Sandown Capital, which listed on both the JSE and A2X on Wednesday, reported its maiden results for the six months to September showing headline earnings weaker compared with the previous period.

Earnings for the six-month period came in at R10.97m, down from R16.6m before.

Sandown said the results reflected its performance before restructuring and unbundling from parent Peregrine.

"The prior six months to September and the pro-formas to March in the prelisting statement are irrelevant from a performance point of view, for they predate the restructure in early October," said Sandown CEO Sean Melnick.

Fairtree Capital portfolio manager Jean Pierre Verster said the results were "really academic since it is more [about the] restructure".

Melnick said: "The most relevant information can be found in the October [net asset value] statement."

These placed the net asset value of Sandown’s portfolio, which include listed property funds; an investment in Consolidated Infrastructure Group; Nala Empowerment Investments, a black economic empowerment venture, the second-largest shareholder in Consolidated Infrastructure; hedge funds; and cash – at R5.60 per share.

The shares traded at about R4.24 on Wednesday morning, a discount to the net asset value.

Melnick said the discount offered shareholders who wanted to invest in the space an opportunity to do so at an attractive level. "There is likely to be a recycling of investors over the next few months, as those current investors who have a shorter-term time horizon exit and those with a longer-term mind-set more aligned to management’s, will buy in."


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