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Tiso Blackstar Net Asset Value Jumps On Two Big Transactions (ALLISS)

LONDON (Alliance News) - Tiso Blackstar Group SE Monday reported a significant rise in intrinsic ...

Alliance News 5 October, 2015 | 10:49AM
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LONDON (Alliance News) - Tiso Blackstar Group SE Monday reported a significant rise in intrinsic net asset value in the half year to end-June following two significant transactions during the period.

The investment holding company, formerly known as Blackstar Group SE, changed its name after it bought out South Africa's Times Media Group Ltd, and acquired a 22.9% interest in Kagiso Tiso Holdings Proprietary Ltd in June.

The two deals results in the company's intrinsic net asset value rising to ZAR4.4 billion, or GBP230 million, from ZAR1.6 billion or GBP89 million.

Following the completion of the deal, the company has resolved to realise its smaller holdings in order to focus on material investments that can meaningfully affect its net asset value growth.

In the short term, Tiso Blackstar said it is focused on reducing its debt, and said that following a review of its interim results to the end of 2015, it will consider an interim dividend.

Tiso Blackstar also is considering transferring its current trading on AIM to the London Stock Exchange's Main Market, and to the main board of the JSE Ltd. It is also considering migrating its registered office from Malta to the UK.

Shares in Tiso Blackstar were untraded Monday morning. They last closed at 52.00 pence.

By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews

Copyright 2015 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Tiso Blackstar Group Ord

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