THE reasons for the continued existence of low-key holding company Capevin are rather murky, but at least the value proposition is easy to divine.The company’s sole investment is a 26.78% stake in Distell, a consistently profitable liquor conglomerate which owns best-selling brands such as Savanna, Hunters, Fleur du Cap, Klipdrift, Richelieu, Amarula, Nederburg, Tassenberg, Graca and Chateau Libertas (among many others).The shareholding is held via Capevin’s 50% interest in Remgro-Capevin Investments.Aside from being a conduit to Distell’s value, Capevin passes on dividends received as efficiently as possible. The company attracts hardly any costs, the biggest being a small administrative fee (roughly R500,000 for the six months to end December 2015) to Remgro Management Services.But the truth is that Capevin is a legacy holding company which stems from a complicated control structure which at one stage involved listed KWV Investments and the old KWV Group. The control has been simp...
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