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We take a look at the Stock Exchange News Service (SENS) released by Cashbuild yesterday in which it announced that Allan Gray Asset Management now owns more than 10% of the company's shares.
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About Cashbuild
Cashbuild is the largest retailer of building materials and associated products, selling directly to cash-paying customers through its 256 (and growing) stores in South Africa, Namibia, Lesotho, Botswana, Swaziland, Malawi and Zambia. Cashbuild which employs 4 738 people, comprises Cashbuild Limited and the operating subsidiaries registered in the abovementioned countries. Cashbuild is the first choice retailer in its chosen field in all the regions in which it operates. It achieves this by carrying a focused in-depth quality product range at the most competitive prices, to meet the needs of the local market for homebuilders, home improvers, contractors, farmers, traders and any persons wanting to purchase our quality building materials for cash.
Cashbuild shares have been listed on the JSE Securities Exchange since 1986.
Cashbuild shares have been listed on the JSE Securities Exchange since 1986.
Cashbuild storefront
SENS announcement in which its announced Allan Gray owns more than 10% of Cashbuild
DISCLOSURE OF BENEFICIAL INTEREST IN SECURITIES
In accordance with the JSE Limited Listings Requirements and Section 122(3) of the Companies Act, No 71 of 2008 (the "Companies Act"), shareholders are advised that Cashbuild has received formal notification from Allan Gray Proprietary Limited (“Allan Gray”) that clients of Allan Gray have acquired a beneficial interest in the ordinary shares of the Company, such that the total beneficial interest of Cashbuild ordinary shares held by Allan Gray’s clients is 10.0492% of the total issued ordinary shares of the Company. Cashbuild has, as required by section 122(3)(a) of the Companies Act, filed the required notice with the Takeover Regulation Panel.
Johannesburg 29 January 2020
In accordance with the JSE Limited Listings Requirements and Section 122(3) of the Companies Act, No 71 of 2008 (the "Companies Act"), shareholders are advised that Cashbuild has received formal notification from Allan Gray Proprietary Limited (“Allan Gray”) that clients of Allan Gray have acquired a beneficial interest in the ordinary shares of the Company, such that the total beneficial interest of Cashbuild ordinary shares held by Allan Gray’s clients is 10.0492% of the total issued ordinary shares of the Company. Cashbuild has, as required by section 122(3)(a) of the Companies Act, filed the required notice with the Takeover Regulation Panel.
Johannesburg 29 January 2020
Cashbuild stock price history
The image below shows the share price history of Cashbuild over the last 5 years. And its not been a very good time for Cashbuild shareholders with the stock having lost -40.9% of its value over the last 3 years. So shareholders will be hoping that the faith showed in the company by one of the leading asset managers in South Africa bodes well for the future of Cashbuild and its share price
Cashbuild share price over the last 5 years
The summary below shows the returns provided to Cashbuild shareholders over various time periods:
- 1 week: -1.49%
- 1 month: -8.23%
- 1 year: -32.77%
- 3 years: -40.91%
- 5 years: 6.99%