Shares in Zeder Investments which aims to maximise long-term wealth for its shareholders through investments, soared yesterday after it advised shareholders that Peresec Prime Brokers Proprietary had acquired a 6.04% beneficial interest in securities of the company.
“The requisite notice in terms of section 122(3)(a) of the Companies Act has been filed with the Takeover Regulation Panel,” it said.
By 2.50pm on the JSE, the shares were up 5.88% yesterday at R1.80.
Anthony Clark, an independent analyst at Small Talk Daily, said in a note commenting on the deal, “Has some new jockey decided to jump onto the back of old nag Zeder Investments (hoping) to whip it into some semblance of value unlock?”
He said given that the now unlisted PSG Group, which decided to hang onto Zeder when they exited the JSE, “controlled 48.6% unless (they) decided to play ball and moved at a faster pace to unlock the 33% discount to value.. any potential activist or prodder might just hit the first fence and stumble.
“I’ve had a sell on Zeder since October 3rd at 192 cents and it slumped to 155 cents but as I write is back to 172 cents. On the month, the stock is -10.5%. Let’s see what comes of this 6.04% stake and if the old nag can indeed now be made to run faster to the glue factory.“
BUSINESS REPORT