Who will fix Nampak?

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This sent the price plummeting by around a third from R7.75 levels before the results were known. The share has crashed by nearly 90% since 2015.Shareholders are obviously not happy and would welcome any signs of change in the company’s fortunes – be it new leadership or a takeover bid to boost investor confidence. It looks like a good dose of confidence might be all that the share needs.

“The business is far simpler with fewer loss-making assets. This should allow management to drive efficiencies, generate cash and reduce leverage over time,” says Lapping. Management said the figures could be “suggesting that the group’s property, plant, equipment and intangible assets were possibly being carried above their useful values”.

The exercise should reassure shareholders that the net asset value is not overstated, but that the share is cheap relative to the group’s assets. Nampak has also been buying its own shares and holds 6.6% of the issued shares as treasury stock. In addition to Allan Gray’s 29%, the other big shareholders include the Public Investment Corporation with 11% and most well-known asset managers with around 3% to 4% each, which adds up to another 20%.

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