Altron's spectacular fall from grace
The Venter-run family business last week announced a loss of R1,1bn for the year to February, drowning the previous year’s loss of R60m. CEO Robbie Venter is currently on a roadshow to calm investors and explain the strategy going forward. This strategy, in a nutshell, is to ditch “non-core” businesses that have sucked the life out of the company and reposition itself as a telecommunications, multimedia and technology group, which is where the money is.
Altron’s share price face-planted from about R29 in June 2014 to R6,15 last week - back where it was 20 years ago. In August last year, Old Mutual Investment Group announced that it had offloaded a sizeable chunk of its shareholding in Altron and this seems to have triggered the latest slide.
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