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"contents": "<span style=\"font-weight: 400;\">Tongaat Hulett’s plan to recapitalise the business was based on Magister Investments underwriting a rights offer. A prerequisite for this support was a waiver of a mandatory offer from other shareholders. </span>\r\n\r\n<span style=\"font-weight: 400;\">Simply, this means that Magister would be able to breach the 35% ownership threshold without needing to make an offer for the entire business.</span>\r\n\r\n<span style=\"font-weight: 400;\">The Takeover Regulation Panel ruled that the waiver was a nullity due to third-party share acquisitions. Although Magister hasn’t formally run away, this is clearly a huge setback to the plan. </span>\r\n\r\n<span style=\"font-weight: 400;\">Facing extreme uncertainty, Tongaat will not be able to release results for the year ended March 2022 by the end of June, as is required by the JSE.</span>\r\n\r\n<span style=\"font-weight: 400;\">Things are going from bad to worse as the company desperately looks for a way to deal with the debt.</span>\r\n<h4><b>A lot of water, not particularly still</b></h4>\r\n<span style=\"font-weight: 400;\">It was a mixed week for Sibanye-Stillwater, with further drops in the share price taking the year-to-date decrease to 11.4%.</span>\r\n\r\n<span style=\"font-weight: 400;\">In good news, the wage strike in South Africa has ended with a three-year agreement that gives an annual average increase of 6.3% that varies based on the category of employee. It includes a cash hardship allowance to lessen the financial impact of the strike itself.</span>\r\n\r\n<span style=\"font-weight: 400;\">Just as things were looking up, the company announced that flooding had caused a halt to its platinum group metals (PGM) operations in Montana. This is literally the Stillwater part of the business, which means the headlines just write themselves.</span>\r\n\r\n<span style=\"font-weight: 400;\">It’s rather incredible that Tongaat Hulett and Sibanye-Stillwater have both been affected by floods on opposite ends of the world.</span>\r\n<h4><b>Telkom burns through cash</b></h4>\r\n<span style=\"font-weight: 400;\">Telkom has lost a third of its value this year, adding its name to the list of companies that have caused pain for investors.</span>\r\n\r\n<span style=\"font-weight: 400;\">The problems are structural in nature, rather than based on specific events. The mobile business isn’t growing quickly enough to offset the declines elsewhere, so revenue fell by 1.1% in the year ended March 2022 and underlying headline earnings per share inched upwards by 2.5%.</span>\r\n\r\n<span style=\"font-weight: 400;\">Free cash flow was negative R2-billion, of which R1.1-billion was the investment in spectrum. It’s the other R900-million that investors are worried about. <strong>DM168</strong></span>\r\n\r\n<i><span style=\"font-weight: 400;\">After years in investment banking, The Finance Ghost’s mother’s dire predictions came true: he became a ghost.</span></i>\r\n\r\n<i><span style=\"font-weight: 400;\">A version of this story first appeared in our weekly </span></i><span style=\"font-weight: 400;\">DM168 </span><i><span style=\"font-weight: 400;\">newspaper, which is available countrywide for R25.</span></i>\r\n\r\n<p><img loading=\"lazy\" class=\"size-full wp-image-1297307\" src=\"https://www.dailymaverick.co.za/wp-content/uploads/2022/06/Rebecca-Public-servants-salaries.jpg\" alt=\"\" width=\"720\" height=\"916\" /> Rebecca-Public servants salaries</p>",
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"description": "<span style=\"font-weight: 400;\">Tongaat Hulett’s plan to recapitalise the business was based on Magister Investments underwriting a rights offer. A prerequisite for this support was a waiver of a mandatory offer from other shareholders. </span>\r\n\r\n<span style=\"font-weight: 400;\">Simply, this means that Magister would be able to breach the 35% ownership threshold without needing to make an offer for the entire business.</span>\r\n\r\n<span style=\"font-weight: 400;\">The Takeover Regulation Panel ruled that the waiver was a nullity due to third-party share acquisitions. Although Magister hasn’t formally run away, this is clearly a huge setback to the plan. </span>\r\n\r\n<span style=\"font-weight: 400;\">Facing extreme uncertainty, Tongaat will not be able to release results for the year ended March 2022 by the end of June, as is required by the JSE.</span>\r\n\r\n<span style=\"font-weight: 400;\">Things are going from bad to worse as the company desperately looks for a way to deal with the debt.</span>\r\n<h4><b>A lot of water, not particularly still</b></h4>\r\n<span style=\"font-weight: 400;\">It was a mixed week for Sibanye-Stillwater, with further drops in the share price taking the year-to-date decrease to 11.4%.</span>\r\n\r\n<span style=\"font-weight: 400;\">In good news, the wage strike in South Africa has ended with a three-year agreement that gives an annual average increase of 6.3% that varies based on the category of employee. It includes a cash hardship allowance to lessen the financial impact of the strike itself.</span>\r\n\r\n<span style=\"font-weight: 400;\">Just as things were looking up, the company announced that flooding had caused a halt to its platinum group metals (PGM) operations in Montana. This is literally the Stillwater part of the business, which means the headlines just write themselves.</span>\r\n\r\n<span style=\"font-weight: 400;\">It’s rather incredible that Tongaat Hulett and Sibanye-Stillwater have both been affected by floods on opposite ends of the world.</span>\r\n<h4><b>Telkom burns through cash</b></h4>\r\n<span style=\"font-weight: 400;\">Telkom has lost a third of its value this year, adding its name to the list of companies that have caused pain for investors.</span>\r\n\r\n<span style=\"font-weight: 400;\">The problems are structural in nature, rather than based on specific events. The mobile business isn’t growing quickly enough to offset the declines elsewhere, so revenue fell by 1.1% in the year ended March 2022 and underlying headline earnings per share inched upwards by 2.5%.</span>\r\n\r\n<span style=\"font-weight: 400;\">Free cash flow was negative R2-billion, of which R1.1-billion was the investment in spectrum. It’s the other R900-million that investors are worried about. <strong>DM168</strong></span>\r\n\r\n<i><span style=\"font-weight: 400;\">After years in investment banking, The Finance Ghost’s mother’s dire predictions came true: he became a ghost.</span></i>\r\n\r\n<i><span style=\"font-weight: 400;\">A version of this story first appeared in our weekly </span></i><span style=\"font-weight: 400;\">DM168 </span><i><span style=\"font-weight: 400;\">newspaper, which is available countrywide for R25.</span></i>\r\n\r\n[caption id=\"attachment_1297307\" align=\"aligncenter\" width=\"720\"]<img class=\"size-full wp-image-1297307\" src=\"https://www.dailymaverick.co.za/wp-content/uploads/2022/06/Rebecca-Public-servants-salaries.jpg\" alt=\"\" width=\"720\" height=\"916\" /> Rebecca-Public servants salaries[/caption]",
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Rebecca-Public servants salaries