Investment heavyweight PSG Group has tightened its grip on independent schools network Curro after nearly 15% of subscribers shunned a R1.5bn share sale by the private education group, forcing underwriters such as PSG to take up the shortfall.  

The rights offer, priced at a 10% discount to the volume-weighted average price of the stock up to the close of business the day before the announcement,  came at a time when PSG was looking to increase its holding in underlying companies after hiving off its biggest money-spinner Capitec...

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