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Remgro profit up 66% – Bloomberg
REMGRO yesterday said FY profit rose 66% as banking and health care assets delivered higher earnings. Net income was R6.92bn in the FY to end-Jun., up from R4.18bn y/y. Revenue increased 50% to R24.62bn, while the dividend was raised by 12% to 389cps. Shares in REMGRO closed up 0.42% at R244.50 on the JSE yesterday. This news brief represents a summary of the original article.
Remgro expects higher FY HEPS – BDpro
REMGRO expects HEPS in the FY to end-Jun., excluding one-off items, to be 18%-22% higher y/y. Including one-off items, HEPS are expected to be 56%-60% higher y/y. MEDICLINIC INTERNATIONAL incurred material one-off charges relating to the refinancing of its Swiss and South Africa debt during the previous financial year. REMGRO’s share of these one-off items amounted to a loss of R1.3bn. Results will be published on Sep. 17. This news brief represents a summary of the original article.
Remgro offers Grindrod shareholders right to claw back shares – BDpro
REMGRO has offered qualifying GRINDROD shareholders the non-renounceable right to purchase GRINDROD shares in a claw-back offer, which opened today. The company said this followed the successful equity capital raising of R2.4bn, which included an accelerated book-build offering to qualifying investors on May 9. REMGRO said qualifying shareholders would be given the opportunity to repurchase the GRINDROD shares at the book-build price of R25/share. Acceptances for the claw-back offer close on May 23. This news brief represents a summary of the original article.
Remgro interim HEPS up 126% – Wiseman Khuzwayo
REMGRO yesterday reported a 126.6% y/y rise in HEPS to 712cps, while headline earnings rose by 126.2% to R3.657bn in the HY to end-Dec. The company noted that, during the previous comparable period, MEDICLINIC had incurred material once-off charges relating to the comprehensive refinancing of its Swiss and South African debt. REMGRO’s share of these once-off items included in the results for H1 FY2012 had amounted to losses of R1.4bn. This news brief represents a summary of the original article.
Rupert hits out at ANC – Ann Crotty
REMGRO chair JOHANN RUPERT yesterday lashed out at the government, noting that corruption, interference with the courts and red tape that curtailed business growth were insults to the citizens of South Africa. RUPERT told the group’s AGM that he did not know how people started up companies in SA given the levels of corruption and red tape. “The biggest insult is that they [the ANC government] don’t seem to care what we think… not just business people but people who live in the townships”, RUPERT said. He also stated that REMGRO was “not interested in going into the print media”.
RUPERT was responding to recent speculation that REMGRO’s involvement in the buyout of ELEMENTONE’s stake IN CAXTON was the start of a bid to move into the media industry. RUPERT also told the AGM that the board was not interested in expanding its investment in E.TV. “The only reason we are investors in SABIDO [which owns E.TV] is because we helped the ex-Communist partners JOHNNY COPELYN and MARCEL GOLDING when they were given a free-to-air television licence… I believed, having watched the National Party abuse its position with regard to SABC, the ANC would follow that approach”. RUPERT said it was important for SA’s future that there were people running television that “did not kowtow to government”. This news brief represents a summary of the original article.08:30:00 04/12/2013
Remgro makes offer for Caxton – Fin24
JOHANN RUPERT has made a R2.34bn offer to buy ELEMENTONE, the company which holds a 40% stake in CAXTON AND CTP PUBLISHERS & PRINTERS, the Sunday Times reported yesterday. REMGRO, partnering with RAND MERCHANT BANK, offered R475m in cash and the rest in stock, priced at R22.51/share. ELEMENTONE told the publication that RUPERT’s offer presented a unique opportunity to unlock value. This news brief represents a summary of the original article.
Remgro FY earnings down 14% – Bloomberg
REMGRO yesterday said FY earnings declined on debt refinancing charges for MEDICLINIC INTERNATIONAL. The group posted a 14% drop in headline earnings to R4.4bn for the FY to end-Jun., on revenue up 23% to R16.45bn. The MEDICLINIC refinancing charges amounted to R1.3bn, led by “derecognition of the mark-to-market liability relating to the Swiss interest rate swap”, the company said. REMGRO CEO JANNIE DURAND noted that South African consumers are struggling, adding that “the trend has continued”. This news brief represents a summary of the original article.
Remgro settles tax disputed with SARS
REMGRO on Friday said it has resolved all three of the tax disputes it has with SARS. Two of these disputes, amounting to R1.158bn, involved a potential secondary tax arising from the buy-back and cancellation of treasury shares in the HY to end-Dec. The third dispute, totalling R755m, related to the disposal of investments. Both of these amounts included interest up to Dec. 31. Shares in REMGRO closed up 5.56% at R189.95 on the JSE on Friday. This news brief represents a summary of the original article.
Ramphele quits Remgro board – Sapa
REMGRO yesterday said Dr MAMPHELA RAMPHELE has resigned as an independent non-executive director from its board, with effect from Jan. 31. PIETER EDUART BEYERS has also retired as a non-executive director from the board, also with effect from Jan. 31. Rapport on Sunday reported that on a recent visit to the US, RAMPHELE said she was raising funds for a political party, and was “entering politics to save her country”. RAMPHELE on Tuesday said she would herself announce if she was going to start a political party. This news brief represents a summary of the original article.
REMGRO EXPECTS LOWER H1 EARNINGS – Reuters
REMGRO yesterday said it expects to report a more than 20% decline in H1 earnings due to once-off charges incurred by MEDICLINIC INTERNATIONAL when it refinanced the latter’s debt. MEDICLINIC, which is 34.2% owned by REMGRO, raised R5bn via a rights offer to refinance debt and fund expansion in Oct. REMGRO shares shed 1.14% yesterday before closing down 0.91% at R147.25 on the JSE. This news brief represents a summary of the original article.