Our opinion on the current state of AOO

This is the holding company of listed company Rex Trueform (RTO) which is also listed on the JSE. Both this share and Rex Trueform (RTO) are extremely thinly traded companies listed on the JSE - which makes then completely impractical for private investors in their current form. RTO was established in 1937 and has been listed on the JSE since 1945. It manufactures and markets clothing and accessories through a nation-wide chain of Queenspark and J. Crew stores. It also owns a portfolio of properties in the Cape Town area. The group is controlled by a consortium led by Marcel Golding and his partner Hugh Roberts. The group recently invested R81m to buy a 33,8% stake in Sembcorp Siza - a water reticulation and specialist pipe services company which operates in Natal. The company has a very strong balance sheet and has been looking to diversify. In its results for the year to 30th June 2023 the company reported revenue up 35,1% and headline earnings per share (HEPS) up 78,2%. The company's net asset value (NAV) increased 41% to 1888c per share. The company said, "Group revenue increased by 35.1% to R899.3m (2022: R665.7m), mainly due to an increase in retail segment turnover. Other revenue, comprising of media and broadcasting income, rental income, tenant recoveries and management fee income, increased by 168.8% to R179.7m (2022: R66.8m), mainly due to the acquisition of Telemedia and property assets. Investment income increased by 34.7% to R33.4m (2022: R24.8m)". Unfortunately, at this time neither its ordinary nor its "N" shares trade sufficiently for investors to become interested.