Latest news with #R8.5m
The Citizen
2 days ago
- Business
- The Citizen
DA raises alarm over R8.5m deficit at Polokwane Housing Association
Quick read The DA in Polokwane has raised serious concerns over the financial mismanagement of the Polokwane Housing Association (PHA), which is projecting an R8.5 million deficit despite receiving a R10 million municipal subsidy. DA councillor Jacques Joubert said the housing body has failed to submit annual financial statements on time and has regressed to a qualified audit finding. Joubert pointed to the largely unoccupied phase two of the Ga-Rena housing project as a key example of mismanagement, citing delayed tenant placements and previous water supply issues. Phase one has also suffered vandalism and poor maintenance. Joubert warned that without decisive leadership and regular reporting, the entity risks collapse. The municipality has not yet commented on the matter. Full story POLOKWANE – The DA in Polokwane is deeply concerned about the manner in which the municipality's housing provision arm, the Polokwane Housing Association (PHA) is being managed, and intends to request a joint portfolio committee meeting to call the PHA Board of Trustees to account for a projected R8.5m deficit for the upcoming financial year. This deficit is despite the inclusion of a R10m subsidy in the city's budget. The PHA is tasked with providing affordable housing to qualifying residents but continues to be marred by maladministration and a failure to fulfil its core mandate, according to Jacques Joubert, DA councillor on the finance and land use, spatial planning and LED portfolio committees. To exacerbate the situation, the PHA has failed to submit its Annual Financial Statements for the 2023/24 financial year within the legally prescribed time frame and regressed to a qualified finding. 'For far too long, the PHA executive management and board have relied on bailouts from the Polokwane Municipality, placing the financial burden squarely on the shoulders of the city's residents. This cannot be allowed to continue,' Joubert noted and added that currently, phase two of the Ga-Rena housing project at Ladanna which PHA is in charge of, remains mostly unoccupied, having stood vacant for many months – incurring substantial financial losses. According to Joubert, initial delays were due to backup water supply issues, followed by the painfully slow pace of tenant placement. 'Occupation of these units with qualifying residents will significantly help to address Polokwane's housing backlog and alleviate the escalating problem of illegal land use and unregulated backyard dwellings. Phase one also faces major issues and numerous units have been vandalised and are now uninhabitable. Furthermore, the project has been plagued by poor debt collection since inception. 'Without firm and effective leadership, this entity is on a continued path to inevitable failure,' Joubert said and added that transparency and accountability are at an all-time low. Monthly financial reports are not submitted to the housing portfolio committee, and no joint oversight meetings with the finance portfolio committee have taken place in over 18 months. Comment could not immediately be sourced from the Polokwane Municipality. At Caxton, we employ humans to generate daily fresh news, not AI intervention. Happy reading!
Yahoo
20-04-2025
- Business
- Yahoo
This 4Sight Holdings Insider Increased Their Holding In The Last Year
From what we can see, insiders were net buyers in 4Sight Holdings Limited's (JSE:4SI ) during the past 12 months. That is, insiders acquired the stock in greater numbers than they sold it. Although we don't think shareholders should simply follow insider transactions, we would consider it foolish to ignore insider transactions altogether. We've discovered 2 warning signs about 4Sight Holdings. View them for free. Over the last year, we can see that the biggest insider purchase was by CFO, Financial Director & Executive Director Eric van Merwe for R8.5m worth of shares, at about R0.71 per share. That means that an insider was happy to buy shares at above the current price of R0.70. It's very possible they regret the purchase, but it's more likely they are bullish about the company. To us, it's very important to consider the price insiders pay for shares. Generally speaking, it catches our eye when an insider has purchased shares at above current prices, as it suggests they believed the shares were worth buying, even at a higher price. The only individual insider to buy over the last year was Eric van Merwe. We note that Eric van Merwe was both the biggest buyer and the biggest seller. Eric van Merwe bought a total of 15.33m shares over the year at an average price of R0.61. The chart below shows insider transactions (by companies and individuals) over the last year. If you click on the chart, you can see all the individual transactions, including the share price, individual, and the date! Check out our latest analysis for 4Sight Holdings There are always plenty of stocks that insiders are buying. If investing in lesser known companies is your style, you could take a look at this free list of companies. (Hint: insiders have been buying them). In the last three months company insider Marie-Louise Zitzke divested R1.8k worth of stock. That is not a lot. Ultimately the overall selling isn't enough to tell us much. I like to look at how many shares insiders own in a company, to help inform my view of how aligned they are with insiders. We usually like to see fairly high levels of insider ownership. 4Sight Holdings insiders own about R218m worth of shares (which is 58% of the company). I like to see this level of insider ownership, because it increases the chances that management are thinking about the best interests of shareholders. While there has not been any insider buying in the last three months, there has been selling. But given the selling was modest, we're not worried. But insiders have shown more of an appetite for the stock, over the last year. It would be great to see more insider buying, but overall it seems like 4Sight Holdings insiders are reasonably well aligned (owning significant chunk of the company's shares) and optimistic for the future. In addition to knowing about insider transactions going on, it's beneficial to identify the risks facing 4Sight Holdings. For example - 4Sight Holdings has 2 warning signs we think you should be aware of. Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of interesting companies. For the purposes of this article, insiders are those individuals who report their transactions to the relevant regulatory body. We currently account for open market transactions and private dispositions of direct interests only, but not derivative transactions or indirect interests. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Sign in to access your portfolio
