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 The Sharenet Daily 
Tuesday, 01 September 2015 - 20:00
Top News
SA Business
Company News
Company Results
World Markets (Spot Prices)
JSE Today
JSE Trading Statistics
Major Moves
Index Summary
Latest Consensus Changes / Results Expected
Recent Dividends / Ex Div
Upcoming AGMs
Stock Exchange News Service (SENS)

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Seed Weekly - Investment Greats ? Carl Icahn

Investment Greats – Carl Icahn

Carl Icahn, the well-known US shareholder activist, grew up in a middle-class family in Queens, New York City. He is the founder and majority shareholder of Icahn Enterprises, a diversified conglomerate holding company based in New York.

After school he received a scholarship to attended Princeton University, graduating with a degree in philosophy. A few years later he took an entry level stockbroker's job in New York. Eventually he bought a seat on the New York Stock Exchange and began his finance career by mostly trading options. Icahn soon grew into a shareholder activist and began using his ownership positions in publicly held companies to force changes to increase the value of his shares.

Icahn is probably most famous for what is called the "Icahn Lift." This is the Wall Street catchphrase that describes the upward bounce in a company's stock price that typically happens when he starts buying the stock of a company he believes is poorly managed.

His strategy involves targeting poorly companies with the potential of unlocking value if ran properly. He then accumulates enough of an ownership position to lobby for a position on the company's board of directors. Usually his first demand is to dump the CEO and, oftentimes, to consider breaking up the company into separate parts and selling them off. Known to be intimidating and relentless he often succeeds. "CEOs are paid for doing a terrible job. If the system wasn't so messed up, guys like me wouldn't make this kind of money."

As a shareholder activist, Icahn is known to be a tough negotiator and clever strategist, whose persistence and personality quirks often distract his opponents. Icahn has had many great battles with multiple well known US corporations resulting, most of the time, in significant capital gains for these companies' shareholders. He is known to be ruthless with company management, using his weight to correct the abuses of greedy and/or incompetent corporate management teams.

Renowned investor Wilbur Ross, friend and frequent adversary of Icahn, referred to him as "the most competitive person I know … he's especially good at terrorizing people and wearing down their defences." He's viewed as such a sure-fire money-maker that investment managers typically start buying up the company's stock, which, whether Icahn is successful or not, leaves him with healthy stock price gains. “I make money. Nothing wrong with that. That's what I want to do. That's what I'm here to do. That's what I enjoy."

As a Forbes Top 100 man, Icahn is also a philanthropist especially supporting higher educational facilities. He has been the recipient of a number of civic awards for his work and contributions to public health, medical research and education charities in the New York area. In 2010, Icahn joined the Giving Pledge list, pledging to give away more than half his fortune.

Kind regards,

Lourens Rabé

Forbes.com, Investopedia.com, Wikipedia.com
Photo: Forbes.com

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Tue, 01 Sep 2015
Top News
Revenue from continuing operations jumped to R23.4 billion (R22.4 billion). Operating profit shot up to R1.5 billion (R778.6 million). Profit attributable to equity holders was R848.1 million (R428.4 million). Furthermore, headline earnings per share from continuing operations came in at 112  Full story

Local markets Resource shares fell 4.66% on Tuesday, leading losses across almost all sectors with the All Share down 2.92%.  Full story
Hundreds of angry migrants demonstrated outside Budapest's Eastern Railway Terminus on Tuesday demanding they be allowed to travel on to Germany, as the biggest ever influx of migrants into the European Union left its asylum policies in tatters.  Full story
Thai police arrested a second foreign suspect in the country's deadliest bombing on Tuesday and said they believed he played an important role, but could not confirm he was the man seen in a yellow T-shirt leaving a backpack at the scene of the blast.  Full story
Dozens of protesters occupied the environment ministry in the Lebanese capital Beirut on Tuesday calling on minister Mohamad Al Machnouk to resign over a rubbish disposal crisis, the latest in a wave of protests against the paralysed political system.  Full story
World stocks and commodity prices dropped on Tuesday as poor Chinese data intensified fears about China's economic health and its effect on other. . .  Full story
Gold rose one percent on Tuesday as the dollar and global equities dropped on fresh signs of economic weakness in China and uncertainty. . .  Full story
Hong Kong shares fell in sympathy with regional markets on Tuesday, as weak Chinese manufacturing data stoked fresh worries about a hard landing. . .  Full story
Chinese stocks got September off to a rocky ride on Tuesday, with main indexes tumbling 5 percent at one point as weak manufacturing. . .  Full story

Japanese stocks crumbled on Tuesday, extending the previous day's losses after surveys showed China's factory sector shrank for the sixth straight month in August. . .  Full story
Australian shares tumbled to their lowest close in a week on Tuesday after fresh data showed China's manufacturing activity contracted in August, reinforcing worries. . .  Full story
World stock indexes fell on Monday as a Federal Reserve official's comments added to investor concerns the bank may start raising interest rates. . .  Full story
Gold steadied on Monday, bouncing up from session lows as oil prices rallied and the U.S. dollar fell, after bullion felt earlier pressure. . .  Full story
SA Business
South Africa's energy minister pledged transparency in the country's efforts to seek a nuclear agreement on Tuesday, seeking to reassure opposition parties who have accused the government of favouring a deal. . .  Full story
South Africa's new vehicle sales fell by 8.2 percent year-on-year to 51,055 units in August, data from the trade and industry department showed on Tuesday.. . .  Full story
South Africa's rand recovered to the dollar on Monday after the greenback sagged ahead of a slew of data due this week, but remained in the sell-off territory as heightened U.S.. . .  Full story

Disappointing growth in Africa's two biggest economies has highlighted the role of China in the expansion of recent years, now that China's. . .  Full story
Sales in South Africa's apparel retailer Mr Price Group Ltd rose 9 percent for the 21 weeks ended August 22, versus. . .  Full story
Buyout firm Actis has bought a significant minority stake in South African furniture retailer Coricraft, it said on Tuesday, marking the. . .  Full story
Australia's Myer Holdings Ltd said on Tuesday it would raise money from shareholders to cut debt and invest in its department stores. . .  Full story
Company News
Shareholders are advised of the following changes to the board of Wescoal: *Mr MornT du Plessis, Chief Financial Officer and executive director. . .  Full story
At the annual general meeting of The Foschini Group Limited held today, 1 September 2015, all the ordinary and special resolutions. . .  Full story
Shareholders are referred the cautionary announcement dated 15 May 2015 and the renewal of cautionary announcements dated 9 June 2015, 29. . .  Full story
In compliance with paragraph 3.59(a) of the JSE Listings Requirements, shareholders are advised that Mr Rasheed Hargey has been appointed as. . .  Full story

CSG shareholders (˘Shareholders÷) are advised that Thyme 2 (Pty) Ltd. and Mr. Gary Davis (collectively the ˘Sellers÷) have accepted an offer from the Company to acquire their respective shareholdings in Ukweza. . .  Full story
Shareholders are hereby advised that RockwellĂs annual report, containing the audited financial statements for the year ended 28 February 2015, was dispatched to shareholders on 31 August 2015, and contains no. . .  Full story
Business Day reported that SA Corporate Real Estate Fund's recent move into the affordable rental housing market in inner-city Johannesburg is already paying off, with a significant earnings boost for the. . .  Full story
Company Results
Revenue for the year increased by 12.7% to R182.2 billion (2014: R161.6 billion), operating profit jumped 18.5% to R9.3 billion (2014:. . .  Full story
Revenue for the year grew 14.8% to R29.5 billion (R25.7 billion). Operating profit lowered to R602.1 million (R978.5 million). Profit attributable. . .  Full story
Revenue for the interim period rose to R781.9 million (R658.58 million). Operating income increased to R382.1 million (R350.8 million). Net profit. . .  Full story
Revenue for the year ended 30 June 2015 increased to R7.7 billion (2014: R6.8 billion). Gross profit increased by 15% to. . .  Full story
World Markets (Spot Prices)
NameTimeRPMove% Move
JSE Overall17:0048515.13-1457.20-2.92%
JSE Top 4017:0042979.77-1370.34-3.09%
JSE Gold17:00961.98-22.04-2.24%
JSE Financial17:0042500.12-1303.22-2.98%
JSE Industrial17:0070218.28-1837.45-2.55%
JSE Indust 2517:0062445.35-1745.90-2.72%
JSE Resource17:0034164.55-1668.79-4.66%
DJ Futures19:4816085.00-423.00-2.56%
DJ Ind19:5816138.29-389.74-2.36%
SP 50019:581926.00-46.18-2.34%
FTSE 10016:156048.59-199.35-3.19%
All Ords08:385117.10-105.00-2.01%
NZSE 5008:085654.99-1.25-0.02%
NameTimeRPMove% Move
Gold $19:591140.856.160.54%
Gold R19:5815299.88258.861.72%
Gold R/kg19:5849170582641.71%
Silver $19:5914.6430.00800.05%
Platinum $19:591008.413.910.39%
Palladium $19:59578.10-19.90-3.33%
Brent Crude19:4250.19.140.28%
USD / ZAR19:5913.41330.15881.20%
GBP / ZAR19:5520.50500.18490.91%
EUR/ ZAR19:5515.15820.29151.96%
NZD/ ZAR19:588.51310.10111.20%
AUD / ZAR19:559.45210.01650.17%
USD / JPY19:59119.8020-1.4160-1.17%
EUR / USD19:591.13000.00920.82%
GBP / USD19:591.5310-0.0036-0.23%

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The JSE Today

Trading Statistics
* Includes all listed instruments on the JSE
Major Moves Up
SharenameSaleMove% MoveVolume
1 EQSTRA  3254315.25.%5589438
2 DRDGOLD  2042513.97.%2780105
3 KIBO  1191413.33.%20000
4 RANGOLD  235209.30.%1315
5 SILVERB  190137.34.%1000
6 GRINDROD  1512926.48.%2095252
7 TRUSTCO  370205.71.%52178
8 SIBANYE  1600805.26.%2395416
9 ADVHLTH  200105.26.%251630
10 ARCMITTAL  1040444.42.%1414039
11 AVENG  500193.95.%2972428
12 SOVFOOD  800303.90.%8578
13 ALTRON  810303.85.%92
14 MRHLD  1299443.51.%2257723
15 PALLINGHT  390123.17.%155176
16 ASCENDIS  1454382.68.%188672
17 SPANJRD  410102.50.%292
18 ITLTILE  1175252.17.%14050
19 AFROX  1300272.12.%14000
20 DIAMONDCP  20741.97.%4500

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Major Moves Down
SharenameSaleMove% MoveVolume
1 OCEANA-N  1800-370-17.05.%63833
2 MRPRICE  20701-3163-13.25.%4954228
3 GLENCORE  2753-317-10.33.%4556687
4 BELL  860-95-9.95.%7715
5 WILDRNESS  526-54-9.31.%3300
6 ADAPTIT  962-88-8.38.%225804
7 AMECOR  230-20-8.00.%80000
8 TEX  1000-73-6.80.%152623
9 LONMIN  671-48-6.68.%1354818
10 AQUARIUS  182-13-6.67.%2292729
11 TFG  14007-983-6.56.%793743
12 ARM   6645-459-6.46.%438114
13 BRAIT  13608-910-6.27.%1233393
14 CADIZ  150-10-6.25.%307595
15 GFIELDS  4016-243-5.71.%2967714
16 TELKOM  6006-344-5.42.%791521
17 MONDILTDP  29100-1651-5.37.%475796
18 NASPERSN  162978-8922-5.19.%1915608
19 CAPITEC  45777-2508-5.19.%235509
20 ANGLO  13924-761-5.18.%2232989

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New Highs
SharenameSaleHighMove% MoveVolume
1 FAMBRANDS  1370013922-20-0.15.%216182
2 DATATEC  74508088-50-0.67.%439965

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New Lows
SharenameSaleLowMove% MoveVolume
1 GLENCORE  27532753-317-10.33.%4556687
2 ALTRON-P  780779-42-5.11.%14993
3 TRNSHEX  240235-5-2.04.%235954
4 SYNERGY-B  7452-4-0.53.%35

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Index Summary
Index NameRPMove% Move
Top 4042,979.77-1370.34-3.09%
Mid Cap66,398.27-1601.40-2.36%
Small Cap57,412.61-400.19-0.69%
Resource 2034,164.55-1668.79-4.66%
Industrial 2562,445.35-1745.90-2.72%
Financial 1515,827.60-521.38-3.19%
Financial & Ind. 3066,997.57-1911.11-2.77%
All Share48,515.13-1457.20-2.92%
Oil & Gas 8,211.55-253.96-3.00%
Mining 20,353.02-983.97-4.61%
Gold Mining961.98-22.04-2.24%
Platinum Mining22.66-.79-3.37%
GENERAL MINING6,030.53-323.65-5.09%
Oil & Gas Producers 44,151.98-1365.52-3.00%
Basic Materials 20,371.80-816.76-3.85%
Chemicals 21,492.22-184.94-0.85%
Forestry & Paper 46,516.38-2334.27-4.78%
Industrial Metals 5,388.42-32.18-0.59%
Industrials 43,226.40-855.64-1.94%
General Industrials 154.07-3.71-2.35%
Consumer Goods 63,752.14-966.02-1.49%
Automobiles & Parts 7,420.63-6.79-0.09%
Household Goods530.49-15-2.72%
Health Care 9,422.90-329.64-3.38%
Beverages 207.83-2.76-1.31%
Index NameRPMove% Move
Food Producers 8,544.89-153.28-1.76%
Personal Goods 975.29-12.09-1.22%
Consumer Services 14,995.32-746.66-4.74%
General Retailers 7,779.16-506.70-6.12%
Travel & Leisure 5,931.74-70.87-1.18%
Media 355.77-19.40-5.17%
Support Services 3,230.78-66.97-2.03%
Telecommunications 8,872.39-126.23-1.40%
Financials 42,500.12-1303.22-2.98%
Banks 7,254.10-257.38-3.43%
Non-life Insurance 54,745.14382.840.70%
Life Insurance 38,441.71-1321.23-3.32%
General Financial 4,437.25-168.08-3.65%
Technology 65,634.42-1391.95-2.08%
SHARIAH TOP40 3,184.94-120-3.62%
FTSE/JSE SHARIAH ALL3,415.24-116-3.28%
COAL MINING8,435.84-138-1.61%
FTSE JSE Fledgling 6,576.61-61-0.92%
FTSE/JSE Alt X 1,444.49-5-0.31%
CAPPED PROPERTY 560.49-2.02%
RESOURCE 18,482.79-893-4.61%
DIVIDEND PLUS200.45-5-2.51%
FTSE/JSE RAFI 408,775.72-263-2.91%
Capped Top 4022,953.26-727-3.07%
Capped All Share24,607.76-739-2.92%
JSE TABACO 8,834.49-129-1.44%

Click here for the Sharenet Index Summary page
Latest Consensus Changes**
CodeCompany NameStatusUpdated
Results Expected**
ExpectedCompany NameFin. Date
02/09/2015DRDLDJune 2015 (Final)
02/09/2015DRDLDCPJune 2015 (Final)
02/09/2015ZPLPJune 2015 (Final)
03/09/2015HOWDENJune 2015 (Interim)
03/09/2015IMPL CONVJune 2015 (Final)

Recent Dividends**
Share NameDec-DateLDTPay-DateAmount
PSGFIN PREF31/08/1517/09/1528/09/15ZAR 3.9079
PSGFIN PREF31/08/1517/09/1528/09/15ZAR 3.9079
WBHO31/08/1509/10/1519/10/15ZAR 2.5800
BIDVEST31/08/1517/09/1528/09/15ZAR 4.8300
SA CORP31/08/1517/09/1528/09/15ZAR 0.1966
Ex Div**
Share NameDec-DateLDTPay-DateAmount
STANBANK-P14/08/1528/08/1507/09/15ZAR 3.5320
LIB-HOLD07/08/1528/08/1507/09/15ZAR 2.5400
RESILIENT05/08/1528/08/1507/09/15ZAR 2.0505
AECI27/07/1528/08/1507/09/15ZAR 1.2500
ADCORP26/05/1528/08/1507/09/15ZAR 0.8800

Upcoming AGMs**
CodeCompany NameDateStatus
MRPPMr Price Group Ltd.01/09/2015Confirmed
MPCBMr Price Group Ltd.01/09/2015Confirmed
TFGPThe Foschini Group Ltd.01/09/2015Confirmed
TFGThe Foschini Group Ltd.01/09/2015Confirmed
MPCMr Price Group Ltd.01/09/2015Confirmed

Stock Exchange News Service
01/09/201517:46Investec Bank Limited - Adjustment To Strike Prices Announcement On Variable Str...
01/09/201517:15WESCOAL HOLDINGS LIMITED - Changes to the board of directors
01/09/201517:07SUN INTERNATIONAL LIMITED - Updated terms announcement on proposed merger of the...
01/09/201517:01RCL FOODS LIMITED - Group financial results for the 12 months ended 30 June 2015...
01/09/201516:45NVEST FINANCIAL HOLDINGS LIMITED - Dealings in securities
01/09/201516:33EFFICIENT GROUP LIMITED - Dealings in securities by a director of EFG and by ass...
01/09/201516:33MINE RESTORATION INVESTMENTS LTD - Renewal of cautionary announcement
01/09/201516:32THE FOSCHINI GROUP LIMITED - Results of annual general meeting
01/09/201516:30ANGLO AMERICAN PLC - Total voting rights
01/09/201516:30AFRICAN DAWN CAPITAL LIMITED - Renewal Of Cautionary Announcement
01/09/201516:30AQUARIUS PLATINUM LIMITED - New issue announcement, application for quotation of...
01/09/201516:00AQUARIUS PLATINUM LIMITED - Change of director's interest notice
01/09/201516:00ZCI LIMITED - Cautionary Update
01/09/201516:00BRITISH AMERICAN TOBACCO PLC - Voting Rights and Capital
01/09/201515:40OLD MUTUAL PLC - Form 8.3 - Public Opening Position Disclosure
01/09/201515:30WILDERNESS HOLDINGS LIMITED - Report on the proceedings of the annual general me...
01/09/201515:30WILDERNESS HOLDINGS LIMITED - Further cautionary announcement
01/09/201515:30THE PIVOTAL FUND LIMITED - Non-beneficial dealings in securities by an associate...
01/09/201515:23JSE LIMITED - Gen - Spanjaard Limited - Submission of Annual Financial Statement...
01/09/201515:05LODESTONE REIT LIMITED - Dealings in securities by a director and by associates ...
01/09/201515:04MARSHALL MONTEAGLE PLC - Disposal by Marshal off six investment properties
01/09/201515:03STANLIB COLLECTIVE INVESTMENTS LTD - Distribution Announcement - Salient Dates
01/09/201515:00GRAND PARADE INVESTMENTS LIMITED - Appointment Of Non-Executive Director
01/09/201514:52INFRASORS HOLDINGS LIMITED - General repurchase of shares
01/09/201514:45OLD MUTUAL PLC - Form 8.3 - Public Opening Position Disclosure
01/09/201514:35CoreShares Index Tracker Managers (RF) Proprietary Limited - Listing of 200 000 ...
01/09/201514:30OLD MUTUAL PLC - Form 8.3 - Public Opening Position Disclosure
01/09/201514:23CAXTON CTP PUBLISHERS & PRINTERS LD - Specific Issues of Shares for Cash to Rela...
01/09/201514:20ASCENDIS HEALTH LIMITED - Trading Statement
01/09/201514:03CSG HOLDINGS LIMITED - Acquisition of further 38.1% of Ukweza
01/09/201514:00MR PRICE GROUP LIMITED - Trading update for the 21 weeks ended 22 August 2015
01/09/201513:32VUKILE PROPERTY FUND LIMITED - Dealings in securities by a director of Vukile
01/09/201513:30ROCKCASTLE GLOBAL REAL EST CO LTD - Results of Accelerated Book Build
01/09/201513:18WOOLWORTHS HOLDINGS LIMITED - Dealing in securities by a director
01/09/201513:09THE FOSCHINI GROUP LIMITED - Statement by the CEO at the Annual General Meeting
01/09/201513:01BLUE LABEL TELECOMS LIMITED - Dealing in Securities by Blue Label Telecoms Limit...
01/09/201513:00INVESTEC LIMITED - Investec plc - Voting rights and capital
01/09/201512:28JSE LIMITED - Gen - Buildmax Limited - Submission of Annual Financial Statements...
01/09/201512:27JSE LIMITED - CANCELLATION OF S361736 GEN- Buildmax Limited - Late Submission of...
01/09/201512:25AVENG LIMITED - Disposal of 70% of Avengs Industrial Property Profolio in a Sale...
01/09/201512:20OLD MUTUAL PLC - Form 8.3 - Public Opening Position Disclosure
01/09/201512:15IVUZI INVESTMENTS LIMITED - IVA537-Full Capital Redemption
01/09/201512:00CAPITAL & COUNTIES PROPERTIES PLC - Notification of Directorship
01/09/201511:50OLD MUTUAL PLC - Form 8.3 - Public Opening Position Disclosure
01/09/201511:47REDEFINE INTERNATIONAL PLC - Redefine International disposes of Cromwell Shareho...
01/09/201511:30OLD MUTUAL PLC - Form 8.3 - Public Opening Position Disclosure
01/09/201511:15BLUE LABEL TELECOMS LIMITED - Dealing in securities by Blue Label Telecoms Limit...
01/09/201511:00ROCKWELL DIAMONDS INCORPORATED - No Change Statement and Notice of Annual Genera...
01/09/201509:51SABLE METALS & MINERAL LTD - Changes to the board of directors
01/09/201509:33W G WEARNE LIMITED - No change statement and notice of annual general meeting
01/09/201509:30JSE LIMITED - GEN - Mine Restoration Investments Ltd - Late submission of annua...
01/09/201509:09VISUAL INTERNATIONAL HOLDINGS LIMITED - Finalisation of Annual Report, restateme...
01/09/201509:07HYPROP INVESTMENTS LIMITED - Dividend: Tax Treatment and Salient Dates
01/09/201509:06JSE LIMITED - GEN- Buildmax Limited - Late Submission of Annual Financial Statem...
01/09/201509:05JSE LIMITED - Gen - Spanjaard Limited - Late Submission of Annual Financial Stat...
01/09/201509:02SOUTH32 LIMITED - Notification of Change of Interests of Directors, Other Person...
01/09/201509:00RMB CIS MANCO (PTY) LIMITED - Distribution announcement - Salient date - RMBMID
01/09/201509:00ADVANCED HEALTH LIMITED - Provisional Summary Audited Consolidated Financial Sta...
01/09/201509:00HYPROP INVESTMENTS LIMITED - Summarised audited consolidated results for the yea...
01/09/201509:00RMB CIS MANCO (PTY) LIMITED - Distribution announcement - Salient dates- RMBT40
01/09/201509:00RMB CIS MANCO (PTY) LIMITED - Distribution announcement - Salient dates - RMBINF
01/09/201508:55LABAT AFRICA LIMITED - No change statement and notice of AGM
01/09/201508:48CoreShares Index Tracker Managers (RF) Proprietary Limited - Distribution Announ...
01/09/201508:20MUSTEK LIMITED - Audited provisional consolidated financial results for the year...
01/09/201508:10ROCKCASTLE GLOBAL REAL EST CO LTD - Rockcastle announces accelerated book build
01/09/201508:00DIAMONDCORP PLC - Unaudited interims for the six mont period ended June 2015
01/09/201508:00GLENCORE PLC - Total voting rights
01/09/201508:00DRDGOLD LIMITED - Report to shareholders for the fourth quarter and year ended 3...
01/09/201508:00SACOIL HOLDINGS LIMITED - No Change Statement and Notice of Annual General Meeti...
01/09/201507:45SAFARI INVESTMENTS (RSA) LTD - Dealing in Securities by a Director
01/09/201507:30EQSTRA HOLDINGS LIMITED - Audited Preliminary Results 2015
01/09/201507:30GRAND PARADE INVESTMENTS LIMITED - Preliminary reviewed group results for the ye...
01/09/201507:10CASHBUILD LIMITED - Audited annual results and dividend declaration June 2015
01/09/201507:05NET 1 UEPS TECHNOLOGIES INC - Notification of directors' dealings in Net1 securi...

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