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Capital Appreciation (Capprec) is a really strange case, even by the standards of the JSE’s small-cap twilight zone.

The business is backed, in part, by a couple of ex-Bidvest big hitters and is managing its growth prudently. Directors took their time in settling on the acquisition of fintech assets that include payment systems — African Resonance and Dashpay — as well as allied software business Synthesis. That delay may have set the tone for lacklustre investor sentiment...

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