NAV update to end of March 2026 (Q1) from $JSEBRT Brimstone Puts Inav at 945 cents per share or current discount of -47% However, updating the largest assets which have changed in price since March 31st ....$JSEOCE Oceana ( 13.2%) and $JSESHG Sea Harvest (-6.1%) and some tweeks ... gives a current inav of @968 cents ( 2.4%) & a discount of -48.3% all due to #OCE rally (which I think has more to possibly go) The market keeps waiting for Brimstone to just wind itself up, sell something (likely #OCE to the Dutch), repay the group debt of R1.2 billion and call it a day after decades of empowerment so the discount can be unlocked for shareholders and communities invested

I spend all morning on back to back online meetings $JSEITL Itsltile, $JSESHG SeaHarvest, $JSERCL RCL Foods & I pop out to read & get a coffee before my next two online meetings … & the coffee shop of sin cabinet confronts me 😜

Reporting season means @smalltalkdaily is running around like an (organised) headless chicken. So, I'm playing catch up here on Twitter / X Last Friday, $JSESHG Sea Harvest announced the sale of its Ladismith Cheese & Dairy business for R840m with a maximum of R850m to be paid I have written on this eventuality for over a year. It was obvious that the debt pile within #SHG and the growing finance cost line was becoming untenable and 'something had to give' Despite the the fundamentals for dairy in South Africa having solid long-term growth trends sometime you have to make sacrifices for the greater good....and #SHG did just that by selling Ladismith. I have written on this scenario for well over a year with a paragraph in my last @FinancialMail company update in June 2025 highlighting that option as my opinion The buyer is Woodlands Dairy based in PE and they also acquired the Natal Fairfield Dairy a couple of years ago. Woodlands is strong in UHT with the First Choice brands and also has products in a wide range of milks, yogurts, desserts, and cheeses The acquisition of Ladismith which also owns Mooi Vallei (Rigg's butter) gives Woodlands a stronger product footprint especially in milk powders, cheese and butter and expands its footprint into the Eastern and Western Cape This is a great deal for both parties. With little competitive overlap, #SHG believes the Competition Commission has little to gripe over and they hope to get conclusion of the deal in March / April 2026 The proceeds from the sale of Ladismith will be used to settle a large portion of the #SHG debt (R2,583m at H1) and will being debt down into 2026 to c.R1,700m The finance cost line has always been a drag at #SHG and this sale will ease the strain on the company and focus the business back to fishing. Only the abalone side now drags #SHG given weak state of demand in China and muted export pricing The Ladismith sale price was (I understand) c.10x and the sale price was 14% below the stated Ladismith NAV of R980m Woodlands is 74.99% owned by the fantastically wealthy and reclusive Gutsche family who recently sold their controlling 75% stake in Coca Cola Beverages Africa - so cash is not an issue in this deal On the Ladismith sale, #SHG rallied 14.3% to the current 869 cents

A stock I follow & keep an eye on is dual-listed property biz $JSESHG Shaftesbury Capital YTD it’s 22.5% as the London West End prop co extracts further value from its Covent Garden & SoHo / Theatre Land assets. The fact that giant sovereign wealth fund NBIM took a strategic partnership stake also adds allure (and unlimited funds) This comment in the recent UK 🇬🇧 @IChronicle may be of interest esp to @Richards_Karin who I know follows

JSE fishing companies have been as popular as a bucket of dog vomit for the past 5 years. The performance has been dismal. Granted wild catch fishing for the past four years has been some of the worst in decades That is now turning as fishing stocks year-to-date have reported improvement in wild catch rates global demand for white fish (especially Cape hake) due to a slump in TAC for Icelandic cod Russian white fish export sanctions have pushed global white fish prices higher as demand remains unprecedented due to health choices $JSESHG Sea Harvest issues its third revised H1 2025 trading update stating with surety that interim HEPS guidance will be 93.4 cents per share to 95.8 cents per share (versus the corresponding 50 cents) which is a rise of 88% to 93% They attribute the rise to better wild catch rates, hake prices and better milk processing #SHG YTD is -9% but at 760 cents @smalltalkdaily believes the stock offers value and this update - if H2 is a fair clip highlights that (at last) #SHG may offer recovery uplift value I wrote a company review on #SHG in the June edition of @FM with a target price of 1050 cents with the recommendation to "buy on weakness"

Having tried, and unsuccessfully failed, to land this recommendation for the past years, it looks like - after four years of fishing hell - $JSESHG Sea Harvest has turned the corner. I pray to Poseidon that holds true Today's H1 2025 trading update revision - from a May 29th update which indicated "HEPS up over 20%"... today #SHG states that H1 HEPS will "be at least 60% higher than the 50 cents per share reported in H1 2024" Fishing is always problematic as nobody can control tough seas, the weather and a fickle specie but it seems in the past months, calmer, more productive water have returned landing better returns and catches for #SHG and the local fishing sector The easy money has been made in #SHG as the stock bombed out under 700 cents the past months but on recent FY2024 results and the AGM, guidance and the earnings optics improved and today #SHG is trading at 820 cents I wrote a company review on #SHG for this week's @FinancialMail post my participation in the #SHG AGM and I enclose that report

In the month end edition of @FinancialMail the back of magazine Investors Monthly section will have a plethora of company reviews to enlighten readers from me @smalltalkdaily and my compatriots @MarcHasenfuss @FinanceGhost My contributions this month are company reviews on $JSEADH ADvTech $JSEBWN Balwin Properties $JSESHG Sea Harvest I also wrote a feature on $JSEMTA Metair Investments following my participation in a company site visit Out on the news stands on Wednesday, go get your copy

New 52-week low for $JSEBRN Brimstone -N- the better traded (but still illiquid) counter #BRN's fortunes been tied to its remaining debt at centre and the weak performance (and lower dividend flow) from its interests in $JSEOCE Oceana & $JSESHG Sea Harvest Once the Fishing Minister (or) DG actually decides on the "once empowered, always empowered" or another fashion within fishing & FRAP ... then a restructuring of #BRN can take place It's been years of wait now given the original delay in FRAP, then the change of Government in 2024 and then Minister .... an unlock of value needs to occur given the discount of >60% within #BRN

Participated in the $JSESHG Sea Harvest Annual general Meeting earlier. Well worth my time as I compile my pages of notes Got the story of the day for my insto's

Busy results day with $JSEITL Italtile, $JSESHG Sea Harvest & $JSERCL RCL Foods with direct one-on-one management meetings with all three executive teams A lot of information to process & lots of handwritten notes Tomorrow, @smalltalkdaily starts the same with personal meetings with $JSEMF Metrofile, $JSECOH Curro Holdngs and $JSESUR Spur Corporation Varied range of small-to-mid caps I cover in my universe

Line in the $JSEAVU AVI H1 trading update from subsidiary I&J that may resonate with fellow abalone producing stock $JSESHG Sea Harvest "The abalone category was impacted by lower selling prices and weaker demand in key Asian market" All hinges on how the #SHG wild catch / hake season went & if there are no issues with Ladismith #SHG results have been fishcakes for nearly three years

In the September issue of @FinancialMail Investors Monthly I wrote a feature on food producers or the J357 sector running through many of the listed stocks In closing in my conclusion I wanted to be in $JSEAVI AVI $JSEPMR Premier and $JSERFG Rhodes Foods as my core three With the #RFG FY2024 results earlier with HEPS ahead 18.6% to 222.2cps & the dividend 79.2% to 111.1cps, they alongside solid recent results from the other two preferred counters have played out nicely My speculative stocks were $JSEOCE Oceana & $JSESHG Sea Harvest

This may be great news fro hake exporters here in South Africa $JSESHG Sea Harvest $JSEOCE Oceana $JSEAVI via its I&J division

Also in the September issue of @FinancialMail Investors Monthly I wrote a review of the J357 Food Producers Index and the stocks as composed My recommendation was Core Holdings $JSEAVI AVI Group $JSEPMR Premier Group Second-tier Mid Cap $JSERFH Rhodes Foods Group Spec buys on earnings recovery $JSERBO Rainbow Chickens $JSESHG Sea Harvest

Despite c.R1.5bn spent on deals there has been no uplift (yet) to results from $JSESHG Sea Harvest Something always comes a cropper in results from one cog in the business or more often a few cogs If its not problems with milk, Eskom, fishing TAC, fishing conditions.... its then foot & mouth or some other calamity. Only good news if fish prices are up and demand remains firm (when it can catch the fish that is) but Mother Nature is a fickle woman in fishing #SHG share price been sliding for years & I and many other await WHEN the turn will come and WHEN the acquisition funding (c.R1,5bn) huge increase in debt will generate a return? Comparisons. Peak #SHG was H1 2021 & FY2021 on a like-on-like H1 2021 Revenue R2,104m PBT R288.95m HEPS 72cps Debt R1,369.7m H1 2024 Revenue R3,302.6m ( 57%) PBT R245.5m (-15%) HEPS 50 cps (-31%) Debt R2,968m ( 117%) Core #SHG ex the Terrasan deal would have been grim. Terrasan contribution assisted but some elements (Aquinion Abalone) not looking great I admit I was very hopeful of #SHG in 2022/23 but my I'd been a stinker of a recommendation of mine as nothing every seems to go right for #SHG In the H1 2024 results webinar just finished all seems to hinge on improved fishing in H2 as 55% of the hake and 80% of the horse mackerel is yet to be landed due to bad H1 fishing conditions. Shareholders better hope this plays out if not I wonder for #SHG Lots of potential but lacks physical delivery. I still believe an asset sale (probably Ladismith) needs to be undertaken to trim ballooning debt which is now pretty much equal to #SHG market capitalisation

Busy @smalltalkdaily morning ; two notes out & also $JSESHG Sea Harvest exclusive AGM update Between the ☔️ 🌈 we had a walk & this one 🐶 just loves the beach

Some Sophie Ellis-Bextor "Murder on the dance floor" today on @JSE_Group as these fours stocks all fall to 52-week lows All have had less than impressive trading update guidance or results & clearly the market is capitulating $JSEBWN Balwin Properties $JSEMFL Metrofile $JSESHG Sea Harvest $JSEYRK York Timbers

Not a comparative chart, it's just the easiest way to get my Round Robin note out on these five updates that have hit my desk of consequence the past trading days $JSEAFT Afrimat $JSECAA CA & Sales $JSELBR Libstar $JSEMST Mustek $JSESHG Sea Harvest Currently penning my note with snapshot opinions on each stock & my engagements with them all The devil makes work for idle hands & I'm not idle (I wish at times I could be)

Logging into the 4.00pm General Meeting on the $JSESHG Sea Harvest deal to acquire Terresan for c.R1bn I'm sure its merely a rubber stamping affair, but an sector analyst always has to keep an eye on the mundane admin as you never know what titbits you glean

The $JSESHG Sea Harvest General Meeting of shareholders to approve the R965 million Terrasan deal is set for 4.00pm February 26th The #SHG share price has been totally indifferent to this latest & largest #SHG acquisition to date which will see #SHG place 60m shares at 1000 cents to Terrasan pay R365m in cash I can see the strategic rationale of the deal but many question yet another deal, the price paid, dilution & fact #SHG has fat debt and where some past M&A transactions have not ever fully delivered earnings But with Brimstone owning 54% the deal will probably get rubber stamped approved