Brait’s recently released circular outlining the details of its proposed R5.25bn rights issue makes for grim reading. It provides shareholders with a description of the mechanics around the rescue plan for this once, albeit briefly, high-flying investment company.

Long-term Brait shareholders will find it particularly grim reading as they are now sitting with just 5% of the value they thought they had four years ago. The share price has dropped from a high of R174 in 2016 to just more than R8 now...

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