There might have been a time, in the not too distant past, when the market eagerly awaited the results of the adventurous PSG Group. But these days — with more than 90% of the sum-of-the-parts (SOTP) value made up of a handful of listed investments — the likelihood of a surprising development is remote.

At last count, PSG’s 35.5-million shares in Capitec Bank accounted for a whopping 70% of the SOTP value...

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