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In a rather eventful day for corporate news, MC Mining announced the departure of its chair Nhlanhla Nene, while Canal+ picked up a little more of MultiChoice. In international news, sales at luxury goods group Hermes are booming, but this doesn't mean Chinese demand is bouncing back.
Junior coal miner MC Mining announced that chair Nhlanhla Nene had resigned with effect from 25 April after almost two years in the position. At the time of his appointment, MC Mining was facing challenging operating and funding conditions following the Covid-19 pandemic, it said in a statement. The company subsequently completed a fully underwritten rights issue in November 2022, facilitating the revitalisation of the Makhado steelmaking hard-coking coal project and a revision of its development strategy, significantly enhancing the value of the project for all stakeholders. MC Mining's board only recently, and reluctantly, recommended shareholders accept a takeover offer from a consortium called Goldway. "MC Mining and the board express their sincere appreciation to Mr Nene for his role in advancing the company and its steelmaking coal assets," CEO Godfrey Gomwe said in a statement. "MC Mining is now on a more stable footing with clear development plans for its large coal resource base and we wish him every success in his future endeavours."
The Takeover Regulation Panel said on Thursday French media giant has now built up its stake to 41.6% after a series of transactions between 18 April and 24 April, when it spent between R116 and R117.59. Canal+ has made a R125 per share offer to MultiChoice, with the latter company previously clarifying that Canal+ would still face takeover hurdles even if it tried to build up a controlling stake. MultiChoice added 0.4% on Thursday and has risen by about 45% so far in 2024.
