Just as I was popping the celebratory bottle of JC Le Roux fizz after Capevin Investments (which houses KWV’s 30% shareholding in Distell) broke the R90 barrier on fat volumes to close at R92, I was shocked to see the graphic for yesterday’s share price for underlying asset Distell on the JSE on the CNBC Africa financial program Closing Bell.
What a tale of woe – down 0.5% to close at R67.66. Huh? Duh? Distell closed at R74 and traded small volumes between R74 and R77.25 during the day. Mr. Mutizwa, what are these numbers? Let’s hope interviewee. Distell MD Jan Scannell was phoning in from the corporate boma and did not see the dodgy graphic. PS. MY MISTAKE – I TOOK THE GRAPHIC FROM LAST YEAR’S BROADCAST – SEE BELOW. OOPS! The correct interview is here.
Jan’s message was that for 2011 he expects the market for alcoholic beverages to remain under pressure although he repeatedly referred to the African market which he called “an exciting environment which is attracting attention from everybody.”
So guess we’ll have to rely on incoming KWV chair Marcel Golding dismantling the Capevin Holdings/Investments pyramid for any share price excitement in the short term.
Hi Neil, a generic comment unrelated to this post, but related to your ongoing negative comments about the drop in SA exports. It is never good to see exports retreating, but I think that perhaps you harp on this too much. Given the (excessive?) Rand strength in the past year, many producers were no longer willing or able to export- and so didn’t. There are also many producers that chose not to export because margins were under pressure and could allocate wine to the local market.
Perhaps a new focus on the ‘value’ of exports in the same period has more relevance? This topic needs to be stirred rigorously!
Thanks for your producer’s point of view. Given the strength of the rand, consumers are looking forward to good value imports. Roll on Veuve under R200 a bottle, say I.
My comments about SA wine exports are not negative, it is the numbers that are. After all, WOSA does not pay me to blog (unlike my colleagues) – in fact, WOSA does not give me anything at all: information, plane tickets, hotel accommodation, prawn curries, braii recpies, ens. (unlike my colleagues)
Hi Neil, the graphic you are showing is from an interview we conducted with Jan Scannell a year ago on February 17 2010. For the correct interview that aired last night (February 16 2011), which shows the correct price of R74 for yesterday’s close, here is the link: http://www.abndigital.com/mult.....276600.htm
Dear Neil Pencock,
It really does seem you needed to be sobered up before writing this article…
As an avid reader of your blog, I am very disappointed to see the gross neglect and carelessness displayed here.
Your screen grab and subsequent report refers to an interview from over a year ago. Last night`s Closing Bell (on CNBC AFRICA DSTV 410 ) didn’t even have Mr. Mutizwa on, but rather Eleni Giokos. Since you obviously cannot read or write for that matter, I am enclosing the link to the CORRECT interview.
Once again, it is regrettable to see such inaccurate reporting from a brand such as AVUSA.
I hope you guys sort yourselves out. Thoughts and prayers are with you my friend.
A tipple too many topples the graph…
Mr. Pendock, what are these numbers indeed? Let’s hope TIMESLive editors were sipping a latte while you posted this blog and they did not see this dodgy post.
The graph you have made reference to and are basing your critique on, is in fact, a year old and was posted on YouTube exactly a year ago: http://www.youtube.com/watch?v=IW1V4XDnvz4
The correct graph, correctly displayed on CNBC Africa yesterday during the Distell interview can be found here: http://www.abndigital.com/mult.....276600.htm
Maybe next time, a few less drinks while blogging might help.
Dear Karin et al
Who’d have thought an interview a year later. Apologies all round!