Rand Merchant Investment Holdings’ decision to unbundle its stake in Discovery (25%) and Momentum Metropolitan Holdings (MMH) (27.3%) may have been a long time coming, yet the effect on RMI’s shares was electric.

As Abax portfolio manager — and RMI shareholder — Anthony Sedgwick points out, RMI was trading at a 29% discount to its sum of the parts until the announcement, which pushed the share price up almost 20% early this week...

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