Peter McAllister Todd loses $3.2 million in Afine stake

Mauritius-based investor Peter McAllister Todd has seen a sharp slide in his stake in Afine Investments after a month of steady selling on the Johannesburg Stock Exchange. The pullback has erased about $3.2 million from his holdings, making it one of the more notable losses among high-net-worth investors tied to small-cap real estate counters on the JSE this quarter.

Todd, who founded Afine after earlier building Osiris Group in the British Virgin Islands and Mauritius, holds 56,416,380 ordinary shares. His 77.78 percent stake has long given him firm control of the company’s direction. But over the past 29 days, the stake has declined by R55.29 million ($3.22 million), cutting its market value to R226.23 million ($13.17 million). This is part of the cyclical swings that smaller listed property firms often face.

Afine shares fall, debt held low

Afine operates in a narrow corner of South Africa’s commercial property market, owning nine petrol filling stations across four provinces. The company’s management has said its focus remains on owning high-volume sites that produce steady rental income. Its investment properties are valued at R397.9 million ($23.21 million), and the firm has signaled interest in adding new assets while keeping debt levels restrained in a move to preserve cash generation and maintain reliable payouts to shareholders even when market sentiment weakens.

The company’s share price on the Johannesburg Stock Exchange has dropped 19.64 percent in the past month, sliding from R4.99 ($0.29) on Oct. 20 to R4.01 ($0.23). This dip in share price dragged Afine’s market capitalization below $20 million, raising questions among investors about what steps management will take to steady the share price and rebuild confidence. 

Revenue up amid contractual increases

Still, Afine’s latest unaudited update points to a business showing underlying resilience. Revenue rose 11.47 percent from a year earlier to R26.67 million ($1.56 million), driven by contractual increases tied to long-term leases. Operating profit climbed 11.14 percent to R24.37 million ($1.43 million), while earnings rose 29.04 percent to R18.96 million ($1.11 million).

Basic and headline earnings per share each grew 18.6 percent to R0.26 ($0.015) and R0.262 ($0.015), respectively. Net asset value per share increased 14.25 percent to R4.65 ($0.272), underscoring steady balance-sheet strengthening in a challenging market.