CAPE TOWN – Magda has deviously even gone so far as to put pressure on Sasol to cancel the AYO contract. This is shocking in the extreme since AYO has done absolutely nothing wrong. It speaks to a deliberate sabotage of a legitimate black business. I hope that AYO institutes a lawsuit for damages against Magda and others should the Sasol contract be undermined.
Magda’s other obsession is the PIC’s investment in Independent Media. It is public knowledge the PIC did not lend R2.2 billion to Independent Media, as she claims in her BDlive column. The facts are that the PIC invested R1bn as part of a consortium of investors, which included the Chinese Development Bank and Sekunjalo.
She deliberately distorts the facts to create the impression that a large amount of funds has passed from the PIC to Independent Media. Perhaps I should remind Magda the PIC had an investment of approximately R4bn in Tiso Blackstar (formerly Times Media Limited/Avusa), the very same media company that she uses to promote her tirades, which today, is probably worth less than R300 million.
She is completely quiet about how Tiso Blackstar and its privileged owners, have destroyed pensioners’ money through their value destruction of the company. At one stage the PIC owned 25 percent, directly and indirectly, of Tiso Blackstar and the shares were trading as high as R48. Today the shares are worth R3.50, which is less than 10 percent of the value.
Does Magda comment on this? Perhaps her obsession with Independent Media and the PIC are precisely to draw attention away from the real value destruction that is taking place at Tiso Blackstar.
Magda scoffs at AYO for paying its advisory company a placement fee following its JSE-listing. Why? Virtually every company that lists on the JSE and in fact any exchange in the world, pays placement fees, there is nothing unusual about that. Perhaps the reason why she chooses not to pay an advisory company because she rewards herself and her family trusts with generous share options while also raking in more than R10m a year from renting premises to Sygnia, according to the 2017 annual report. Talk about enriching yourself at the expense of shareholders and investors!
In her most recent BDlive column and with reference to AEEI, Magda unashamedly lies when she suggests that she is not in control of who buys shares, implying that AEEI bought the shares on the open market. The truth is, not only was AEEI and Sekunjalo approached as part of the placement for the listing of Sygnia in 2015, but were approached a second time in 2017, to underwrite the rights offer when Sygnia needed cash to fund an acquisition. Both AEEI and Sekunjalo followed their rights. This is another example of how Magda is economical with the truth and the facts.
Magda the last time I wrote an article about you, you were quiet. Today I am addressing you again. There are some serious issues concerning my previous article about you. Are you too afraid to address me?
Let's make a call for the JSE to investigate all businesses, black and white, and not just respond to calls like those of Magda – otherwise the JSE would be party to bias and racism which will be a sad day in the history of this country for regulators when they are influenced by people and businesses with agendas.
Magda, trying to paint yourself as paragon of virtue while actually being a paragon of subliminal racism is fake, very fake. I for one, will not be fooled. Donald Trump would be proud of you, but not me.
Rosemary Mosia is an independent non-executive director of AYO Technology Solutions Limited and the deputy chairperson of Sagarmatha Technologies. She holds a BComm Accounting degree from the University of the North; a postgraduate diploma in management at Wits Graduate School of Business; a Masters in Business Leadership from Unisa and she is currently studying towards a Higher Certificate in Tax Law at UCT.
The views expressed here are not necessarily those of Independent Media.
- BUSINESS REPORT