The price differential between $JSESUR Spur Corporation and comparative $JSEFBR Famous Brands continues to widen year-to-date Coming into its third year I have advocated and written saying I'd be LONG : #SUR and SHORT #FBR and it continues to be a win Having been on an all day site visit with the CEO & CFO or #SUR I'm keeping this straddle in place

On a $JSESUR @SpurRestaurant site visit at all the revamped brands around Cape Town with CEO Val Nichas & CFO Cristina Teixeira Visiting new look Doppio Zero, Panarotti’s, RocoMamas & Spur 16-pages of notes taken so far & I’ve covered #SUR for over 20 years Been fascinating behind the scenes tour for an analyst

Here to meet $JSESUR Spur Corp CEO Val & CFO Cristina to chat over Interim results Great results but let’s see how H2 looks like in what looks like a slowly improving consumer economy tho as @BDliveSA headline said Foot & Mouth in beef 🥩 sector is causing havoc to supply chains & menu costings …. Maybe time has come for #SUR to give chicken another go as a business silo It can’t be as bad as the last foray with Captain DoRogos they undertook an eon ago

$JSEFBR Famous Brands @FamousBrandsSA announced a 5% share buy-back indicating they believe their cash and debt position is in a suitable position to initiate (encouraging). Took them long enough to extricate from the UK (GBK) debacle They buying to hold in treasury rather than cancelling them. I'm sure some would rather welcome a buy and cancel as that will aid EPS / HEPS Given the #FBR share price has materially underperformed for years & years, especially relative to sector comparative $JSESUR Spur Corporation ... #FBR management need to do something to kick-start the stock Some would suggest they start by looking at their operational business where the core foods businesses have been sickly, propped up by the logistics & manufacturing side for many a reporting period The once 800 pound sector fast food gorilla has gotten flabby and thus sluggish...get back to gym boys Also, is this share buy-back an attempt to appease some who see the expansion into SE Asia (Malaysia) as potentially another blunder waiting to happen (GBK in the UK and the R2bn of debt & closure pain is hardly a sterling benchmark) At R54.97 #FBR is 2.79% year-to-date and -11.41% over 12-months. The chart looks interesting but needs a catalyst to get it going in my view

New 52-week high in casual eatery $JSESUR Spur Corporation as it trades at R42.50 but in tin volumes so I'm not as convinced (yet) #SUR usually releases a business update early in the New Year as the festive period is always one of its busiest trading months Is the market wagering that #SUR will come out and show an upbeat earnings update for he six months to December 2025 I think they will show a pretty decent update given the environment @smalltalkdaily have had a straddle LONG: Spur Corp SHORT: Famous Brands for well over two years and its been the correct place to be, I'd still not be unwinding that straddle

New 52-week low in $JSEFBR Famous Brands as it trades to R50.71 before pipping up I've had a long standing straddle LONG: $JSESUR Spur Corporation SHORT#FBR for over two years and its been the correct call and continues to be as I see no directionality change in #FBR ....

Another interesting article in @FinancialTimes influential LEX Column …. Is this why $JSESUR Spur Corp is kicking the ass (share price & many other metrics) of the heavily underperforming $JSEFBR Famous Brands who to many has simply lost it way (or) perhaps the plot ?

$JSEFBR Famous Brands share price dead in the water since COVID yet $JSESUR Spur Corporation has outperformed? H1 2025 results webinar on now

Superficially the interim results from $JSEFBR Famous Brands indicate a glimmer of hope after an extended period of weak consumer trading have hit results for some time But scratch beneath the surface of results and look at the segmental breakdown and metrics and the picture is not so rosy, its rather lacklustre (still) Revenue rose 5.6% to R4,3bn HEPS rose a modest 8% to 236 cents per share Some positives. The legacy debt from GBK continues to trim. It's now at R1,1bn -R100m like-on-like but interest rate cuts were the main benefit cutting finance costs -23% The core food businesses were damp at best Leading Brands (flat) R238.1m Signature Brands (losses increased) -R7.2m The margins also weakened. Leading Brands fell -280bps and Signature Brands -30bps not encouraging only the 110bps increase in manufacturing margin dragged the SA margin up from 9.8% to 9.9% Margins overall were not encouraging Back of house saved these #FBR results but again were a mixed bag Supply Chain ( 18.4%) R202.6m but breaking this down Manufacturing carried these results lower interest rate costs. Manufacturing 23.6% to R185.3m Logistics (-14.7%) R28.9m Retail (losses widened sharply) to -R11.6m The prospects statement was bland, non committal & nothing to pin your recovery hat too (especially in core food). Manufacturing will again carry the business and a recovery in retail. No great shakes as I read it The results webinar is 10.30am so let's see what #FBR has to say on expectations for the key second-half and festive trading On these results, I maintain my long-standing continued preference for $JSESUR Spur Corporations where I have had a documented LONG: #SUR SHORT: #FBR

"Imminent news" .... ??? When is imminent .... imminent $JSESUR Spur Corporation is 19.7% in share price since YE2025 results Today, #SUR is at a new 52-week high of 3929 cents 3.39% but in modest volumes at I hosted #SUR management to a results lunch in Cape Town on August 22nd 2025 What market participants, investors and shareholders need to keep an eye on is that an announcement on the long standing GPS R183.3m damages claim against #SUR is "imminent" Yes, its been imminent since the arbitration process ended in December 2024 with an announcement on the claim due in March/April then June/July However, at the lunch it was stated that it was literally due the morning of results (August 21st) and perhaps results would have been delayed. BUT, it did not come but #SUR believed it was now very imminent This has been an issue for #SUR for two years and while the money is provided for a loss of the case would be a blow whereas a win ... would be a win Whatever the arbitration outcome, both parties can appeal so this matter could drag on longer On asking "should Spur win what would you do with the ring-fenced cash". Do not expect a special cash windfall special dividend, more likely #SUR would improve the overall dividend ratio & continue with investment. They are looking at new formats within coffee / chicken Clock is ticking so with #SUR surging the past week I wanted to highlight the imminent (supposedly) GPS arbitration case

Now if only if they could settle R183m damages claim from GPS Food Group RSA (Pty) Ltd which has been hanging like a smell over $JSESUR Spur Corp for years. It was December 2024 when arbitration was due to end. In March 2025 #SUR stated it was "confident" of its case ... yet here we are August 21st 2025 ... and still nothing If they get this out of the way, given their huge cash pile, if #SUR are successful in defending this claim, I can see a fat special dividend coming Now, there is a low cloud hanging over the stock despite great results today. I've lunch with Val & Cristina tomorrow in CT so will ask on this issue

I’m listening to the $JSESUR Spur Corporation YE25 results webinar with CEO Val Nichas & this one is just catching some morning Thursday sun

With the end of March ahead the end of month addition of the Investors Monthly will be added to the back pages of @FinancialMail Extra copy on company updates are now included in this end of month #FM issue @smalltalkdaily contribution this month is five stocks, namely $JSEMFL Metrofile, $JSEMFL Mustek, $JSERCL RCL Foods, $JSERBO Rainbow Chickens and $JSESUR Spur Corporation Get your copy for the extra company reviews from all contributors

Today is rush, rush, rush between management meetings First was with $JSEMFL Metrofile then $JSECOH Curro Holdings now off to see Val & Cristina at $JSESUR Spur Corporation My little black notebook is getting lots of action today

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

A business that had been stagnating and failing to renew itself. That changed on January 1st 2021 $JSESUR Spur Corporation, granted post COVID alongside the sector was performing poorly New CEO Val Nichas was appointed January 1st 2021 with #SUR share price at 1642 cents. Today its 101% to 3450 cents In same time period, $JSEFBR Famous Brands is 16.7% Shows why I've had a Long: #SUR Short: #FBR straddle as my recommendation. No reason to change for the time being

Having the first management one-on-one with $JSESUR Spur Corporation given the earlier FY24 results webinar Comprehensive presentation with comment H1 may be a tougher environment due to the constrained consumer But, lots of reinvention underway at #SUR & fresh look & feel leading to uplift in some brands I’ve had a Long: SUR & Short: $JSEFBR Famous Brands for over two years & it’s been a winning trade #FBR I’m watching as mag’t need to address issues - can they do it? For now my preferred sector play remains #SUR

Interesting week in the share disclosures in the casual dining / fast food segment Coronation discloses it cuts its stake in $JSEFBR Famous Brands to 14.51% and today Foord Asset Management discloses it now owns 5.02% of $JSESUR Spur Corporation I've had a well documented SHORT: #FBR LONG: #SUR the the past two years, it's been a winning straddle. No plans to change it (yet)

New 52-wee high in $JSESUR Spur Corporation again on the #GNU #JSE bounce yesterday The casual & fast food sector saw massive traded volume yesterday #SUR saw 4x daily traded volumes. Stock closed 23.33% to 3700 cents $JSEFBR Famous Brands closed 6x daily volumes at 5221 cents 4.63% Lower loadshedding & a feel good factor clearly leading to the sector bounce though my LONG : #SUR SHORT: #FBR continues to play out after two years in play

New 52-week low for $JSEFBR Famous Brands I've had a well documented LONG $JSESUR Spur Corporation and SHORT $JSEFBR Famous Brands for some two years and published twice in @FinancialMail its been a solid call & continues to be