My opinion on Novus Holdings results Printing, packaging & education small cap $JSENVS Novus Holdings issued its YE2026 trading update to March on June 11th It indicated HEPS would be 0% and 8% lower to a range 81.26 cents and 88.32 cents. This decline was likely due to weakness in the education division and timing issues regards awarding of departmental book contracts that impacted H1 and swelled into H2 Actual YE2026 HEPS came in at 84.79 cents -4.0% on the comparative 88.33 cents per share Before I unpack my observations I will detail some facts so as to calm those who will surely bitch & moan like that little twat Trump at me I've owned #NVS p.a since 140 cents after A2 Investment Partners initially became involved as an activist acquiring from Media24 their initial investment at 100 cents a share to acquire 17.4% in April 2021 I have had nor have any corporate relationship whatsoever with A2 Investment Partners or its listed assets aside from just personally owning shares in Novus & Nampak (I've made great gains on both stocks as have institutional shareholders who also followed A2) Novus is trading today at 571 cents with a market cap of R1,960 million. It's a tightly held small cap. A2, related Novus entities and institutions own 83.73% of the shares This (could) create an opportunity should Novus return to earnings growth and with its Mcap hovering around the R2 billion value - many institutions cannot own shares in stocks below <R2bn - any improvement in earnings prospects (could) see a push in #NVS shares due to this illiquidity Since A2 got involved with Novus in April 2021 (facts that will annoy some).... Share price 100 cents to 571 cents = 471% (has been as high as 798 cents July 15th 2025) Total dividends specials paid since A2 involved in Novus = 300 cents (including the 55c declared for YE2026) = 871 cents of value from a stock you could have bought at 100 cents = 771% In same period the J202 Small Cap Index has risen (from when A2 bought their initial stake in Novus) = 101% Complain about business performance, and you can, I will join you and the machinations around $JSEMST Mustek BUT your up 771% in total return since early-April 2021.....that is a stellar return no matter your personal stance on Novus and A2 Ok, looking at year end results to March 2026 Mixed performance. In order to get the current 6.7x PE re-rated, management need to get growth and sustainability returned to Novus I'm concerned the education business has become a riskier asset given the inconsistent and budgetary constraints within various Departments of Education and Provincial education authorities and the recent DoBE book order scandal (now under review) does not help sector education publishing sentiment Novus cash at year end of R1,017 billion = 320 cents per share is a solid year-on-year increase but much of this uplift will be used to buy-out Mustek where Novus now holds 50.39% directly (control) and 70.68% via its deemed concert parties Novus has agreed to acquire outstanding shares at 1541 cents but has greedily been hoovering up shares at 1500 cents as institutions bail out of this long-too-long dragged out M&A issue with Mustek. R311m of the cash is reserved for Mustek Novus agreed to pay a flat year-on-year dividend of 55 cents which gives a current yield of 9.6%, not too shabby at all On underlying performance Mixed is the best term. Group revenue R4,195m (-0.7%) with declines in print (-9.9%), education (-18.1% to R758.6m and packaging (-5.1%) to R699.5m Operating profit fell -18.7% to R342.9m but looking into this, there are lots to unpack; Education saw operating profits 4.4% to R169.8m but that was down to accounting wizardry rather than underlying performance Packaging operating profit 2.7% to R88.8m mainly due to cost controls as revenue was down due to general market pressures Print & distribution saw revenue rise 6.8% to R2,726m but operating profit slumped -37.3% to R104.4m with some benefits year-on-year from lower paper prices, costs savings and the full 12-month inclusion of an asset previously only accounted for 5 month but strip out OnTheDot and print was -9.9% hitting overall profitability Novus needs to return to its growth tack which was why investors piled in way back in the day. Since November 2024, Novus has been bogged down with Mustek and the overall business has flatlined Yes, cash generation and dividends are solid but I own a R2 billion small cap mainly for growth not for dividends ... CEO Andre v.d Veen will assuredly get back to wheeling & dealing when Mustek is done.... at the last AGM they indicated (given their balance sheet) they could buy businesses >R2 billion At 571 cents and a current PE of 6.7x and a dividend yield of 9.6x I want to like Novus. The rating is fair but the company needs growth and earnings uplift to get the stock moving and the market wanting to own and buy the stock Until the Mustek issue is done & dusted and integrated and some update is given regards the uncertainty around education and Government ineptitude...I see the share just treading water Just my opinion as a long-standing (reasonably happy) shareholder given the total returns made to date since purchase

Well, didn't expect such a swift resolution of this troublesome squabble between $JSENVS Novus Holdings and the Takeover Regulation Panel (TRP) ... but there we are After #NVS launched an offer form $JSEMST Mustek way back in November 2024 with quibbles, scraps and court spats ensuing ... this afternoon #NVS announced it has reached a settlement with the TRP and ups its offer for #MST to R15.41 #MST closed at 1361 cents so watch that stock fly like an AI stock tomorrow on #JSE After such a tedious and bellicose affair that has dragged on and on hampering the story that is #NVS and its ability to move on with life (they have capacity to do some serious deals) ... with #MST deal now having reached a settlement, it can be concluded and all parties can move on The #MST issue has weighed over #NVS like a millstone. Its settlement and deal ratification will allow #NVS to get to work on #MST and more importantly FOCUS on getting back on the growth and expansion tack With plenty of cash in hand #NVS can afford this increased payment and start to plan ahead I've been a #NVS shareholder for several years, have made good money and collected fat dividends but the #MST issue has dragged on too long, impinging the #NVS story YE2026 results to March are ahead and I will await the results and narrative In FY2025 #NVS reported HEPS of 88.33 cents per share. Pending results should be flattish (some delays in H1 on education contracts and timing issues) but with the usual ability to pay a nice dividend

Rubbing my eyes reading the TRP ruling on $JSEMST. They dug into CFDs, identified cutout entities, saw through form to substance. Would like to introduce them to the TRP who declined to investigate the Zenithar dealings in $JSEBEL!

55 cent dividend paid today from $JSENVS Novus Holdings and despite the payment the company still sits on hordes of cash - though some will be utilsied for the $JSEMST Mustek transaction The stock having risen 183% over 3-years has had a more modest 11% increase over the past 12 months and YTD -4% Recent YE205 results reported HEPS 88.3cps = PE 8x, NAV 703.5cps & year-end cash of R812.2m = 259cps For a reasonable growth stock with prospects - I have owned it myself since 140 cents & collected fat dividends - its ok priced at an 8x but the counter needs some growth uplifts / prospects to justify any further share price growth. I see it tracking sideways for a while

$JSEMST $JSENVS Huge block trades went through at 15:07 today on both stocks. NVS has made buyout offer on MST value of both trades exactly R9 821 071 This is the share swap. Very small take up given the market cap. Both shares seem to be down about 13% but this isnt 'real'

YE2025 trading update from packaging, publishing and education business $JSENVS Novus Holdings HEPS guidance 83.56 - 93.01 cents per share or 6.1% to 18.1% so on mid-point earnings that gives a PE for #NVS of 8.1x Question will be how much CASH do they have in hand and progress of the $JSEMST Mustek transaction? #NVS paid a final dividend of 50 cents for FY2024. Granted they spent a wedge of cash on the #MST stake & they may yet have to use cash to fund the balance of the #MST offer UNLESS given the current share price ratio - new #NVS scrip is used I'd anticipated another solid dividend payment from #NVS My long-standing 750-cent price target hags been made. Today, #NVS is trading back to 719 cents despite the revised trading update correction ... hope the boys not slipping !!! Following on from my recent #NVS tweet...I still believe the stock - in a sideways trend all year - WANTS to pop higher. I'd set a new price target of 850 cents if pushed to give an opinion on the update Yes, I own #NVS p.a and have done since c. 140 cents moneyweb.co.za/mny_sens/novu… via @Moneyweb

Catching up with my data points having been busy for a few days roadshow away $JSENVS Novus Holdings FY2025 results out soon (if history holds) mid-June #NVS been in a sideways trading trend since December 2024 around 700 cents - I'd say it looks like (on any positive news) it wants to break higher. Just a hunch, time will tell. #NVS trading today at 720 cents year-to-date -2.59% I note that the offer by #NVS to buy IT and hardware biz $JSEMST Mustek sees #MST now back at the #NVS cash offer price of 1300 cents The other offers are 700 cents cash 1 new #NVS share (worth 1420 cents) or 2 new #NVS shares for every 1 #MST (worth 1440 cents) So, I'd assume given the differential, IF I was a #MST shareholder (which I'm not) ... though I am a long-standing #NVS shareholder .... and if I was looking to maximize the offer, I'd be taking the all share deal? And given #NVS also pays fat dividends - unlike #MST - that could be a sweetener too if #NVS scrip was taken ? Worth watching this stock the next few weeks

In the scrap between $JSENVS Novus Holdings and the Takeover Regulation Panel (TRP) regards #NVS standing offer towards IT & technology company $JSEMST Mustek....the TRP on March 28th withdrew it November 2024 approval for the transaction ordering #NVS to resubmit The TRP ruling was suspect at best on my reading of its announcement #NVS went to the High Court and today the court ruled in #NVS favour ruling that the TRP ruling was "unlawful" and the TRP must pay all legal costs Thus, I assume the 1300 cent cash offer (or) 1 new #NVS 700 cents (or) 2 new #NVS share offer towards #MST still stands (despite) the strange way the TRP interpreted the original November 2024 offer moneyweb.co.za/mny_sens/novu… via @Moneyweb

The market shrugged off a terrible H1 trading update from technology counter $JSEMST Mustek today The company which has battled high debts, excess inventory in green & renewable energy - alongside the entire sector - stated its interim results guidance would see HEPS fall between 70% to 80% to a range of 8,20 cents and 27,31 cents (H1 2023: 91,02 cents) Results will be out Thursday 6th and the market will be looking for progress on the debt and inventory which they have been chipping away at For those that get to see the extensive repertoire of my full written works, rather than pick up the odd curated snippets here on Twitter, @smalltalkdaily has had a "special situation" recommendation on Mustek from as far back as NOVEMBER 2021 (see enclosed) Mustek was also in my Top Stocks of 2023 ,where I specifically commented it was ripe for a buy-out offer given the fat NAV discount I wrote on this issue several times in 2022 and 2023, well before any eventual activist bid in late-2024 (See enclosed) Just some factual background info This morning's dismal trading update was a side show as Mustek is under an offer by $JSENVS Novus Holdings which launched its initial offer back in NOVEMBER 2024 The Novus offer was either 1300 cents in cash or 1 new Novus share 700 cents or 2 new Novus shares for each Mustek share Mustek trading at 1405 cents is well above the Novus offer, thus the trading update is academic as the offer supports the share price The offer rumbles on. I will await Mustek results Thursday

An innocuous Christmas Eve @JSE_SENS which most would not give a passing glance too issued by $JSEMST Mustek which has a mandatory offer from $JSENVS Novus Holdings currently underway I've commented on this offer in past Twitter / X posts. Go search, its all there I read the @JSE_SENS and its a really interesting and somewhat strategic calculating move whereby #NVS cuts in the newly created #MST executive MANCO to a 25% share of some #MST shares that #NVS acquired and agrees to future participation In my line of sight, given my historic coverage and ties to #MST, this smoothes the #NVS path. (1) management gain more sway in the company (always their intent, they floated an MBO eons ago) (2) Gives #MST EXCO more skin in the game & to share any value created share price upside created by them & $NVS (3) ties #MST EXCO into the #NVS strategic vision which surely must be good for Mustek as a company and thus shareholders of which management are now more meaningful As I have said in my client engagements over the past weeks, given the market uncertainty of the #NVS bid towards a completely different new business silo #MST, the #NVS share price has been listless and drifty This news should remove some market uncertainty - there is now alignment and commonality in making the #MST / #NVS partnership work. A smart move, it has the fingerprints of AvdV all over it I've advocated the past weeks, the smarter move has been buying #MST for the potential upside that the guiding hand of #NVS and its backers A2 will have on #MSTR With alignment now due to this deal, #MST may be the place to be in 2025 but some of the mist hanging over #NVS has also lifted Been a #NVS shareholder for since the activism party started, happily collected my dividends and re-invested back into #NVS. Missed the recent dip down to 672 cents. I won't make that mistake again #NVS, despite its year-to-date capital move of 58.7% and you had a 100-cent dividend payout and is backed by hard NAV (728 cents), and now a turn-around interest via #MST, I don't believe 2025 will be as bumper a share price performance for #NVS as 2024...but I for one am not a seller of what remains a fairly priced PE growth stock

$JSEMST Mustek hits a 52-week high and closes at R15.29 well ahead of the cash share offer at R13.00 cash offer of 1 $JSENVS Novus Holdings 700 cents cash worth 1450 cents (or) 2 #NVS shares for every 1 Mustek worth 1500 cents #NVS owns 35% of #MST and has made a mandatory buy-out offer for the PC and IT services company I don't expect #NVS to gain a sizeable position from the (low) offer given #MST NAV is 2801 cents and #MST, once the solar inventory is shifted and debt pared, should end back at a reasonable earnings klip unwinding the PE #NVS backed A2 tends to make these low-ball mandatory offer as they have to pass the usual TRP regulatory muster, but much like their initial investment in #NVS and $JSEYRK York Timbers they tends to acquire a large stake, keep the TRP happy, then creep their stake up over time. I don't see a buy-out coming anytime soon especially not at the 1300 cents cash offer. Too stingy #MST a stock that @smalltalkdaily has recommended as a "special situation buy" for much of 2024 April 15th at 899 cents July 31st at 1270 cents August @FinancialMail 1370 cents Today at 1529 cents. My standing target has been 1800-cents

Let’s see what A2 & $JSENVS Novus Holdings can do with $JSEMST Mustek @smalltalkdaily had #MST as a special buy-out target before #NVS got involved Had special situation buy-out from 899 cents upwards with an 1800-cent ultimate target

MEP sells a key 6% stake in $JSEMST Mustek Given the stake building I have been commenting on for months could this block be the clincher in flushing out the ultimate owner of the large accumulated block in #MST I’ve alluded my thoughts as to whom is behind this stake & a reveal -if my crystal ball 🔮 holds - could be imminent #MST 6.54% to 1449 cents on the @JSE_SENS @smalltalkdaily has had #MST as a special situation but since April at 899 cents & consistently recommended the past months

Comprehensive $JSEMST Mustek YE2024 results webinar with 25 questions asked post the event which the management answered with transparency #MST 2.27% to R13.50 despite awful YE2024 results as seemingly some corporate actions are bubbling Q1 2024 has started well for #MST and they remain confident of returning the company back to its earnings growth tack in 12 - 18 months Presentation link mustek.co.za/wp-content/uplo…

$JSEMST #MUSTEK #JSE #TRADINGSTATEMENT Mustek Limited Trading Statement Summary Key Points: 🔵HEPS and Basic EPS: Expected to be significantly lower than the previous year due to tough economic conditions and cautious market sentiment. (HEPS down between 70% and 80% < 75 to 112.50 cents> 🔵Operating Environment: The operating environment was challenging, with loadshedding abatement impacting renewable energy demand and high interest rates affecting spending. 🔵Net Asset Value: Expected to increase slightly compared to the previous year. Overall, Mustek is facing a challenging operating environment and is expected to report significantly lower earnings for the year ended 30 June 2024. The company's results will be released on September 19th.

No material surprise here regards the challenging FY2024 trading update from ICT small-cap $JSEMST Mustek #MST share price is not being held up by results but seemingly by behind the scenes corporate machinations HEPS guidance down 70% to 80% with a range of 75 cents per share to 112.5 cents per share versus FY2023 374.99 cents After a tough H1 and an even tougher 2H with the main hit coming from the cessation of load shedding hitting the green energy division (as articulated in H1) #MST had to work through excess inventory as sales slumped However, #MST is year-to-date 3.77% to R13.49 and has risen 44.2% since mid-July Why? As I wrote in my August @FinancialMail 2-page feature, a so far unknown entity hidden away within Peresec Nominee has swiftly swooped and mopped up 23.09% of #MST making the entity the largest shareholder in the R776m Mcap stock which has a NAV @2800cps When will this entity reveal their hand? You don't buy 23.09% of a stock for shits n' giggles

With a so far, unknown entity having in swift form accumulated a 23.09% stake in small-cap ICT business $JSEMST Mustek, I ponder in a 2-page feature in the recent @FinancialMail Investors Monthly what could be on the go at #MST in what could be a special situation

The August edition of @FinancialMail Investors Monthly hits the online & news stands this week Always full of company ideas & commentary from the team at FM IM. Get your copy and see what the August ideas are My @smalltalkdaily contribution this month are; Anthony Clark Column $JSEAFT Afrimat $JSEDNB Deneb $JSEMST Mustek special feature $JSESHC Shaftesbury Capital

Interesting that out of all the red on @JSE_Group today in my @smalltalkdaily universe of 60 stocks on my daily watch list, THREE are in the green & all three can be considered special situations in all cases $JSELBR Libstar 9.73% $JSEMST Mustek 4.38% $JSENWL NuWorld Holdings 3.26% Written notes on all three during 2024 to that "special situation" regard

Nothing to see here just a shuffling of the deck as Standard Bank Nominee shunts its accumulated c.14% stake in $JSEMST Mustek to the recently announced @JSE_SENS that Peresec now owns a 23.09% stake That news sent #MST roaring higher as the dangle of suggested corporate activity swirled. #MST 46% since July 16th and trading today at 1337 cents I had an update & special situation buy on #MST published on April 15th 2024 at 899 cents. Seems my "MST could be a target for corporate activity" did eventually play Old Mutual, which has been a big #MST shareholder has been selling and recently disclosed it now only holds 4.65%. They used to own 15.02%