Fintech firm Capprec looks abroad
As the share price dribbles along on the JSE, management seeks to broaden the shareholder base
Don’t be surprised if fintech investment company Capital Appreciation (Capprec) seeks an additional listing on an international bourse in the future. The company’s tenure on the JSE to date has been rather frustrating, with capital depreciation being the order of the day. Since listing as a special purpose acquisition company, or Spac, in late 2015 with a not insubstantial R1bn in fresh capital, Capprec’s share price has dribbled well below the 100c/share prelisting offer price. It’s not as if Capprec’s prime movers — including former Netcare and AfroCentric founder Motty Sacks, Bradley Sacks (previously a technology and media sector deal maker for Bank of America), retired Bidvest Bank CEO Alan Salomon and former Macsteel executive Michael Pimstein — have done much wrong. But it did take longer than expected for the company to bag its first deal(s), an impasse that perhaps resulted in the share drifting off investors’ radars. Even when Capprec, in February this year, detailed the p...
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