Spreadsheet Ranger

Knowing there's still a year of not so good results, I wonder if I shouldn't scoop up some more shares. Is there any reason for them not to be profitable by 2019?

In my case why I won't touch them is because they are riddled in corruption and inflated asset prices.

Would love to make it, maybe our JHB contact @Bandit can. Sent from my SM-G920F using Tapatalk

Johannesburg has been quite amazing so far. Very awesome insurance product that EasyE will be launching. Sent from my SM-G920F using Tapatalk

From BusinesLive == Sagarmatha’s failure to submit its annual financial statements to the Companies and Intellectual Property Commission (CIPC) was behind the JSE’s decision not to allow it to go ahead with a proposed listing on Friday. On Wednesday, the company was due to announce the results of a private placement ahead of the Friday listing. However, instead of this announcement, shortly after 6pm the company released a Sens statement, saying that the JSE had decided the listing could not go ahead. “Regrettably, therefore, due to the JSE’s decision the company cannot continue with the listing on April 13,” said Sagarmatha, which described the JSE’s decision as disappointing. Sagarmatha’s announcement to the market came more than 24 hours after the JSE told it the listing could not go ahead. No explanation is given for the delay in informing the market of the critical development. In a letter to the company sent on Tuesday, the JSE explained its reasons for prohibiting the listing. The company did not submit its annual financial statement to the CIPC at the time when the prelisting statement was approved by the JSE. This represents a contravention of the Companies Act and therefore of the JSE’s listings requirements. The JSE said that it was not aware the annual financial statements had not been submitted to the CIPC when it approved the prelisting statement. Sagarmatha said it received confirmation from the CIPC that it had submitted its financial statements on April 11. It noted that the financial statements had been included in the prelisting statement and had therefore been in the public domain since late March. Sagarmatha had also failed to release its results for the 12 months to the end of December 2017 by April 9, as had been requested by the JSE. The results were released on April 10, just hours before the private placement was due to close. JSE CEO Nicky Newton-King said they had no option but to prohibit the listing when they discovered it was not in compliance with requirements. “When a company applies for a listing it’s required to confirm it’s in full compliance with all its statutory obligations — one of which is compliance with the Companies Act, which requires submitting financials timeously,” said Newton-King. She said the listing had been granted on the wrong assumptions. Sagarmatha, which is the Nepalese name for Mount Everest, was targeting a minimum subscription of R3bn and a maximum of R7bn. The JSE had previously said that the listing could only go ahead if Sagarmatha made the R3bn minimum target. Sagarmatha’s stated plan was to become the largest technology platform company on the continent. Ahead of the listing its businesses include news wire agency African News Agency, online retailer Loot, online classified business IOL Property, online media business Independent Online and Sagarmatha Enterprise Solutions. The listing on the JSE would have seen Sagarmatha acquire Sekunjalo Independent Media’s 55% stake in the Independent Media group. Proceeds from the controversial listing were going to be used to acquire up to 15 new companies and grow the existing asset base. In addition, Sagarmatha planned to repay R1bn of debt. Sent from my SM-G920F using Tapatalk

Seems Scam it is: Sagarmatha Technologies will not list on the Johannesburg Stock Exchange on 13 April On 28 March 2018, Sagarmatha Technologies was given approval by the Johannesburg Stock Exchange (JSE) to list. The listing date of 13 April 2018 would have seen the company become the first Unicorn to list on an African bourse. On 10 April, the company received a notification from the JSE withdrawing the listing approval. The reason cited by the JSE was non-compliance with Section 33 of the Company’s Act, which requires the submission of financial statements to the Companies and Intellectual Property Commission (CIPC). On 11 April the company received written confirmation from CIPC indicating that Sagarmatha Technologies was, indeed, compliant and had provided the required financial statements. The JSE now cites a technical point, which has prevented Sagarmatha Technologies from listing on 13th April 2018. The technicality suggests that Sagarmatha Technologies was non-compliant on the date that the pre-listing statement (PLS) was approved i.e. 28th March 2018. The CIPC has confirmed otherwise, stating that at no stage, was Sagarmatha Technologies not compliant. Sagarmatha Technologies confirms that it received indicative commitments for this listing exceeding R4bn, therefore comfortably meeting the minimum listing requirements of the JSE. However, due to the JSE withdrawal of the listing notice, Sagarmatha Technologies is legally bound not to accept these applications from its committed investors. Sagarmatha Technologies was hopeful it could resolve this issue with the regulator and requested the extension of a new listing date. However, the JSE has requested the company make provision for a fresh listing application. Consequently, Sagarmatha Technologies will not list on Friday 13th April 2018. The Sagarmatha Technologies board is now considering options that include: offers to purchase from international investors for its four largest businesses; and/or listing on the New York Stock Exchange (NYSE) and Hong Kong Exchange as primary; and/or a primary listing on the JSE and a secondary listing or, and/or a dual listing. This listing has been the most scrutinized in the history of South Africa, beginning with unprecedented interest in how Multi-Sided-Platform technology companies are valued. This was further fanned by a large-scale disinformation campaign driven mostly by competitor media houses against Independent Media – a company that would have been under the Sagarmatha Technologies umbrella. It is apparent that there is a general lack of understanding around MSPs in South Africa. Aside from the comments Sagarmatha Technologies was subjected to when it first announced its listing intention, this lack of insight shows in how the JSE’s largest company, Naspers, trades at a substantial discount as compared to the value of its investment of TenCent in China. It is for this reason and the fact the company is considering a listing on the NYSE, that Sagarmatha Technologies had the foresight to engage one of the world’s top valuation companies, Redwood Valuation Partners, as well as the esteemed faculty of finance of the University of District of Columbia, both technology experts and specifically familiar with MSPs. Redwood Valuation Partners underwent a stringent process to be accredited by the JSE. The valuation received from Redwood Valuation Partners pegged the share price between R37-R41 per share – and a decision was made to list at a price of R39,62 per share. Investing in cash negative companies - Sagarmatha Technologies is no different to companies such as Uber, Amazon, Alibaba, SnapChat, FlipKart, Airbnb, DD Chang – all companies that showed substantial losses but whose values were highly valued by the capital markets in which they were listing. It is the very reason why Amazon is today worth $700bn even though its eCommerce business is still only marginally profitable after 20 years and that the top eight MSPs in the world, have a combined market cap of USD4 trillion. Sagarmatha Technologies is still of the opinion that it is important for Africa to have its own MSP, so that Africans are able to take control of their own technology and data and eCommerce destiny. Regrettably, that next step forward was cut short today. As with all pioneering moves, boldness is subject to a lot of analysis, and in this case, also vast misunderstanding. This unfamiliarity sadly lent itself to a focus on Independent Media, rather than on the greater picture Sagarmatha Technologies as a whole, represents. It was the intention of the company to benefit more than three million workers in South Africa, which would have come through the shareholding in Sagarmatha Technologies that included; trade unions, civil society organisations, black entrepreneurs, black businesses, employees and academic institutions. This would have made Sagarmatha Technologies the most representative and largest black-owned listing on the JSE. Additionally, more than 5 000 young IT professionals would have had the opportunity to be trained in the area of data science, Artificial Intelligence, System Engineering and other MSP technologies. Sagarmatha Technologies, with its focus on Africa, still intends to give African investors and African business people and consumers, an opportunity to participate in shaping the future African economy. It is also a place for African graduates to hone their skills for the benefit of the African continent. Sagarmatha Technologies would like to extend its sincere thanks and gratitude to all its stakeholders for their support – shareholders, management, the board of directors, employees, legal advisors, TGR Attorneys; sponsor and transaction advisor, Vunani Capital, accounting firm BDO; asset managers and financial services group, PSG Wealth as well as the JSE.

I'm having steak mince with mash potatoes, so does the cat. Sent from my SM-G920F using Tapatalk

The full extent of the destruction at Independent Media since the Public Investment Corporation placed the company at the disposal of Iqbal Survé has been laid bare – ironically via Survé's outrageous attempt to use other peoples money to plug the R2,3-billion hole in his media balance sheet. Last week, on 28 March, a company 73% owned by Survé's family trust issued a remarkable “Pre-listing Statement” inviting selected investors to subscribe for a “private placement” of shares ahead of a planned listing on the Johannesburg Stock Exchange. The company's name is Sagarmatha Technologies (a grandiose reference to the Nepali name for mount Everest) and the pre-listing statement represents a desperate bid to portray it as a high-tech start-up in the mould of an African Google or Amazon. In reality, it looks like a desperate attempt to save Independent, which will be incorporated into Sagarmatha if the private placement attracts enough money. Survé is seeking to raise a minimum of R3-billion via this private placement despite the fact that the company he's selling is technically insolvent and labouring under the burden of some R2,3-billion in debt. The situation is dire because Survé needs to find R863-million by August this year to repay a 50% portion of loans from a Chinese state consortium and the Government Employees Pension Fund (GEPF) that funded his acquisition and development of Independent Media. Sekunjalo Independent Media (SIM), controlled by Survé, owns 55% of Independent Media. Independent is the successor to the venerable but battered Argus newspaper group that was offered up in politically directed sales, first to the Irish Independent group in 1994, and then to Survé's consortium in 2013 in a R2-billion mainly debt-funded deal. The funds from the GEPF were controversially extended to Survé's consortium via the Public Investment Corporation (PIC), which drew criticism for making an investment driven by political considerations rather than returns for government employee pensions. The PIC itself took 25% of Independent, as well as funding Survé. The other 20% of Independent was picked up by a consortium consisting of the China Africa Development Fund and China International Television Corporation. The deal was veiled in secrecy – as were the subsequent fortunes of the group, though plunging circulations, staff retrenchments, resignations and allegations of asset-stripping suggested managing the purchase debt was always going to be a challenge. Suspicions are now rife that the private placement has been engineered largely to allow the PIC to come to the rescue with more government pensioners' cash. The institution refused to confirm or deny whether is was taking up any portion of the private placement. Just what a mess Survé made of Independent is now laid out in brutal detail in his pre-listing statement. The interim financial information disclosed by SIM reveals that, as of 30 June 2017, SIM had accumulated losses of R752-million and that the company’s total liabilities exceed its assets by R547-million. The figures include and reflect the financial state of Independent because SIM exercises control over via its 55% holding. The pre-listing statement discloses that SIM suffered significant losses every year of operation since Survé took over. It says the group's revenue was “negatively affected” by declining advertising sales and reduced margins on advertising. The group is losing cash, mainly due to interest payments, though it has been making only limited interest payments on its major loans, whose repayment deadlines are looming. The interest bearing debt of some R2,3-billion includes just under R1-billion owed to the Chinese, half of which must be paid by 15 August and R770-million owed to the GEPF, half of which also falls due in August. Another debt to GEPF is currently sitting at R490-million, but is due for final calculation and payment only in 2020. Given that the company is technically bankrupt, the auditor's report notes: “The ability of the company to continue as a going concern is dependent on a number of factors. The most significant of these is that the directors continue to procure funding for the ongoing operations for the company.” In other words, Survé needs cash and, given the August debt deadlines, he needs a lot and he needs it fast. What to do? Enter Sagarmatha. The issue about Sagarmatha – and the listing as a whole – is the disconcerting way in which benefits appear to flow to Survé and his family interests. To understand this, we need to follow closely how the initial Sagarmatha package was put together. Step 1 – establish a company at R1 per share Sagarmatha Technologies started corporate life in 2013 as the rather more lowly Independent Media Corporate Services Proprietary Limited, of which 120 shares were issued to a company which is effectively wholly-owned by Survé's family trust. The shares were a nominal R1 each. Step 2 – get another company you control to buy shares for real cash On 31 December 2014 – Independent, controlled by Survé, injected R10.3-million into Sagarmatha Technologies in exchange for 31 new shares. There were now 151 shares. Independent held 20,5% of the company for which it had paid R10.3-million. Survé's family trust now held 79,5% of the company, for which it had paid just R120. Step 3 – inject assets Several new and some existing assets were injected into Sagarmatha Technologies. ANA In March 2015 Survé launched the African News Agency (ANA). It was held 79% by Sagarmatha Technologies and 21% by another vehicle of the Survé family trust. ANA was established to replace the old SA Press Association, which closed its doors at the end of March 2015. ANA is tiny. The pre-listing statement says it currently has a staff of 26 and its low cost strategy is “crafted around strategic media partnerships” that enable ANA “to package and on-sell authentic African content to news and media organisations across Europe, North America and the BRICS countries”. ANA's sales for 2015 were R8,3-million (with an operating loss of R22,5-million) but Survé somehow managed to persuade the China Africa Fund to buy 5% of the company for R357 million. This ridiculous sum valued ANA alone as being worth R7,14-billion. What were the Chinese actually buying? That remains to be seen. (Note, this share expansion diluted the Survé trust holding in ANA slightly to 20%. That 20% will be relevant later.) Loot Also in March 2015 Sagarmatha Technologies acquired a 75% shareholding in Loot Online, an internet shopping site. The purchase was funded mainly via R420-million rands worth of free advertising, which would have come mainly from Independent's print titles – not from Sagarmatha's resources. It is not clear from the pre-listing document how this gift to Sagarmatha was accounted for in Independent's books. Loot Online actually brings in a bit of cash, earning R150-million in 2016, though at a R3-million operating loss. IOL Independent also transferred its online offering to Sagarmatha – Independent Online, which leverages its value off Independent's titles, for a price of R19-million – as well as the IOL Property Joint Venture, for R7,7-million. Step 4 – repeat Step 2 On 31 December 2016 Independent was again persuaded to buy more shares in Sagarmatha: this time 10 shares for just under R137-million, or R13,7-million per share. Step 5 – sell yourself shares at a discount On exactly the same date, 31 December 2016, the Survé family vehicle bought 839 shares for R553-million. This is R659,222 per share, compared to the R13,7-million per share that Independent paid on the same date. To recap: Independent contributed a total of R147-million – for 41 shares, giving it 4.1% of Sagarmatha Technologies, while the Survé trust contributed R553-million for 959 (839 + 120) shares, giving it 95.9% Sagarmatha Technologies. Still, R553-million was a lot of money – or was it? In fact, the pre-listing statement discloses that no money changed hands at all. Instead Sagarmatha Technologies (controlled by the Survé family trust) issued 839 new shares, effectively to the Survé family trust, in exchange for the 20% of the African News Agency owned by the Survé family trust. This “R553-million” transaction valued ANA at a still ridiculous R2,7-billion. So Survé effectively got 95.9% percent of Sagarmatha in exchange for 20% of ANA. The pre-listing document deals rather coyly with this transaction, noting: “The share issues to Independent Media and [the company owned by the Survé family trust] on 31 December 2016 were part of an internal group restructuring in order to obtain the optimal Listing structure. All entities were under common control at the time of issue and therefore the issue price of the shares was not the determining factor.” You don't say. So now Survé had a little company selling stuff online (at a loss) but with a stated value of R392-million, mainly due to the ridiculous valuation of ANA. It is this vehicle, Sagarmatha Technologies, into which he now wants to inject SIM – with its 55% of Independent and its massive debt. Then he wants to list this elaborate confection on the Johannesburg Stock Exchange. But he can't. Even with Sagarmatha Technologies extravagant R392-million valuation, the pre-listing documents show that SIM's debt still drowns the combined entity, leaving it with a negative valuation (minus R303-million) or minus 30 cents per share for each of the 1 billion shares in issue. Who would buy those shares? Enter “the African Unicorn”. Survé's newspaper titles have carried a blizzard of material punting Sagarmatha in recent days, from four page wrap-around advertorial, to breathless puff pieces from his chief cheerleader, Adri Senekal de Wet, the editor of Business Report. She has hyped Sagarmatha as an “African Unicorn”, employing American terminology where a technology start-up valued at more than a billion dollars is termed a unicorn. The pre-listing statement describes the company to be listed as creating “an integrated multi-sided platform ecosystem in Africa that knits technology platforms; content creation and distribution and e-commerce into a consolidated value proposition aimed at attracting prime customers for monetisation”. What does this mean? Senekal de Wet quotes two of the VIP passengers Survé has gathered on the Sagamartha departure platform, Ambassador Harold Doley Junior, 71, and Jim Rogers, 75, both Americans, both involved in investment advisory services and both serving on Sagarmatha's informal “International Advisory Board”. “Sagarmatha is the next emerging markets technology platform growth and success story, with e-commerce, syndicated news and business content, digital media, and technology ventures in one African-owned and managed integrated group,” she quotes Doley as saying. “Sagarmatha’s e-commerce offerings are Africa’s own Amazon, Tencent and Alibaba. In syndicated news content it is Africa’s answer to Reuters and to Bloomberg for business content. In digital news it is an African alternative to Quartz, Daily Beast, and NYT Digital.” she quotes Rogers as saying. (It might irrelevant that Rogers has recently predicted that the next stock market crash would be more severe than in 2008. “When we have a bear market again, and we are going to have a bear market again, it will be the worst in our lifetime,” Rogers told Bloomberg on February 18 this year.) Despite all this hype, the JSE will not list an insolvent company – hence the requirement to raise a minium of R3-billion from private placement investors before the listing of Sagarmatha can go ahead. Injecting R3-billion in cash would raise the value of the company to a positive R2,58-billion, or R2,43 per share. Notwithstanding this modest improvement, the company has set the price for the private placement at R39.62 per share. This means that if an investor commits to the minimum investment of R1-million and if the private placement is successful his R1-million will immediately be worth only R61,332 – unless public investors on the JSE are willing to price the shares higher in the hope of investing in an African Unicorn. The extraordinary price set for the shares is based on an “independent valuation” of Sagarmatha (assuming the merger with SIM) carried out by a California company called Redwood Valuation Partners. The pre-listing statement makes it clear that this valuation is entirely dependent on forecasts of Sagarmatha's fabulous success going forward, since its current assessed value is negative. Redwood says that information relied on included “management’s budget for the group for the year ending 31 December 2018 and the forecast for the financial years ending 31 December 2018 to 2026; the group’s listing investor presentation; and other financial and non-financial information and assumptions made by management”. The pre-listing statement outlines an ambitious but unidentified buying spree across the continent, should Sagarmatha's multi-billion rand war-chest materialise from the private placement. To sweeten this unlikely proposition, the pre-listing statement identifies five investors who have delivered “irrevocable undertakings” to purchase between R50-million and R100-million worth of shares at the private placement price of R39.62 per share. One is Nadia Kamies, known to some as Iqbal Survé's wife, who has promised to spend at least R50-million. Conveniently, if the private placement is successful a company of which the Survé family trust is an 85% shareholder will earn a fee of up to R52,5-million. Even more conveniently, if the private placement is successful, the Survé family trust will end up owning between 60% and 65% of the joined-up Sagarmtha-SIM conconction, worth at least R1,7-billion in real cash. Another person in for R50-million is Leonardo Nicolo Altini. That is not surprising as his family trust is already exposed to Sagarmatha via a 9% shareholder. The same is true for Selwyn Lewis, who already holds 7.5%. The two gentlemen in for at least R100-million each are the Americans, Doley and Rogers. For them, the amounts may be small change, but it is not clear how they get past the restriction on page two of the pre-listing statement, which notes “the private placement will not be made to or be capable of acceptance by investors outside of South Africa”. If less than R3-billion is raised with the private placement, then there is no JSE listing and the whole scheme falls apart. In truth, if the PIC does not come to the private placement party, there will be no party at all. But if the PIC does invest it would be a travesty, given the bloodline of this unicorn – and a betrayal of government employees. Sagarmatha – the mountain – is known as a treacherous place. You have been warned. == amaBhungane Centre for Investigative Journalism produced this story. Sent from my SM-G920F using Tapatalk

Consumer packaging company Libstar to list on the JSE Consumer packaged goods company Libstar has announced its intention to float on the main of board of the JSE. The company, which was built up over 12 years and has a revenue of R8.8 billion, specialises in the consumer packaged goods (CPG) sector and expects to list in the Food Products sector of the JSE. Company CEO and co-founder Andries van Rensburg, said the capital raised from the listing would be used to support Libstar’s growth prospects and to enable further investment in its product categories and manufacturing facilities. Libstar has 27 business units across South Africa and has seven product categories and three product offerings, which are manufactured, marketed and sold across four sales channels, namely retail and wholesale, industrial, food service industry and exports. The seven product categories include perishables, ambient groceries, baking, snacks and confectionaries, beverages, personal care products and specialised food packaging. Some of the well-known brands associated with the Libstar Licensed brand include Robertsons, Weigh-Less, Goldcrest and Safari. MENU Registered users can save articles to their personal articles list. Login here or sign up here Companies and DealsConsumer packaging company Libstar to list on the JSE The company hopes the listing will enable more international investment. Aarti Bhana / 9 April 2018 18:25 No comments so far Consumer packaged goods company Libstar has announced its intention to float on the main of board of the JSE. The company, which was built up over 12 years and has a revenue of R8.8 billion, specialises in the consumer packaged goods (CPG) sector and expects to list in the Food Products sector of the JSE. Company CEO and co-founder Andries van Rensburg, said the capital raised from the listing would be used to support Libstar’s growth prospects and to enable further investment in its product categories and manufacturing facilities. Libstar has 27 business units across South Africa and has seven product categories and three product offerings, which are manufactured, marketed and sold across four sales channels, namely retail and wholesale, industrial, food service industry and exports. The seven product categories include perishables, ambient groceries, baking, snacks and confectionaries, beverages, personal care products and specialised food packaging. Some of the well-known brands associated with the Libstar Licensed brand include Robertsons, Weigh-Less, Goldcrest and Safari. Source: Libstar The company has three existing shareholders, the biggest is Dubai-based Abraaj, with a 70.93% stake. The other two are the Public Investment Corporation and Libstar Management, with 19.36% and 9.71% stakes respectively. Libstar’s intention to list comes from its desire to expand capacities and create additional capabilities in its existing production facilities. The company also said through this listing, it wants to encourage more investment in the current business unit for improvement in its margins and to enable more organic growth in the company. Libstar also wants to use the JSE’s platform to enable more international investment. Libstar has reported an ongoing increase in profits and growth. In the 2014 financial year, revenue was at R4.75 billion, which grew to R8.8 billion in the 2017 financial year. Essentially, a compound annual growth rate of 23%. Libstar has an initial target dividend payout ratio of 30% to 40% of “pro-forma profit after tax”. According to the statement, dividends will be decided by the board and will be a function of the profitability of growth opportunities available to the company’s strategy. The listing is yet to be approved by the JSE Sent from my SM-G920F using Tapatalk

As editor of Business Report, I condemn the deliberate, vicious and dishonest campaign by competing media houses and detractors to undermine the listing of Sagarmatha Technologies on the JSE later this week. On Friday, to be exact. I have watched in disgust how competitor media owners tried to undermine the chairperson of Independent Media, Dr Iqbal Survé, since he acquired the Independent five years ago. The latest attempt by Sam Sole from amaBhungane is nothing but fake news on steroids. It is a sign of desperation by competitors who feel threatened that Sagarmatha, and Independent’s, platform business will compete with them and potentially force them into bankruptcy. Sole wrote: “Independent newspaper titles have carried a blizzard of material punting Sagarmatha in recent days, from four-page wrap-around advertorial, to breathless puff pieces from his chief cheerleader, Adri Senekal de Wet, the editor of Business Report. “She has hyped Sagarmatha as an ‘African Unicorn’, employing American terminology where a technology start-up valued at more than a billion dollars is termed a unicorn.” My question: Why are our competition so obsessed with the businesses of our chairperson, Dr Iqbal Survé? It seems as if this African-born black entrepreneur, who serves on a number of multi-lateral institutions and global organisations (and who has recently been appointed as the chairperson of Brics), just can’t do anything right - well in the eyes of our competitors, only. Is it because he outsmarts them? Is it because he has vision and invested silently in research and technology and, under his leadership, Independent won more global awards from industry giants such as INMA and WAN in the last four years than all the other media companies combined in South Africa? The facts are that Dr Survé is a globally respected business leader. Why will Siemens, Nokia, Saab, BT, the World Economic Forum and members of the Brics Business Council (and various other global business councils) appoint Dr Survé on their boards, invite him as a partner in their businesses and not the chief executive of Tiso Blackstar, Andrew Bonamour, or Branco Brkic, owner of the Daily Maverick. I have to ask Sole who wrote a pathetic “opinion” and called it “investigative journalism”, over the weekend, what is your intent with the nothing more than fake news (that would even give Donald Trump gooseflesh) that you published two days ago? What a journalistic disaster. If I ever publish such without allowing the company a right to reply, I would be sanctioned by our ombudsman and might lose my job as editor. Monopolistic It is crystal clear to me that our competitors and detractors want to dominate the media, that they are monopolistic, selfish and anti-transformation and most definitely don’t support President Cyril Ramaphosa’s plea for an inclusive economy for the new South Africa we voted for. Why are they so desperate to root out a black competitor in the market place? Is it that they wish to kill the spirit of an African entrepreneur, who has at heart the interest of thousands of South Africans, black and white, and millions of Africans? Why attack the intentions of an investor and business leader that creates thousands of jobs and opportunities for entrepreneurs since he started his journey as businessman almost 20 years ago. What did he do wrong? Every investment Dr Survé initiated over more than three decades, was intended to created opportunities for Africans. I know. I was there. Are we still, after 24 years of democracy, faced with an untransformed and monopolistic competitor media that does not allow new (and specifically black) entrants? Monopolies ran the economy during the apartheid years in the media sector and it seems that they are (still) not used to competition. Can it be true that the continuous onslaught on Independent is about control and dominance in the media industry? Remember, Sekunjalo’s acquisition of Independent was a significant transformation move which gave voices to a diversity of people for the first time and changed the ownership pattern of the media industry. It is known that since Sekunjalo consortium acquired Independent, Sekunjalo has been subjected to the most vicious and dishonest attacks by competitor media houses. I’ve been called various names since I was appointed as editor. From Dr Survé’s spin-doctor, queen bee and now, chief cheerleader. What crap. I know Doc for almost 2 and a half decades. My message to Business Report readers is clear: We will not give up,'we are not intimidated by attempts by our local competitors to engage actively with our investors, shareholders and international advisory board members pleading with them to “disassociate themselves from the company”. If Dr Survé is subjected to this as he attempts to transform the economy, what chance will the average person of colour have? Why don’t you explain to South Africa why you are trying to discourage investments into Africa? I invite interested editors and journalists to challenge our chairperson and myself to partake in a national live debate on multi-sided platform companies and their value. Source: IOL Business Report

Nevermind, after reading this https://www.dailymaverick.co.za/article/2018-04-07-amabhungane-analysis-iqbal-survs-mythical-beast/ it seems the JSE has little backbone.

But in the e-commerce space these guys are pretty big? Loot ran quite a successful Black Friday campaign, surely some room there to take on the loss making takealot?

https://www.bloomberg.com/news/articles/2018-04-06/george-soros-prepares-to-trade-cryptocurrencies-as-prices-plunge George Soros Prepares to Trade Cryptocurrencies

/BuysMoreNaspers

PRETORIA, 06 April 2018 - The South African Revenue Service (SARS) will continue to apply normal income tax rules to cryptocurrencies and will expect affected taxpayers to declare cryptocurrency gains or losses as part of their taxable income. The onus is on taxpayers to declare all cryptocurrency-related taxable income in the tax year in which it is received or accrued. Failure to do so could result in interest and penalties. Taxpayers who are uncertain about specific transactions involving cryptocurrencies may seek guidance from SARS through channels such as Binding Private Rulings (depending on the nature of the transaction). Increased attentiveness and speculation regarding the future of cryptocurrencies has prompted calls for SARS to provide direction as to how cryptocurrencies should be treated for tax purposes. However, as indicated in this media statement, there is an existing tax framework that can guide SARS and affected taxpayers on the tax implications of cryptocurrencies, making a separate Interpretation Note unnecessary for now. Cryptocurrency (typified by Bitcoin) is an internet-based digital currency that exists almost wholly in the virtual realm. A growing number of proponents support its use as an alternative currency that can pay for goods and services much like conventional currencies. In South Africa, the word “currency” is not defined in the Income Tax Act (the Act). Cryptocurrencies are neither official South African tender nor widely used and accepted in South Africa as a medium of payment or exchange. As such, cryptocurrencies are not regarded by SARS as a currency for income tax purposes or Capital Gains Tax (CGT). Instead, cryptocurrencies are regarded by SARS as assets of an intangible nature. Whilst not constituting cash, cryptocurrencies can be valued to ascertain an amount received or accrued as envisaged in the definition of “gross income” in the Act. Following normal income tax rules, income received or accrued from cryptocurrency transactions can be taxed on revenue account under “gross income”. Alternatively, such gains may be regarded as capital in nature, as spelled out in the Eighth Schedule to the Act for taxation under the CGT paradigm. Determination of whether an accrual or receipt is revenue or capital in nature is tested under existing jurisprudence (of which there is no shortage). Taxpayers are also entitled to claim expenses associated with cryptocurrency accruals or receipts, provided such expenditure is incurred in the production of the taxpayer’s income and for purposes of trade. Base cost adjustments can also be made if falling within the CGT paradigm. Gains or losses in relation to cryptocurrencies can broadly be categorized with reference to three types of scenarios, each of which potentially gives rise to distinct tax consequences: (i) A cryptocurrency can be acquired through so-called “mining”. Mining is conducted by the verification of transactions in a computer-generated public ledger, achieved through the solving of complex computer algorithms. By verifying these transactions the “miner” is rewarded with ownership of new coins which become part of the networked ledger. This gives rise to an immediate accrual or receipt on successful mining of the cryptocurrency. This means that until the newly acquired cryptocurrency is sold or exchanged for cash, it is held as trading stock which can subsequently be realized through either a normal cash transaction (as described in (ii) or a barter transaction as described in (iii) below. (ii) Investors can exchange local currency for a cryptocurrency (or vice versa) by using cryptocurrency exchanges, which are essentially markets for cryptocurrencies, or through private transactions. (iii) Goods or services can be exchanged for cryptocurrencies. This transaction is regarded as a barter transaction. Therefore the normal barter transaction rules apply. Value-Added Tax (VAT) The 2018 annual budget review indicates that the VAT treatment of cryptocurrencies will be reviewed. Pending policy clarity in this regard, SARS will not require VAT registration as a vendor for purposes of the supply of cryptocurrencies. Source: SARS Website

Mince, noodle and vegetables.

From Twitter: If #Sagarmatha manages to pull off #SouthAfrica first #ecommerce #IPO, @lootcoza will give @TAKEALOT a serious run for their money and has the potential of dominating local #ecommerce market.

We went and compared the prices of chicken breast and lean mince form the stores around Bellville. Checkers Chicken breasts, deboned R59. 99 pkg Lean mince R89. 99 pkg Food lovers Lean mince R89. 98 Chicken breasts, deboned R59. 99 Eatwell meats Chicken breasts deboned R75. 99 Lean beef mince R99. 99 Spar Lean mince R94.99 Deboned chicken breasts (quite horrible, previously frozen) ranging between 50 & 65 Calvinia vleis Deboned chicken breasts R69. 95 Lean mince 84.99 PK Vleis (don't have lean) mince R67. 95 pkg Deboned chicken breasts 56.95 pkg Brito's Deboned chicken breasts R55.99 Beef lean mince R79. 99

Do any of you have a DSTV login that I can borrow for today's game?

Keith doesn't seem to like em. Stadio magically up +18% this week, just before the quarter end. Magical, as only backed by an excel spreadsheet, great PR and lots of promises and targets. https://twitter.com/keithmclachlan/status/979350029977702400?s=19

Paas weekend!

From Keith on Twitter: .New listings suddenly trickling onto JSE... Very good sign. Here's one https://t.co/ScfIvnVIcR and here's the other https://t.co/6H7BfZLEU2 I have not yet formed an opinion on either.

Why was he removed?

Bacon is life! I had a pizza tonight but forgot to post a picture. Nothing special was a BBQ Chicken and Bacon one from Checkers - At R59 it wasn't worth it, but then again what else can you buy for R59 these days.

Johannesburg - Despite the significant problems created by unethical leadership, corruption, and state capture under former president Jacob Zuma, President Cyril Ramaphosa has started significant process towards recovery, the Chamber of Mines of South Africa said on Saturday. The chamber noted the decision by credit ratings agency Moody’s Investor Services to maintain South Africa’s local and foreign currency debt ratings at Baa3, and welcomed the revised outlook for the local economy to stable from negative, the chamber said in a statement. Further, the chamber shared the agency’s view that the previous weakening of the country’s institutions would reverse under a more transparent and predictable policy framework and that, should the recovery be sustained, there would be a corresponding recovery in the economy and a stabilisation of fiscal strength. The chamber remained of the view that a concerted leadership focus on creating an attractive policy, regulatory, and governance environment through ethical leadership, good governance, and the adoption of competitive, stable, and predictable policies was critical to ensuring that the mining industry and South Africa as a whole returned to its rightful position as an attractive investment destination. "Despite the significant challenges created by unethical leadership, corruption, and state capture under the previous administration, President Ramaphosa has started the significant process towards recovery, including making changes to cabinet, and improving governance in key institutions such as Eskom and SARS [south African Revenue Service]." Much still remained to be done, but progress had been steady, which at this early stage was a clear indication of the president’s stated commitment to ethical leadership and governance in state institutions and to addressing the structures, effectiveness, and governance of state-owned enterprises. The mining industry remained committed to playing its part in working with government and other stakeholders to building the nation in the interests of a better future for South Africa, the chamber said. Source: IOL