The discount offered by the share price of investment behemoth Remgro to its intrinsic NAV narrowed to less than 15% in mid-March. These days that is a fairly narrow discount, considering that other listed investment trust-type counters are attracting discounts well in excess of 30%. Remgro’s discount might suggest the market is not expecting any radical efforts to unlock value, but that there are reasonable expectations that Remgro’s brains trust — led by the stoic CEO Jannie Durand — will continue to tinker with the sprawling investment portfolio to hone performance. The interim results to end-December confirmed Remgro is willing to tackle an issue that has irked many investors: the investment in UK-based Premier Team Holdings (PTH). PTH owns the Saracens rugby brand and the team’s Allianz stadium — which by no stretch of the imagination can be considered traditional Remgro investment fare. It was unlikely that loss-making PTH, or any other sports brand investments, would ever mov...

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