City Lodge shareholders must have looked on enviously as Phuthuma Nathi paid 80,000 shareholders their dividend over the past week. Shareholders in the hotel group were asked to approve a R1.2bn rights issue.

Admittedly, sector dynamics matter — we have all been glued to our pay-TV screens during the lockdown, and advertisers have followed us in those nightly binges. In the hospitality and accommodation sector, things have not continued as smoothly...

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