PHANTOM SHARES: The Finance Ghost — Why is Steinhoff still trading at all?

  • 📰 dailymaverick
  • ⏱ Reading Time:
  • 42 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 20%
  • Publisher: 84%

Nigeria News News

PHANTOM SHARES: The Finance Ghost — Why is Steinhoff still trading at all?
Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

If you can imagine a MyCiTi bus on fire in a Cape Town protest, buying Steinhoff shares at this point is like buying a ticket to ride on that bus.

The resounding question, of course, is not why this is still a topic of conversation in 2023, but why Steinhoff is still trading at all. Because as incredible as it may seem, at a price of “just” 50c a share, you can still get your hands on some Steinies before they become well and truly worthless. Some may argue that they are already worthless, despite a tight bid-offer spread that suggests a willing group of buyers at this price.

It’s not all bad news. Another Steinhoff stepchild — Pepco — is showing how good things could have been for Steinhoff in an alternate reality. In the three months ended December , revenue for this plucky European value retailer was up 27% on a constant currency basis and 24% as reported. There’s a major effort underway to increase the store footprint, evidenced by like-for-like growth coming in at 13% versus the much higher total growth.

Other than for institutional investors who may want to walk a risky journey alongside the creditors in pursuit of whatever crumbs fall off the royal table, unlisted shares are generally a bad idea.Shame man. Telkom really is that awkward kid that no one wants to take to the school dance , the parties decided to walk away from a potential deal. No further details were given.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

dailymaverick /  🏆 3. in NG
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Wasnt steinhof 27c fairly recently? - an almost 100% rise then for those selling now, outstripping most blue chip shares' performance

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Second arrest for Cape Town luxury accommodation 'scammer' suspected of pocketing millions | BusinessAn alleged accommodation scammer has been arrested for a second time on charges of defrauding owners of luxury property along Cape Town's Atlantic Seaboard as well as unsuspecting tourists. | News24_Business _Business This time round, you can keep him. _Business Hi any student discount with this R75 per month subscription fee, information is free yet reading is expensive _Business Chop his hands off 😤
Source: News24 - 🏆 4. / 80 Read more »