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LATEST ON BIZNEWS RADIO: Chris Logan: Coronation’s shares tanking on Peche’s “explosive” disclosures – company urgently needs to respond. (For Spotify, click here)
LATEST ON BIZNEWS.COM:
- Chris Logan: Coronation’s shares tanking on Peche’s “explosive” disclosures – company urgently needs to respond
- Magnus Heystek: ‘Sunshine economists’ do us all a disservice
- About 80% of voters believe coalitions are SA’s future
- Fauci complicit in Covid-19, NIH cover-up, more emails confirm
- South Africans’ hard-earned property could well be snaffled by the State
- Ramaphosa reform agenda under threat
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- From the FT: Queen Elizabeth II dies
- NHI: a recipe for endemic corruption and further fostering of entrenched ANC patronage’
- Opportunities for South African investors for USA Emigration with the EB-5 visa
- Financial Times perspective: Germany turns to coal for a third of its electricity (Premium)
- Once-maligned Ivermectin now on US Govt “Covid Treatment Guidelines” website. (Premium)
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JSE-listed asset manager Coronation absorbed much of my time yesterday. First through a late morning update to the Daily Insider, after I got my wires badly crossed. Then via an interview with veteran asset manager Chris Logan, a shareholder in the company.
In the 1990s and early noughties, Logan was SA’s rock star asset manager. The chartered accountant and devoted paddle skier led a high profile team which dominated the top spots in most unit trust performance tables.
Twenty years ago, Logan left the spotlight to start his own firm, Opportune Investments. We’ve stayed connected – and I’ve continued to be in awe of his intellect and courage to publicly hold the rich and powerful to account (Tongaat, etc).
Our discussion yesterday was about Coronation’s refusal to publicly respond to what Logan describes as “explosive” allegations by Sean Peche. He says that at the very least, the company should take a cue from its tanking share price which is back to 2012 levels (see below). Have a listen – click here or on the link above.
* Got some classic responses to yesterday’s Coronation correction email – like Colin T who quipped: “If they are dishing out money, why is the share price up to paw paw and the dividend not more attractive?”. Another from well-known accountant Lawrence Musiker who asked “I’d love to be one of their employees – how does one go about this? Then just ‘work’ for a few years and retire very comfortably.”
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