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African Rainbow Capital has sparked outrage over its R750m rights issue — part of which will go towards paying a management fee. Some analysts are especially livid, and we asked co-CEO Johan van der Merwe why the company would issue shares at all, given that the market price is way below the company’s ostensible NAV.

JvdM: We don’t set the share price; we can only determine what we buy and how we manage our portfolio, and [from that] we come out with what we believe the NAV is...

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