Difficult to tell how big problem is 'until Tongaat Hulett releases results'

Gary McNamara of Sanlam Private Wealth says although Telkom would still be by quite some distance the third mobile operator if it had acquired Cell C, which is always a difficult place to play, it really needs the numbers.

But by the same token Telkom was not prepared to pay up as much as Cell C would have wanted.

He says it very sad for a company with a history such as that of Tongaat Hulett to suffer the scandal and reckons it is difficult to tell how big the problem is until the company released results.

I think, again, it is a case of management not wanting to tell the market the bad news, kick it down the road because of, perhaps, share options or some sort of incentive structure that they've got.

Gary McNamara of Sanlam Private Wealth

Eventually, you just can't keep kicking the can down the road and something triggers, maybe less land sales going forward and then a can of worms comes home to roost.

Gary McNamara of Sanlam Private Wealth

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