Trading Day – Ban and R1 million fine imposed on Steinhoff CFO and Buffalo Coal’s biggest shareholder steps in as chair

Censure, ban and R1 million fine imposed on Steinhoff CFO, Ben la Grange, for fake invoices. 

Buffalo Coal appointed its largest shareholder Tushar Agrawal as board chairperson and non-executive director.

Here is the biggest news of the day.

• Censure, ban and R1 million fine imposed on Steinhoff CFO, Ben la Grange, for fake invoices. La Grange has also been disqualified from holding the office of a listed company’s director or officer for ten years. Markus Jooste handed La Grange a handwritten document indicating pro rata contributions that Steinhoff at Work would be entitled to receive from TG Group in the amount of €23.5 million, even though this was not backed by an actual transaction. La Grange then proceeded to generate an invoice to TG Group for the contributions to be received by Steinhoff at Work and instructed others to process the invoice.
• Biggest shareholder in Buffalo Coal steps in as chairman. The company appointed Tushar Agrawal as Chairperson of the board and non-executive director. Agrawal is the ultimate beneficial owner of Belvedere Resources, the largest shareholder of the Company.
• Northam Platinum earnings remain relatively flat. The company’s full-year results showed a slight increase in revenue from R32.6 billion to R34.1 billion, up 4.4%. Earnings per share (EPS) was down 2.5% to R26.15. The group notes that it faced difficult operational environments at the Zondereinde and Booysendal mines.
• Grindrod posts a sizable increase in earnings. Revenue for the year’s first half is up 31% from 2021 to R3.1 billion. Earnings per share (EPS) turned from a loss of R0.63 to a profit of R0.58 per share. Volume growth at ports and terminals contributed significantly to the earnings improvements.
• PSG Group is restructuring to move ahead as planned after all conditions have been fulfilled or waived. Despite the restructuring passing with 95% of the votes at the annual general meeting, PSG received 2 objections to the proposition. After the meeting, one of the objecting shareholders withdrew his objection. The last objecting shareholder did not submit a Demand and hold only 2000 PSG shares purchased after the company had already published the Firm Intention Announcement and Circular. PSG, therefore, decided to waive the condition precedent.
• US markets remain relatively flat in anticipation of Fed Chair Jerome Powell’s speech at Jackson Hole today.
• Peloton falls more than 18% following disappointing earnings. The company was a darling of many traders drawn into stay-at-home plays during covid lockdowns, and it boosted the share price to exuberant levels. The company experienced surging sales of its stationary exercise bikes. That demand has waned, and the company posted a loss for its 6th quarter. Peloton has embarked on an aggressive turnaround plan and laid off thousands of workers. Before the reported earnings, there was optimism about a deal with Amazon to sell some of its products and platform.