Sabvest, the investment company anchored on a 59% stake in SA Bias Industries, could consider issuing new shares to fund new opportunities. In commentary with half-year results to end March that were released on Friday, CEO Chris Seabrooke stressed that issuing new shares to fund deal-making endeavours would only transpire if the value exchange in the capital allocation decision is compelling. Sabvest’s ordinary and low-voting N shares are trading at a deep discount to the latest stated net asset value of R54.58/share. Market watchers have cited the lack of liquidity in the shares as a major drawback in building investor interest in Sabvest, which has been a strong performer in terms of capital growth and dividend flows over the past five years. At the end of 2017 five shareholders — including the Seabrooke Family Trust and a nominee company linked to investor Ronnie Price — spoke for 95.6% of the ordinary shares and 81% of the N shares. Surplus cash Aside from the option to issue s...

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