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For determined, deep-value investors RECM and Calibre (RAC) are not exactly latching onto a huge discount in efforts to buy full control of Mauritian-domiciled investment counter Astoria.

Last week, RAC — largely anchored on fast-growing alternative gaming business Goldrush — paid R140m to snap up a further Astoria 60.3-million shares from a few, large minority shareholders...

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