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Brait. Easy come, easy go.
The biggest shocker in Braits results is not the unrealistic valuation of their assets (over a long period of time) but the absolute level of operating expenses. Over R250mn p.a. to manage what was effectively 5 assets.
The price of the Brait rights offer will contain good info as to who has power in future. New s/holder Ethos will want as deep a discount as possible, while diluting s/holder Titan will want the price as high as possible. Revealing that a maximum price has already been set.
Of course, no-one complained about the R250mn annual expenses, as it was managed internally (yay alignment!) and not by an external manco (boo ripoff!) A clear case of "two legs good; four legs bad"
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