Johann Rupert’s Remgro looks to unlock value
His family’s investment vehicle is looking for ways to unlock value
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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