Yet more to jangle the nerves of Novus shareholders
They’ve had a torrid time since the group’s listing in 2015. Now it looks ripe for a takeover
The nightmare continues for printing and manufacturing group Novus, which released a trading update this week warning shareholders that headline earnings per share for the six months to end-September would be down by between 46% and 54%.
The group’s shareholders have had a torrid time since it listed at R17 on the JSE in March 2015. The listing followed the unbundling by Naspers’s wholly owned subsidiary Media24 and had been required in terms of a ruling by the competition authorities.
Many of the current shareholders are Naspers shareholders who picked up Novus in the unbundling and probably thought they may as well stay on board. But a significant few are new shareholders who bought into Novus in anticipation of exciting growth prospects in a company that now had no controlling shareholder. So much for that plan...