Are PSG shareholders sacrificing too much — perhaps as much as R2.7bn — if they back proposals to unlock value in the group’s deeply discounted investment portfolio?

Admittedly, this is not a question on all investors’ lips at the moment, and the issue wasn’t raised at the group’s short investor presentation last week. But there have been some stirrings on social media, with estimations that PSG minority shareholders might be leaving quite a chunk of value on the table for the founding Mouton family, friends and senior executives to unlock in future years...

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