Star SW-2021-04-23

Sandile Mchunu sandile.mchunu@inl.co.za THE CLICKS Group restored its interim dividend after suspending it last year over Covid-19 uncertainties on its operations. The retail-led healthcare group yesterday declared an interim dividend of 142.5 cents a share in the six months to end February. Last year, Clicks declared a dividend of 450c after it reported a double-digit growth in earnings during the period. Chief executive Vikesh Ramsunder said the board approved the interim dividend as the group reported strong cash generation during the period. Clicks reported a 11.5 percent increase in cash generated by operating activities to R1.3 billion. “Last year we decided to suspend the interim dividend payment because of the uncertainty created by the Covid-19 outbreak,” Ramsunder said. “However, following an improvement in trading conditions we decided to restore…

Sandile Mchunu sandile.mchunu@inl.co.za NETCARE yesterday flagged that it expected its profits to take a huge hit for the first-half of its 2021 financial year as the private hospital group continued to be impacted by the Covid-19 pandemic. The group told its shareholders in a trading guidance that its earnings before interest, tax, depreciation and amortisation (Ebitda) were projected to tumble nearly 40 percent during the period as the Covid-19 continued to hit its operations. Netcare said its Ebitda would fall between 35.5 percent and 38.5 percent for the six months to end March compared to the first half of 2020. The group said the Ebitda, however, increased between 690 percent and 725 percent when compared to the low base of the second half of the…

DELTA Property Fund’s re-issued and corrected audited annual financial state- ments for the year to February 29, 2020, reflected a 48.7 percent decline in distributable earnings to 34.6 cents per share (2019: 67.4c), primarily due to rental reversions on leases renewed, increased vacancies and corporate tax payable on earnings retained, a state- ment said yesterday. Net asset value per share fell 22.3 percent to R5.54 (R7.13) and was mainly negatively affected by a fair value adjustment to investment properties. The company went through significant changes post the 2020 financial year including appointment of a new board to drive a better performance. Forensic reports last year also found irregular practices such as previous executives who had “in the execution of their duties, undermined the company's governance practices, which resulted in…

Aishah Cassiem aishah.cassiem@inl.co.za MEMBERS of Parliament have called on the Department of Environment, Forestry and Fisheries (Deff) to investigate top fishing company Oceana following damaging allegations of black economic empowerment (BEE) transgression by some former and current employees. Deff said the department condemned all forms of fronting and any abuse of disadvantaged people for purposes of self-enrichment. Beneficiaries of the Oceana Empowerment Trust (OET) have accused the company of using black employees to gain fishing rights and for registering and transferring employees’ shares to the OET trustees. Rebecca Jonathan, an ex-employee of Oceana and OET beneficiary, wrote to Parliament to allow her to present evidence on the matter and for an urgent investigation to be conducted. Oceana has dismissed this claim as baseless, stating that the 2013/14 amendment did not…

Bongani Hans bongani.hans@inl.co.za OCEANA Empowerment Trust (OET) beneficiary Sfiso Buthelezi was left disheartened and enraged with the Trust after his payout after vesting this year turned out to be a lot less than what he had expected. The 47-year-old Durban resident, who no longer works for one of the biggest fishing companies in the country, said when he was given the 10-year shareholding status in 2007, the Trust had initially promised that he would receive about R500 000 cash in 2017. However, after the company had extended the lock-in period to 2021 it paid him less than R200 000, which was far less than the expected R500 000. When the company entered into a deal with employees, some of them were given up to 6 000…

AT THIS STAGE the Trustees are not aware of any legal action against the Trust. Should this arise, it will be dealt with through the appropriate legal channels. The cash payout was not subsequently converted to a loan. It was a cash payout paid to all employee beneficiaries. It was funded by a capital contribution to the Trust by Oceana. The capital contribution was referred to as a loan for ease of understanding, as the Trust had to pay it back. This is standard in trusts of this nature. The 2013/14 amendment did not result in a dilution of shares. Employee beneficiaries were fully informed about the amendment to the Trust deed. From 2013 to 2014, there was a material amendment to the Trust deed to provide for the extension…