Investment company RECM & Calibre (RACP) finds itself flush with cash after notching up a large profit on selling an indirect holding in Dis-Chem ahead of the healthcare retailer’s listing on the JSE last week. According to interim results to end-September released on Monday, RACP banked net proceeds of R327m from the Dis-Chem transaction – more than double the R149m value accorded to the indirect stake in the retailer as at the end of the reporting period. The indirect stake in Dis-Chem was held through a 50% stake in Fledge Holdings. RACP CEO Piet Viljoen said the sale of the shares was part of an agreement that Fledge had with DisChem regarding the listing of the company on the JSE. As part of the process, Dis-Chem bought back its shares held in the Fledge structure in order to place these shares in the listing, Viljoen said. "We had no influence at Fledge … we were just a third party investor." Nevertheless, he said, RACP was delighted to exit the Fledge-Dis-Chem investment at a...

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