There’s not terribly much to glean from the results of PSG-controlled agribusiness entity Zeder Investments. Three of its investments – consumer brands company Pioneer Foods, retailer Kaap Agri and egg, poultry and feeds business Quantum Foods – are already listed on the JSE and represent more than 70% of Zeder’s portfolio. What’s more, Zeder’s sum-of-the-parts (SOTP) value is updated daily on the company’s website, rendering the SOTP number in the year to end-February results quite meaningless. To be honest, it will also be some time before the stigma of being a proxy for Pioneer Foods, which on its own represents more than 50% of the portfolio value, is completely removed. Of course, further diversification of Zeder’s portfolio would help enormously in rebalancing the overweight position in Pioneer. However, other than bolt-on deals, deal making has not exactly been vibrant of late. It was, however, interesting to note that Zeder CEO Norman Celliers, in commentary accompanying the...

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