Latest news with #300
IOL News
8 hours ago
- Business
- IOL News
Mango airline's business rescue plan faces setback as court ruling is challenged
Mango's business rescue practitioner is challenging the Gauteng High Court, Johannesburg, ruling declaring the plan to save the state-owned low-cost airline unimplementable. Image: File The business rescue practitioner (BRP) of grounded low-cost airline Mango is challenging the Gauteng High Court, Johannesburg, judgment declaring the plan to save the state-owned company unimplementable. BRP Sipho Sono has filed an application for leave to appeal Judge Denise Fisher's ruling handed down last month. Judge Fisher found that the plan, stripped of its complexity, amounts to nothing more than the confiscation of creditors' claims to be transferred by Sono to an investor who pays no value for them or the shares. She ordered: 'The compulsory cession contained in clause 6.2.6 of the business rescue plan is declared to be invalid and of no force and effect. It is declared that the business rescue plan cannot be implemented'. Judge Fisher said Sono's opposition to Aviation Co-ordination Services' (ACS's) application was unmeritorious. ACS, which provided security-related services such as baggage and cargo screening services, baggage reconciliation and check-in services, hauled Mango and Sono to court over the plan to save the subsidiary of South African Airways. The company is one of the creditors owed about R2.91 billion by Mango before it was placed under business rescue in July 2021 and is owed over R23.3 million. ACS complained that its estimated settlement would translate roughly to R44,300 per R1m, a return which it described as negligible, if not nominal. Sono has indicated that there are sufficient funds to pay a dividend of more than the 4.43 cents to each rand owed, as estimated in the business rescue plan. In the challenge to Judge Fisher's judgment, Sono stated that the court's findings that a business rescue plan cannot provide for an involuntary cession against non-acceding creditors was made as a principle that is far-reaching and has implications that extend beyond the present dispute and constitute a compelling reason why leave to appeal should be granted. 'The decision involves a question of law which is important, as the decision is of general application, affecting all business rescue plans that entail an involuntary cession, including against non-acceding creditors, which is a common feature of business rescue plans,' he explained. Mango and Sono want to be granted leave to appeal to the Supreme Court of Appeal and believe there are reasonable prospects of success. Sono defended the appeal, asserting his right to pursue litigation if he reasonably believes that a favourable outcome for Mango will benefit all affected parties. 'The BRP will continue to act and take such steps as he reasonably believes are in the best interests of all affected persons, notwithstanding the various threats made by ACS and its legal representatives, which are regrettable, inflammatory, and achieve no legitimate purpose,' he added. According to Sono, ACS's intentions remain unclear but on the face of it, it would seem that the company prefers a situation where the potential investor withdraws and Mango is wound up. 'It is not clear why such an outcome would be favourable to ACS, who during the height of Mango's operations generated approximately R70m per annum in revenue,' he added. [email protected]
Barnama
14 hours ago
- Barnama
Port Dickson Police Dispose Of Nearly RM1 Mln In Case Items
PORT DICKSON, July 17 (Bernama) -- The Port Dickson District Police Headquarters (IPD) today disposed of various seized items, including bitcoin mining machines, contraband cigarettes and alcohol, gambling equipment, and electrical appliances, worth a total of RM999,300. Port Dickson police chief Supt Maslan Udin said the disposal involved 194 investigation papers that were completed between 2020 and July 2025. 'The bitcoin machines are dismantled manually, while the contraband cigarettes will be incinerated in a combustion chamber,' he told reporters during the disposal exercise at the IPD compound today.
USA Today
a day ago
- Sport
- USA Today
Max Holloway explains difference entering UFC 318 now fully committed to lightweight
Max Holloway feeling like a true lightweight ahead of UFC 318. NEW ORLEANS – Max Holloway's return to the lightweight division looks to be a lot different than times prior. Holloway (26-8 MMA, 22-8 UFC), a former UFC featherweight champion, who's moved up and fought at lightweight twice before, is having his third bout at 155 pounds this Saturday, taking on Dustin Poirier (30-9 MMA, 22-8 UFC) in the main event of UFC 318 (pay-per-view, ESPN, ESPN+) – which takes place Saturday at Smoothie King Center in New Orleans. Unlike before, Holloway's move to lightweight includes no potential return to 145 pounds, changing the situation completely. "Oh yeah, for sure, I feel the difference," Holloway said at the UFC 318 media day on Wednesday. "For my last fight (at featherweight), you guys could see my cheekbones way more, I kind of looked like a skeleton, so I'm just glad here. You guys see the difference. People are talking about it about how big I am, how wide I am. It just feels good. I'm a Polynesian, a Hawaiian-Polynesian. I'm glad I get to show that Polynesian, big wrist, big ankles kind of thing." Not planning on making 145 pounds ever again, Holloway has better adapted his frame to lightweight this time around. This change has freed him up, as he can now do things he couldn't do before. "Just being able to focus on this camp and not even teeter tottering on the chance of, 'Oh, we might go back down,' we can do certain things, we can supplement in certain ways," Holloway said. "At the end of the day, these 155-pound camps are the best. I feel good. I feel great. I get to eat a lot more during camp. There were times at 145 where I was like, 'Oh, I want to eat' and then I jump on the scale, and I'm like 'Oh, sh*t. I can't do it,' so these 155 camps are way more enjoyable." Holloway is coming off a KO loss to Ilia Topuria in a featherweight title fight last October. Some question Holloway's chances of getting himself into another title fight, given Topuria has also moved up to lightweight and is now the champion after stopping Charles Oliveira for the vacant belt. "Blessed" disagrees with those skeptics, and think a good win over Poirier will put him back in the mix. "If I go out there and have a (UFC) 300 moment, I'm right there for a title shot," Holloway said. "And if it's not for a title shot, I'm right there for a No. 1 contender shot, whoever it may be. First things first. I see the media, I see people talking, I see people chirping."
Barnama
a day ago
- Business
- Barnama
CPO Futures End Higher On Gains In Related Markets, Weaker Ringgit
By K. Naveen Prabu KUALA LUMPUR, July 16 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed higher today supported by stronger prices in related markets. Palm oil trader David Ng said the market tracked gains in soybean oil and palm olein prices on China's Dalian Commodity Exchange (DCE), which lifted sentiment across the broader vegetable oil complex. 'When prices of soybean oil or palm olein rise, buyers may shift to palm oil as a more affordable or available alternative, leading to increased demand and upward pressure on palm oil prices,' he told Bernama. Ng added that the weaker ringgit also lifted market sentiment. 'We see price support at RM4,150 per tonne and resistance at RM4,300,' he said. Meanwhile, Fastmarkets Palm Oil Analytics senior analyst Sathia Varqa said palm oil futures were also lifted by bargain buying after recent declines, with the weaker ringgit making Malaysian palm oil more attractive to overseas buyers. 'Palm oil futures also gained support from stronger soybean oil prices on DCE,' he said. However, Sathia cautioned that further upside may be limited as production conditions improve.
Forbes
a day ago
- Business
- Forbes
What's Happening With SBET Stock?
SHIYAN, CHINA - JUNE 21, 2025 - Photos of US dollars and Ethereum coins taken in Shiyan City, Hubei ... More Province, China on June 21, 2025. (Photo credit should read CFOTO/Future Publishing via Getty Images) SharpLink Gaming (SBET) has transformed from a struggling marketing company into a high-volatility Ethereum proxy, delivering extreme price swings that reflect cryptocurrency market dynamics. SharpLink's stock performance tells a dramatic story. On May 21, the stock traded at $3 per share before surging to $79 on May 29 following the Ethereum investment announcement—a 2,533% gain in eight days. The euphoria was short-lived as the stock crashed to $9 on June 23 after announcing substantial equity offering plans, triggering an 89% decline as dilution fears dominated. The stock has since recovered to $32 as SharpLink became the world's largest corporate Ethereum holder. The Ethereum Connection The company now holds approximately 300,000 ETH tokens, the largest corporate Ethereum position globally. At current prices, this holding significantly exceeds the company's historical market value. Ethereum has surged 22% in the past month driven by expectations of Federal Reserve rate cuts, and SharpLink directly benefits from any ETH price appreciation. Related – Will The Rally In XRP Price Continue? Valuation Reality Traditional equity analysis provides limited insight because investors are not valuing SBET based on operational performance. Instead, they are pricing in potential future ETH appreciation while treating the company's core business metrics as secondary. This creates what appears to be expensive valuations by conventional standards, but investors are paying for direct cryptocurrency exposure through public markets. Separately, see – Trump's Russia Math, Simplified Investment Considerations and Risks Extreme volatility has become the new normal for SBET stock, with double-digit price swings, or more, expected rather than exceptional. The strategy carries significant risks: performance depends entirely on Ethereum's price movements, regulatory uncertainty could affect viability, future equity offerings could dilute per-share exposure, and managing close to $1 billion crypto treasury requires specialized expertise beyond traditional marketing operations. This investment suits investors bullish on Ethereum's long-term prospects who can tolerate extreme volatility. It's unsuitable for traditional equity investors seeking fundamentally undervalued stocks, income-focused investors, or risk-averse participants unable to handle massive price swings. Now, we apply a risk assessment framework while constructing Trefis High Quality (HQ) Portfolio which, with a collection of 30 stocks, has a track record of comfortably outperforming the S&P 500 over the last 4-year period. Why is that? As a group, HQ Portfolio stocks provided better returns with less risk versus the benchmark index; less of a roller-coaster ride as evident in HQ Portfolio performance metrics. Overall, SharpLink represents a high-risk, high-reward way to gain Ethereum exposure through public markets. Success depends entirely on ETH's price trajectory and the company's ability to maintain its crypto treasury strategy without excessive dilution.
