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<p>Brimstone&#8217;s headline loss per share has widened 13.5 per cent. The investment holding company incurred Covid-19 related expenditure of approximately R40 million during the year under review. The company has repaid more than R1 billion in debt. Brimstone CEO, Mustaq Brey joins CNBC Africa for more.</p>


Brimstone CEO on how the business is responding to COVID-19 headwinds

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Investment holding company Brimstone says the acquisition of Obsidian Health is in line with Brimstone’s strategy of having control and increasing the portfolio of unlisted assets. Brimstone CEO, Mustaq Brey joins CNBC Africa for more.</p>


Brimstone CEO Mustaq Brey on the rationale behind Obsidian Health’s acquisition

Brimstone CEO on the rationale behind Obsidian Health acquisition

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<p>Brimstone cut its losses by more than half for the interim period ended June. The majority owner of fishing enterprise Sea Harvest is on the recovery after a difficult year prior, operating profit came in at R178 million and they reported a headline loss per share of 64.1 cents. Brimstone CEO, Mustaq Brey joins CNBC Africa for more.</p>


Brimstone CEO: After Clover exit, our numbers are positive going forward

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<p>Brimstone financial year end results revealed a bitter sweet performance from the company. The company exceeded a R10 billion total asset value for the first time however the company’s equity market conditions led to a decline in it its overall profitability. The board were able to declare a dividend of 45 cents per share. Joining CNBC Africa for more is Mustaq Brey, CEO of Brimstone.</p>


Brimstone reports increase in FY headline earnings

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<p>The JSE indices delivered negative returns in 2018 with the small cap mid cap unit trust sector declining by 10.6 per cent. However, Westbrooke Special Opportunities hedge fund delivered a return of 10.6 per cent. For more on the Westbrooke fund and the future of the small mid cap sector CNBC Africa is joined by Jarred Winer, Co-Founder Westbrooke Alternative Asset Management and Fund Manager of the Westbrooke Special Opportunities Fund.</p>


The small to mid-cap sector is 40-50% undervalued, says Westbrooke’s Jarred Winer

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<p>Brimstone posted its full year numbers with diluted headline earnings per share of 10.9 Cents and declared a final cash dividend of 42 cents per share. Brimstone&#8217;s Chief Executive Mustaq Brey joins CNBC Africa for more.</p>


Brimstone’s Mustaq Brey sees potential in education sector

<p>Brimstone plans to list Sea Harvest. This will be the JSE&#8217;s second fish listing of the year. Last week African Equity Empowerment Investments revealed it will list its fishing and food unit on the Johannesburg Stock Exchange on March 2.</p>
<p>A capital raising of up to R1.5 billion by private placement will be undertaken by Sea Harvest simultaneously with the proposed listing.</p>
<p>Brimstone first invested in 53-year old Sea Harvest in 1998 with an initial 10.76% interest and today holds 85% of the company, with management and staff holding the remaining 15%.  Sea Harvest has demonstrated strong growth in the last five years with 59% of its revenues generated in hard currencies, Europe and Australia are its largest international markets.</p>
<p>Since taking control in 2009, Brimstone has invested c.R776 million in Sea Harvest through additional capital and reinvested profits. Sea Harvest has invested considerably in new vessels and plant efficiencies, and also used capital to acquire control (56%) of Australian listed Mareterram Limited in 2016.</p>
<p>Brimstone foresees significant growth potential from Sea Harvest and capital raised through the listing will help accelerate its growth trajectory.</p>
<p>“The listing will add further impetus to transformation in South Africa, and is strongly aligned with government’s strategy to increase the number of black industrialists,” says Fred Robertson, Chairman of both Brimstone and Sea Harvest.</p>
<p>“Sea Harvest will retain its black ownership credentials with Brimstone continuing to own more than 50% of the company post-listing. Our long-term partnership approach has worked well and this will remain a cornerstone of our investment philosophy.”</p>
<p>“Capital-raising will strengthen Sea Harvest’s balance sheet by repaying all company debt and providing the company with the additional capital to support growth both organically and acquisitively. Organic growth will come from margin enhancements by improving efficiencies and investing further in the business. Over the past two years alone, investments of some R300 million have been made in vessels and infrastructure with a corresponding increase in margins. This has also contributed directly to the creation of new jobs.”</p>
<p>“Importantly, the listing will allow Sea Harvest to attract and retain management and staff through the use of tradeable instruments. This will ensure that the interests of management and staff are aligned with those of Sea Harvest’s shareholders.”</p>
<p>“Sea Harvest has been a strong performer in our group and we expect the company, under the leadership of Felix Ratheb, to stretch capacity and capability. The company is energised and poised for growth.”</p>
<p>“Brimstone has established a track record of creating value in various ways for its shareholders over the years. Our role in the listing of Life Healthcare on the JSE and the significant value it created to all stakeholders is a fine example,” says Mustaq Brey, Brimstone CEO.</p>
<p>The listing will be subject to approvals by the majority of Brimstone shareholders, regulatory approval by the JSE and any other regulatory consents that may be required. A general meeting of Brimstone shareholders will take place on 9 March to seek their approval for the listing.﻿</p>
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Brimstone

Brimstone CEO on how the business is responding to COVID-19 headwinds

Brimstone CEO on the rationale behind Obsidian Health acquisition

Brimstone CEO: After Clover exit, our numbers are positive going forward

Brimstone reports increase in FY headline earnings

The small to mid-cap sector is 40-50% undervalued, says Westbrooke’s Jarred Winer

Brimstone’s Mustaq Brey sees potential in education sector

JSE prepares for second fish listing this year as Brimstone prepares to list Sea Harvest

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Brimstone

Brimstone CEO on how the business is responding to COVID-19 headwinds

Brimstone CEO on the rationale behind Obsidian Health acquisition

Brimstone CEO: After Clover exit, our numbers are positive going forward

Brimstone reports increase in FY headline earnings

The small to mid-cap sector is 40-50% undervalued, says Westbrooke’s Jarred Winer

Brimstone’s Mustaq Brey sees potential in education sector

JSE prepares for second fish listing this year as Brimstone prepares to list Sea Harvest

News Tips

Advertise With Us

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