MultiChoice Group CEO Calvo Mawela says only non-financial people would be concerned by the company going into negative equity.
MultiChoice Group CEO Calvo Mawela says they are not concerned about the company becoming technically insolvent, as it remains in a strong cash position.
In addition to this dismal performance, MultiChoice’s balance sheet shows its assets have shrunk from R47.6 billion to R43.9 billion, while liabilities rose to around R45 billion. A put is a derivative instrument that gives the holder the right to sell an asset to the writer of the option at a specified price by a specified date.
All Weather Capital chief investment officer Shane Watkins has said that MultiChoice’s results were truly appalling“There are lots of profits in the numbers which are artificial,” Watkins said. Watkins said if it weren’t for French media giant Groupe Canal+ propping up MultiChoice’s share price with its mandatory acquisition offer, it would be trading at around R60 per share.
Canal+ was forced to offer to buy MultiChoice after hitting a 35% ownership threshold stipulated in the Companies Act.
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