Enduring empowerment enterprise Brimstone Investment Corporation is perhaps viewed these days as slightly staid.The market feigns lack of interest and the share price offers a gaping discount on the last stated intrinsic net asset value (NAV) of 1,884c a share. The intrinsic NAV though, is likely to have declined further since the end-June reporting period, with the value of mainstay investments such as fishing company Oceana and private hospitals group Life Health steadily trickling down. There has been a contention that Brimstone lost its deal-making mojo after the rather costly incursion into shipping and logistics group Grindrod. There has also been cause for deep introspection to sort out difficult issues that had plagued 100%-owned insurance subsidiary Lion of Africa. But the recent decision to list hake-fishing enterprise Sea Harvest looked the right option — especially if the local fishing sector is set for a shake-up ahead of the 2020 fishing rights allocation. What’s also ...
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