Although Ascendis Health will be forced to give away the family silver if its restructuring agreement with creditors is accepted by shareholders, it has at least found a way out of its spiralling debt trap, and the proposed plan also clears a path for the group to ultimately return value to shareholders.

Mark Sardi, former House of Busby head, was brought in as CEO at the end of 2019 to turn around the group. He says this future value will be created either by remaining listed and organically improving underlying earnings or even potentially selling all of its businesses and leaving the JSE...

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