A WEE DRAM
CHRIS GILMOUR: Market fails to find pots of gold below African Rainbow
The company's share price has long traded at a heavy discount to net asset value
Since listing in late 2017, African Rainbow Capital Investments (ARCI) has hardly set the JSE alight. On the contrary, it has been a dismal share-price performer, declining 54% since its October 2017 high. This is a pity, as it has not exhibited a disastrous showing during this period in terms of net asset value (NAV) growth.
Co-CEO Johan van der Merwe puts it succinctly: “We have been singularly unsuccessful in convincing the market of the value proposition of ARCI.”