Splitting Tradehold into a property group and a newly created financial services company called Mettle Investments has effectively left shareholders 6% poorer.Whereas unbundlings often result in the combined value of the divorced companies rising, the R1.10 Mettle settled at on Friday was not sufficient to compensate for Tradehold’s R2 drop.On Thursday, when Tradehold shareholders received one Mettle share per Tradehold share, the newly listed company’s shares swung between 26c and 150c before settling at 110c on Friday.Tradehold, which closed at R15 on Tuesday, nearly halved to R8 on Wednesday before rebounding to R14.99 on Thursday and settling at R13 on Friday.Tradehold, originally a UK-focused property group in Christo Wiese’s stable of JSE-listed companies, separated from its financial services subsidiaries on Thursday by issuing one Mettle share for every Tradehold share held.This leaves Tradehold as a Southern Africa-focused property group with a dual-listing in Windhoek.The ...

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