By Alec Hogg
I received interesting response from yesterday’s newsletter regarding Coronation’s dumping of 170m Abil shares after the profit warning. Including an insider who suggested the asset manager, which for months had been former CEO Leon Kirkinis’s biggest supporter and at 20% Abil’s biggest shareholder, either employs clairvoyants or had some insights the rest of the market didn’t. Something we call Insider knowledge.
The asset manager’s disposal of more than half of its Abils in three days was so heavy and steady that the JSE’s automatic circuit breakers were triggered more than 30 times in one session. How come Coronation was so convinced the stock was worthless – as the SARB’s bailout terms subsequently made it – when others saw it as a bargain? Might it be that the man they steadfastly supported, Abil’s CEO of 23 years, intimated the game was up? Will we ever know?
Yesterday’s top stories:
Shapiro: Guess who bought the 170m Abil shares Coronation sold last week?
Abil BEE shareholders biggest losers
Zuma answers: Why taxpayers spent R246m on Nkandla homestead (with his downloadable report)
JSE profits sparkle, robust systems handle Abil trading frenzy
CFO on Naspers’s debt downgrade to “junk” status
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