Antony Ball knows more than most about second chances. The man who founded private equity group Brait, which hit its own wall four years ago, is conducting perhaps the most ambitious makeover yet in corporate SA: the rehabilitation of one-time pariah company Net1.

Ball, through his activist shareholder outfit Value Capital Partners (VCP), swooped last April, buying 13% of Net1. VCP had done this before, notably at Altron, where it brought in CEO Mteto Nyati to revive the wheezing blue chip...

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