Stay updated with breaking news from குறி சர்டி. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
The group’s share price rose past the 9% mark on Wednesday morning, following its announcement of a debt restructure and recaptialistion agreement, that will bring it close to ending a tough few years. ....
Ascendis Health will surrender its valuable international assets to settle debt in a restructuring and recapitalisation deal reached with its lenders. If shareholders approve the transaction, they won’t be left empty-handed, retaining most of the SA businesses. If they don’t approve it, they may be left with nothing. The compromise deal, announced on Wednesday, is the result of months of heavy bartering between management led by CEO Mark Sardi and chief financial officer Cheryl-Jane “CJ” Kujenga and creditors Blantyre Capital and L1 Health. Sardi, a former head of investment banking at Nedbank, has also held CEO and CFO roles at a number of other businesses, including House of Busby, Cipla South Africa and Truworths International. He joined Ascendis more than 18 months ago to lead its turnaround. Kujenga joined in December after leading a balance sheet restructuring process while CFO at Adcorp. ....
Daily Maverick 168 weekly newspaper. Optimism over strong recoveries in developed market economies, including the US and most of Europe, as vaccine programmes are rolled out, has helped fuel strong equity market performances this year. So, too, has the massive stimulus pumped into economies by central banks, including the Federal Reserve. Whereas the JSE’s gains seem to belie local economic prospects and the slow pace of vaccinations, it is benefiting, to the full, from the global factors. The exchange’s broad-market All Share Index is up about 12% so far this year. The blue-chip Top 40 Index, which includes the exchange’s most valuable shares, shows a similar gain. ....
A shareholder activist group is trying to ensure that minority investors get a fair deal as Ascendis negotiates its way out of a tricky debt position. ....