Naspers/Prosus share buybacks: More than R20bn of shareholder value destroyed
The Naspers/Prosus share buyback programme was initiated at the latter end of 2020 with the intention of returning value to shareholders.
The Naspers/Prosus share buyback programme was initiated at the latter end of 2020 with the intention of returning value to shareholders.
BizNews founder Alec Hogg shares his rational perspective on Naspers/Prosus, the Wall Street rebound and the US Open.
Naspers has made some big bets in the food delivery and EdTech space in recent years, which according to Van Dijk are starting to bear fruit.
“Naspers/Prosus owns 31% of HK-based Tencent – a stake worth almost 150% of their market caps,” writes BizNews founder Alec Hogg.
Delphine Govender gives her view of Naspers Prosus as a steward of shareholder funds. “It does feel as though management are aware that shareholders have little in terms of rights.”
“36 asset managers led by SA’s PIC have delivered a strongly worded statement to Naspers chairman Koos Bekker urging action against Bob van Dijk.”
Naspers mismangement has hit boiling point as SA’s top fund managers team together to enhance governance and management alignment.
“Prosus $1.8bn acquisition of 100m-a-month-visitor edutech business Stack Overflow may quieten the shrill voices”, says Alec Hogg.
“Koos Bekker and Bob van Dijk will have a much smaller empire, but will be much richer. They will still have a significant company to run.”
It may be dumb to ask, but why sell any of your interest in Tencent if all you do is buy Prosus shares or some other “high-risk, low-return” business with the cash?