of assets by 2025.

Which assets have they sold and for how much?

🧵 Image
Let's start with how much debt MTN Group has so that we can better understand why they are undertaking the Asset Realization Programme.

As at 31 Dec 2020, MTN Group net debt reduced to R49.7 billion from R67,9bn in Dec 2019 due to the proceeds from ARP (point of this thread). Image
MTN's debt to equity ratio sat at a high of ~90.6% which is very high and is a ~49.8% over the past 5 years.

MTN Group net debt to EBITDA ratio was 0,8x at 31 Dec 2020 (2019: 1,2x) against their covenant of 2,5x.
Read 19 tweets
Madima Profile picture
2 Aug
Huge Group went to war against Volaris for Adapt IT and failed dismally.

On 28 Jan 2021 Huge Group made a move to acquire 100% of Adapt IT.

What did Huge offer?

A share-swap deal valuing the company at R800m (R5.52 a share).

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The share swap was at a ratio of 0.9 of a Huge share for every one Adapt IT share
tendered.

The swap ratio was based on a reference price of R6,13 per Huge share and an implied price of
R5,52 per Adapt IT share.
Adapt IT's Independent Board reviewed the Huge offer for the purchase of 100% of the entire issued share capital of Adapt IT and has concluded that the Huge Offer consideration is unfair and unreasonable to Adapt IT and that a fair price range for Adapt IT is R7-R9.09.
Read 11 tweets
Madima Profile picture
2 Aug
The Competition Commission prohibited a proposed transaction whereby ECP Africa, a private equity fund intended to acquire Burger King South Africa and Grand Foods Meat Plant
(Pty) Ltd from Grand Parade Investments.

Who is Grand Parade Investments?

🧵
Grand Parade Investments (GPI) is an empowering investment holding company that actively manages investments in its current focus areas of food and gaming.

In 2008, GPI listed on the main board of the JSE.
How did Grand Parade Investments ended up owning Burger King South Africa?

In 2012, GPI entered the food industry with the acquisition of the Burger King master franchise.

GPI paid ~R700m for the master franchise.

Are master franchise expensive?

()
Read 21 tweets

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