Manager Research
all members of our manager research team have over ten years of investment experience.
Cadiz issued a SENS announcement on 21 November 2014 to announce certain changes to their board, with three new non-executive directors being added and two directors (Totsie Memela-Khambula and Steven Saunders) having resigned. The three new directors (Andrew Bonamour, William Marshall-Smith, and Brian Wootton) are representatives of the Blackstar Group, who have recently acquired an approximately 10% stake in Cadiz. They will take an active part in a full review of the Cadiz business.
Blackstar is an investment company with a South African focus, that operates across three core industries: property, fund management, and investments in both public and private companies. Times Media Group is the core holding within their investment portfolio. Blackstar is dual listed with a primary listing on the Alternative Investment Market of the London Stock Exchange and a secondary listing on the AltX of the JSE.
While we view the additional focus on the business as a positive, we will need to revisit the business once the results of the business review are apparent. The three new directors do bring a wealth of experience, but the continued uncertainty and the potential for further change to Cadiz is something we will consider carefully. In particular, we will monitor any staff movements affecting the fixed income team that manage the Cadiz Absolute Yield fund, and any changes to the remuneration structures offered to the team.
Business update on Cadiz
27 Nov 2014