The Finance Ghost

Whatever you think about emerging market (EM) equities, you’re probably wrong. The popular misconception is that EM indices are a single, monolithic, low-tech, high-risk/potential-high-reward bucket. The reality is far more nuanced and far more interesting – especially if you’re building a well-diversified investment portfolio.

When will Labat Africa engage with the market and tell their story? Old Mutual reminds us just how well our market infrastructure works in South Africa South Ocean Holdings expands in Cape Town They now own 100% of Classic International, yet the share price remains stuck at R0.03 Labat Africa has now concluded the acquisition of the remaining 24.45% in Classic International. This means that they’ve issued another 900 million shares (at R0.03 per share) to settle the purchase price of R27 million.

A slashed tent, frozen footprints, and injuries with no visible cause. The Dyatlov Pass case has everything a good mystery needs, except a conclusion. At the end of the 1950s, nine experienced hikers walked into the Ural Mountains in Western Russia. None of them walked out again. What they left behind has puzzled the world for decades: a tent slashed open from the inside, warm clothing and shoes left behind, and bodies scattered across the frozen slopes in various states of undress.

Accelerate Property Fund makes more progress Bytes Technology investors will have to be patient Capitec sells the rental finance business to Sasfin Sappi unlocks some positivity in the market This is one of the few speculative positions in my portfolio Accelerate Property Fund is an interesting special situation on the JSE. The fund has been trading at a vast discount to net asset value (NAV) per share for a variety of reasons.

The recently launched Ghost Bites podcast brings you an audio supplement to the daily Ghost Bites that you know and love in Ghost Mail. This gives me an opportunity to expand on certain topics in detail, while bringing in the results of the poll as well.

Listed Companies Capitec Bank has entered into an agreement with Sasfin Capital to dispose of Capitec Rental Finance (CRF), a business it acquired in 2019 as part of its acquisition of Mercantile Bank. CRF provides asset financing solutions for businesses across various industries. The disposal consideration is R201 million. Concurrent with the disposal, Capitec Bank will provide a secured credit facility of R1,6 billion to CRF to fund the ongoing rental receivables book.

Hyprop Investments has successfully raised R738,9 million in an accelerated bookbuild – up from the initial R500 million target announced. The company will issue 12,631,505 new shares, the maximum it is authorised to issue, at a price of R58.50 per share. The issue price represents a 1.4% premium to the 30-day VWAP of R57.71 per share on 7 July 2026. The proceeds will be used to fund new and organic growth opportunities both locally and offshore.

DealMakers AFRICA A mandatory takeover offer has been triggered by Emerald HoldCo’s acquisition of a controlling interest in Beta Glass through a broader restructuring involving the former Frigoglass Group’s Nigerian operations. The Securities and Exchange Commission (SEC) has approved a mandatory takeover offer valued at ₦6,94 billion by Emerald HoldCo B.V. for up to 11,74 million ordinary shares of Beta Glass Plc.

In the acquisition of any company, litigation and dispute exposure is a material consideration in assessing the risk profile and overall value of the target. Litigation due diligence is not merely a procedural step, but a fundamental component of a purchaser’s risk assessment, directly shaping pricing, deal structure, conditions precedent, indemnities and post-closing risk allocation.

Hammerson recycles capital at a premium to book As expected, Hyprop ended up raising more than R500 million Trustco’s investment in Meya Mining is in serious trouble Nibbles: MAS, Prosus and more Investors place a lot of importance on these transactions Property funds are generally valued with reference to their book value, or net asset value (NAV) per share. These funds “recycle capital” by selling existing properties and putting that capital into new properties. But what is the link to NAV?