Sandown Capital was unbundled from fund manager Peregrine on Wednesday morning, leaving Peregrine shareholders effectively 6% wealthier at 11.15am.

Sandown Capital was trading at R4.24, down from a R4.50 starting price on its first day of the JSE.

Peregrine was trading at R27.17, giving the combined Peregrine plus Sandown Capital share prices a value of R31.41, a 6% increase from Peregrine’s closing price of R29.70.

Sandown Capital’s share started trading on both the JSE and new competitor A2X on Wednesday.

The unbundled company released its interim results for the six months to end-September on its debut day on the two stock exchanges.

Its total revenue was R18m and after-tax profit was R11m. It declared a 1.55c dividend.

Sandown segmented itself into three segments: a private equity fund, which owns half of Firefly Investments; hedge fund investments; and management services.

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