Share trading patterns at television broadcasting conglomerate eMedia Holdings do not make for easy viewing. Over three years, the group’s low-voting N-shares and ordinary shares are down more than 65%.Admittedly, a lot has gone wrong. First, de facto eMedia boss Marcel Golding — the man who built up key subsidiary e.tv — suddenly departed. This meant Hosken Consolidated Investments (HCI) CFO Kevin Govender had to endure prolonged tenure as acting CEO of the highly specialised business.Investor sentiment has also not been helped by horrendous illiquidity in the group’s shares. HCI holds almost 78% of eMedia’s ordinary shares and 85% of the N-shares. Trading is consequently scant, and a disturbing — or "compelling", if you’re a deep value investor — disconnect has been set on the price of these shares.Arguably the biggest slayer of sentiment was eMedia’s decision to establish OpenView, a free-to-air satellite television platform. The upfront development, operating and marketing costs...

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