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Astoria is a strange story. The investment company was founded in 2015 by the prime movers behind asset management group Anchor as a vehicle to house offshore investments for punters keen on a strong rand hedge position.

Astoria traded at a wide discount to the NAV of its portfolio, and an opportunistic RECM & Calibre (RAC) built a formidable position as an activist shareholder. Astoria started to liquidate its portfolio and return capital to shareholders, while RAC pushed for a complete takeover of the business...

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