Tiso Blackstar has changed its year end from December to June and so has just released final results covering the six months to the end of June 2015. Over that period its “intrinsic NAV” fell by 13.1% from 99p to 86p. in South African Rand terms the NAV fell 7.5% from 17.84 to 16.51 so part of the fall in the sterling NAV can be attributed to Rand weakness.
The company has been transformed over the period with a series of acquisitions and mergers. On 8 June 2015, Blackstar completed the buyout of all the remaining issued ordinary shares in Times Media Group from its minority shareholders by way of a scheme of arrangement, the acquisition of a 22.9% direct equity interest in Kagiso Tiso Holdings Proprietary Limited, and, after the year end, a controlling interest in Robor. They say they now intend to focus on four to six investments, Blackstar Fund Managers has been wound up. Borrowings have been cut to R440m (£23m) and they say they will fall further by end December 2015.
The individual investments and the progress they have made over the period are described in more detail in the full statement which is available under the news tab on the Tiso Blackstar page of our website.
TBGR : Tiso Blackstar NAV falls in transformational six month period