Author Topic: Pulverized Sand Box  (Read 309974 times)

jaDEB

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Re: Pulverized Sand Box
« Reply #210 on: June 19, 2014, 03:36:38 pm »
ABLP ABL 201406110050ADisclosure of significant holding of ABIL ordinary sharesAFRICAN BANK INVESTMENTS LIMITED(Incorporated in the Republic of South Africa)(Registration number 1946/021193/06)(Ordinary share code: ABL) (ISIN: ZAE000030060)(Preference share code: ABLP) (ISIN: ZAE000065215)(“ABIL” or “the company”)DISCLOSURE OF SIGNIFICANT HOLDING OF ABIL ORDINARY SHARESIn accordance with the JSE Limited Listings Requirements and section 122(3)(b) of the Companies Act 71 of2008, shareholders are advised of the following:The Public Investment Corporation Limited has today, notified the company that accounts under itsmanagement has increased its holding in the ordinary shares of ABIL from 14.815% to 15.052%, based onthe total issued shares of the company, being 1 501 093 232 shares.Midrand11 June 2014

 :whistle:

ABLP ABL 201406100006AABL/ABLP-Disclosure of significant holding of ABIL ordinary sharesAFRICAN BANK INVESTMENTS LIMITED(Incorporated in the Republic of South Africa)(Registration number 1946/021193/06)(Ordinary share code: ABL) (ISIN: ZAE000030060)(Preference share code: ABLP) (ISIN: ZAE000065215)(“ABIL” or “the company”)DISCLOSURE OF SIGNIFICANT HOLDING OF ABIL ORDINARY SHARESIn accordance with the JSE Limited Listings Requirements and section 122(3)(b) of the Companies Act 71 of2008, shareholders are advised of the following:Sanlam Investment Management (Pty) Limited has, on 9 June 2014, notified the company that accountsunder its management has increased its holding in the ordinary shares of the company from 4.86% to 5.08%,based on the total issued shares of the company being 1 501 093 232 shares.Midrand10 June 2014

 :whistle:

DISCLOSURE OF SIGNIFICANT HOLDING OF ABIL ORDINARY SHARESIn accordance with the JSE Limited Listings Requirements and section 122(3)(b) of the Companies Act 71 of2008, shareholders are advised of the following:Coronation Asset Management (Pty) Limited has, on 21 January 2014, notified the company that accountsunder its management has increased its holding in the ordinary shares of the company from 19.94% to20.19%, based on the total issued shares of the company being 1 501 093 232 shares.Midrand22 January 2014


Also go to http://www.moneyweb.co.za/moneyweb-unit-trust-portfolios - click on ABL
jaDEB

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jaDEB

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Re: Pulverized Sand Box
« Reply #211 on: June 20, 2014, 09:35:46 am »
SGL - Where will gold go from here?
APN -  ;D
ABL - Seems R7 is the resistant level
GLN -  ;D
jaDEB

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jaDEB

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Re: Pulverized Sand Box
« Reply #212 on: June 23, 2014, 09:04:03 am »
The attachments upload directory is not writable. Your attachment or avatar cannot be saved.

 :'(
jaDEB

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jaDEB

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Re: Pulverized Sand Box
« Reply #213 on: June 23, 2014, 05:58:44 pm »
Sold GLN - Bought SGL (100% of Port - hold on  :whistle:) . Still have 100% APN in my Portfolio.  :TU:
jaDEB

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jaDEB

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Re: Pulverized Sand Box
« Reply #214 on: June 24, 2014, 08:39:44 am »
Portfolio update:

Port 1 - 100% APN -  :TU:
Port 2 - 100 % SGL -  ???  (hold thumbs avatar thingy inserted here)
jaDEB

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Patrick

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Re: Pulverized Sand Box
« Reply #215 on: June 24, 2014, 10:35:12 am »
I think I've fixed avatars and attachments...

jaDEB

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Re: Pulverized Sand Box
« Reply #216 on: June 25, 2014, 10:02:36 am »
SGL - PE 7, hope I did the right thing.  :frustrated:  :wall:  :whistle:
APN - Read results - (something new to me) - future looks bright APN have to wear shades  :whistle:
If some1 would not mind reading it. give me your thoughts.

June 2014 Final estimated to be released on Thursday , 11 September 2014


Recent transactions

Aspen has recently undertaken extensive corporate activity which
will transform the group. The following is the status of the material
transactions involved:
c The acquisition of the API manufacturing business, primarily in
the Netherlands, from MSD for EUR31 million plus the value of
inventory, became effective on 1 October 2013.
c The acquisition of a portfolio of 11 branded finished dose form
molecules from MSD in a related transaction for USD600 million,
of which USD67 million has delayed payment terms, became
effective on 31 December 2013.
c The acquisition of the Arixtra and Fraxiparine/Fraxodi brands
worldwide (excluding China, India and Pakistan) from GSK for
GBP505 million became effective on 31 December 2013. In a
related transaction, a further GBP100 million and EUR113 million
has been paid into escrow in respect of the acquisition of the
specialised sterile production site in France which manufactures
these brands and the related inventory. This transaction is
scheduled to become effective on 30 April 2014.
c The acquisition of certain licence rights to infant nutritional
intellectual property, net assets, including a production facility
in Mexico, and shares in infant nutritional businesses in
several countries in Latin America from Nestlé for a purchase
consideration of USD180 million was completed with effect from
28 October 2013.
c The acquisition from Nestlé of certain rights to intellectual
property licenses and net assets of the infant nutritionals
business presently conducted by Pfizer in certain southern
African territories, including South Africa, has been approved
by the competition authorities and became effective on
27 January 2014.

Asia Pacific business
The region’s record of unbroken growth since inception in 2001 was extended with a rise of 27% in revenue to
R4,3 billion supported by products added as a consequence of acquisitions by the Group in the previous financial year.
EBITA was up by 4% to almost R1,0 billion as most of the products added to the portfolio were at the lower margins
available for distribution services and the ongoing mandated price cuts in Australia weighed on profits. The margin
percentage contraction was cushioned by savings achieved in the cost of goods and through a reduction in rebates
paid. In Asia, Aspen’s newly established businesses in the Philippines, Malaysia and Taiwan made impressive advances
albeit off a low base. Sales to customers in Asian countries increased by 22% to R311 million.

International business
The International business led growth in the Group with revenue increasing 94% to R3,4 billion and EBITA rising 79%
to R1,1 billion. The acquisition of the API business from MSD effective 1 October 2013 and the completion of the infant
nutrition transaction with Nestlé effective 28 October 2013 together added R1,3 billion to revenue at low margins,
boosting the sales growth and lowering overall margin percentages. These deals were also influencing factors in the
rise in sales to customers in the Latin American (up 60% to R1,2 billion) and Rest of World (up 147% to R2,2 billion)
territories. The global brands portfolio was an important driver of the growth achieved in the International business
and the margin improvement projects for these products continued to yield favourable outcomes. Contributions from
certain territories in this business have also benefitted from relative currency strength against the Rand.
Sub-Saharan Africa business
In Sub-Saharan Africa gross revenue advanced by 41% to R1,4 billion while EBITA climbed 53% to R0,2 billion as the
good momentum achieved in the second half of the prior year was maintained.

Funding
Borrowings, net of cash, increased by R15,8 billion over the period to R26,2 billion. Translation losses due to Rand
weakness against foreign currencies in which offshore borrowings is denominated added R0,4 billion to total
borrowings. In all, R14,1 billion was spent on investments in new subsidiaries and businesses during the six months
and an additional R1,1 billion was invested in capital expenditure. A further R5,6 billion was added to borrowings on
2 January 2014 with the settlement of the MSD products acquisition. Highly successful local and international debt
syndication processes were concluded during the period providing the Group with the necessary funding to support the

Commentary (continued)
Aspen – Unaudited interim financial results for the six months ended 31 December 2013 3
recent transactions. Group operating cash flows remained strong although this was tempered by a once-off increase
in debtor balances in the newly acquired infant nutritional business in Latin America. Gearing moved up to 51% at the
period end. Financing costs, net of interest received, were covered nine times by operating profit before amortisation

Prospects
The completion of the recent transactions with MSD and GSK will propel growth, expanding the global brands portfolio
with the addition of established products which have strong market acceptance and widening the geographic reach of
Aspen. These transactions have enabled Aspen to establish its own business units in Russia and across Europe as well
as extending its influence in Latin America and Asia. The Group’s presence in Latin America has been further supported
by the infant nutritional transaction with Nestlé which has facilitated the establishment of Aspen business units in
Colombia, Chile, Peru, Ecuador and Central America.
The International business is the largest beneficiary of the recent transactions and is set to become the Group’s
leading contributor to revenue and EBITA, adding further momentum to the impressive growth achieved by this region
in the past six months. Several margin improvement projects are underway aimed at improving competitiveness and
profitability of the global brands portfolio. Plans are well underway in developing a turnaround strategy for the infant
nutritional business in Latin America, but the benefits are likely to be felt in future years.
The largest contributor in the Asia Pacific territory, Australia, faces challenges in the absence of market growth drivers
and the ongoing mandated price reduction programme. Under these circumstances, Aspen management is focussed
on performance optimisation and reductions in the cost of goods. The regional leadership team is placing significant
focus on the development of the business in Asia, with Japan having been identified as an area for specific attention.
In South Africa, the Group expects to continue to perform well in the private sector supported by strong sales and
marketing teams. Ongoing organic growth and regular new product launches will underpin Aspen’s leadership position
in this sector. Public sector results will be dictated by state demand which can be difficult to predict. The 5.82% increase
in the single exit price by the Department of Health will not be sufficient to absorb the effects of the weaker Rand on
the cost of imports and domestic wage and energy cost inflation. The Consumer division is expected to continue its
recovery despite the difficult economic environment and the recently completed infant nutritional transaction with
Nestlé will provide added impetus.
Sub-Saharan Africa should continue to advance favourably provided political instability does not interfere with
performance in any of the material territories.
The second half will benefit considerably from the implementation of the recent acquisitions. High levels of attention
are being given to the operationalisation of the acquired businesses. Plans are being implemented in the pursuit of
opportunities to achieve greater market penetration with the expanded global brands portfolio and in the realisation
of improved production efficiencies which should enhance results in future years. Debt levels in the Group are high,
but gearing is expected to decline steadily due to the strong operational cash flows inherent in Aspen’s business model.

jaDEB

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Moonraker

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Re: Pulverized Sand Box
« Reply #217 on: June 25, 2014, 01:47:19 pm »
Quite happy to hold long term. Bought 1000 @108.30 on 8/3/12 and 500 @258.84 on12/9/13 Languished at 250-275 for quite some time, then, as you know shot up. According to David Shapiro analysts that visited the PE production facility came back ultra impressed.
Great stock, defensive stock. Another 5-10% gain in price before results possible.

Now please have a look at Mediclinic as well, 52% revenues from Switzerland, some 37% from ZA and rest of Africa, 11% from Middle East.
Rand hedge, defensive and good prospects. PE a bit high @19 but I have bought for long term.
Your thoughts Monsieur ?

jaDEB

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Re: Pulverized Sand Box
« Reply #218 on: June 26, 2014, 09:39:59 am »
Thanks Mr Bond,

Mediclinic acquired a 100% interest in Clinique La Colline’s operating
business through Mediclinic’s Hirslanden Swiss business; this would
help the company strengthen its position in Western Switzerland. Total
enterprise value paid for La Colline was about CHF130m, representing
a LTM EV/EBITDA multiple of 8.7x.

NAV R30.20

• Strong growth in patient numbers
• Positive effect of Group refinanc ing for first full year
• Positive effect of acquiring minority interest in Mediclinic Middle East
• Positive impact of currency movements
• Basic normalised headline earnings per share inc reased by 45% to 377.1 cents
• Final dividend per ordinary share inc reased to 68.0 cents (2013: 60.5 cents)

Earnings per ordinary share
– Basic earnings/(loss) basis 418.3 381% (148.9)
– Diluted earnings/(loss) basis 409.3 (144.8)
– Basic headline earnings/(loss) basis 414.6 377% (149.5)
– Diluted headline earnings/(loss) basis 405.7 (145.4)
– Basic normalised headline earnings basis 377.1 45% 259.3
– Normalised diluted headline earnings basis 369.1 252.2


Agree with you Mr Bond, I like APN more, but MDC looks good for medium term. Just keep an eye on new listed company that will be doing 1 day clinics.
jaDEB

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Moonraker

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Re: Pulverized Sand Box
« Reply #219 on: June 26, 2014, 12:57:12 pm »
With the purchase of Clinique La Colline close to 70% of revenues will be from outside ZA.

Moonraker

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Re: Pulverized Sand Box
« Reply #220 on: June 27, 2014, 06:42:58 pm »
SGL - PE 7, hope I did the right thing.  :frustrated:  :wall:  :whistle:
APN - Read results - (something new to me) - future looks bright APN have to wear shades  :whistle:
If some1 would not mind reading it. give me your thoughts.

June 2014 Final estimated to be released on Thursday , 11 September 2014

..Snip..


A temporary setback. http://www.moneyweb.co.za/moneyweb-industrials/aspen-falls-the-most-in-five-years

jaDEB

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Re: Pulverized Sand Box
« Reply #221 on: June 30, 2014, 08:26:32 am »
Thanks Mr Bond,

Same old story, I buy something when the trend is upwards, it goes down. But I will hold it for 6 mnths or so.
jaDEB

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jaDEB

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Re: Pulverized Sand Box
« Reply #222 on: June 30, 2014, 08:47:17 am »
Shareholders are advised that on 27 June 2014 Aspen hosted a pre-closed period conference call with
members of the investment community, a recording of which is available on the Aspen website
(http://www.aspenpharma.com/investor-information/ ). In the view of Aspen's two executive directors
who hosted the conference call, no price sensitive information was communicated during this call.
Unfortunately certain comments made by Aspen management have either been misconstrued or have
been quoted out of context and have now appeared in certain sections of the media creating uncertainty
in the market. Specific quotes requiring contextualization and the appropriate facts are set out below:

".....management told analysts on a call that second-half trading was weaker....":
In answer to a question on the call, management confirmed their general comfort with the potential
increase in Group revenue in the second half of the financial year ending 30 June 2014 from recent
acquisitions, as had been indicated in the presentation on Aspen's 2014 interim results (i.e. results for
the first half of the 2014 financial year) which is available on Aspen's website. Management also
reported that they expected revenue in South Africa in the second half of the financial year ending
30 June 2014 to be lower than in the first half of the year. Revenue from South Africa for the first half of
the 2014 financial year as reported in the unaudited interim results announcement by Aspen amounted
to R3.8 billion, comprising 30% of the Group's gross revenue.

"The company guided for a softer second half in South Africa because of government tender volumes that
were lower than anticipated":
This is consistent with management's statements. Management specifically stated that the anticipated
lower revenue in the second half of the 2014 financial year was influenced by lower than anticipated
volumes in the public sector antiretroviral ("ARV") tender. In the presentation on Aspen's 2014 interim
results referred to above, it is disclosed that revenue from ARV tenders in South Africa for the six months
ended 31 December 2013 amounted to R525 million. This was 14% of the total South African revenue
and 4% of the total Group revenue reported for this period.

"....disappointing second half in South America because of problems with the supply chain....":
Management did not make this comment. Management reported that supply problems relating to a few
products in the portfolio of products recently acquired from Merck had resulted in the full potential of
these products not being realized. Management identified Latin America as the region where this was
specifically applicable.

As soon as the directors have reasonable certainty on earnings per share and headline earnings per share
for the year ending 30 June 2014 a trading update will be released in terms of the JSE Listings
Requirements.

This update has not been reviewed or reported on by Aspen’s auditors.

Durban
30 June 2014
jaDEB

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Moonraker

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Re: Pulverized Sand Box
« Reply #223 on: June 30, 2014, 06:40:15 pm »
THE JSE said on Monday it was investigating trading activity in pharmaceutical stock Aspen which took place ahead of last Friday’s investor conference call and which led to a major dip in the share price.
Aspen’s share price dropped to a low of R283.19 on Friday after going as high as R313. It closed at R288, clocking a loss for the day of more than 6%. It recovered to just under R300 on Monday to register a gain of nearly 4%.
Executive partner and head of trading at Inkunzi Investments, Owen Nkomo, said on Monday it was "disheartening" when only a few analysts — those invited to a briefing — benefited from information that may be perceived to be price sensitive. As he was not at the pre-close briefing on Friday, he said he was in the dark as to what was moving the price.
"I know the JSE has issued a formal response already. But as a matter of principle we will be drafting an email about it and a suggestion to the JSE," he said.
According to Mr Nkomo: "You can’t invite everyone to a pre-close, but everyone has access to the JSE Stock Exchange News Service (SENS). Key points in a pre-close should be raised on SENS."
His view is that while share sensitive information should not be discussed "it is a tough one as management does not necessarily know what moves share prices".
But the concern is that with a drop of 6% — investors who had bought above R300 — as much as 70% could have been lost on a geared instrument if the stock was traded in an aggressive manner as gearing is about ten times the loss on the underlying instrument.
He said Inkunzi would continue to hold its Aspen stock despite the problems as it had already moved higher and was a great business.
Reports doing the rounds were that Aspen executives at the conference had cautioned that margins and volumes were not doing well and that this made the share vulnerable to a sell off. To investors it seemed like the company’s performance had worsen since the last official update.
Insider trading was not expected to have led to the price movement, according to one source.
Aspen, which is a buy according to an I-Net BFA consensus analyst forecast, dropped to as little as R212.30 in July last year, but has been one of the better performers on the market since then — it hit its one year high of R321.97 at the end of last month.
The JSE said it would investigate whether there had been any contravention of its listing requirements — the exchange’s market regulation division is already reviewing the trading activity.
The JSE said if there was any trading activity it believed warranted further investigation, it would be referred to the Directorate of Market Abuse at the Financial Services Board.

Source


jaDEB

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Re: Pulverized Sand Box
« Reply #224 on: July 01, 2014, 11:19:56 am »
APN -  :-X
SGL -  ;D - Gold wants to play with the $1330 level...pls keep going
ABL -  8) I do not think we will see the R6 level, unless more bad news is lurcking
jaDEB

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