Former Capitec CEO Riaan Stassen’s recent strategy of selling off a chunk of his Capitec shares during the festive season certainly looks like a winner right now. While Viceroy’s second assault on a listed South African company may not have the sustained negative effect of its first report — on Steinhoff — there may be enough in the Capitec report to cause some long-term damage to the share price. By midday on Tuesday, the Capitec share price had dropped to R776, which was 29% off the record R1,098 it reached four weeks ago on December 31 2017. That record level was touched just days after Stassen sold 100,000 of his Capitec shares at about R1,070 apiece, generating a pretax profit of R107m. Ten days earlier, Stassen sold 50,000 at R979 each and picked up R49m. The combined share sale, which generated R156m a few weeks ago, would have raised R40m less for Stassen at midday on Tuesday. Of course, the question everyone wants answered now is what sort of price Stassen might get for his...

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