The latest financial report from investment vehicle Reinet, controlled by the Rupert family, does not offer many reasons why the market should close the discount the share offers on the latest net asset value (NAV) figure.

Reinet’s last-stated NAV, as at end-March, was about R78bn or R397 a share. That means — at the time of writing — Reinet’s shares are offering a more than 40% discount on that NAV...

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