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Brian Joffe is arguably one of the finest corporate entrepreneurs SA has yet produced. His dedication to the task at hand, evidenced by his gutsy approach when establishing Bidvest in the 1980s, reflects this. Now, with his latest brainchild, leisure and lifestyle investment group Long4Life, he needs to convince the investment community that he will once again succeed and bring his magic touch to shareholder returns. The share price has fallen by 36% since listing in April 2017, in line with the trend of most small caps, some of which are actively considering delisting in this rather horrid market. It is trading at a 20% discount to net asset value, which is the unfortunate norm for listed industrial conglomerates. The August 2018 interim results are the first numbers since the exchange listing that reflect significant activity in the business. Comparative interim figures are rather meaningless as they merely show interest income and corporate costs, and predate the reporting of res...

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