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Presumably PSG Group CEO Piet Mouton will write another long letter to JSE CEO Leila Fourie once the PSG restructuring is completed as planned. And this time, instead of complaining about the regulations on listed companies, perhaps he’d thank the JSE for the chance it provided a comparative handful of PSG associates to make something of a killing.

What killing, you ask. Well, first up, as my colleague Marc Hasenfuss noted a few weeks ago, there’s the estimated R2.7bn of value left on the table for the founding Mouton family, friends and senior executives to unlock in future years. That’s in “future years” when PSG won’t have any pesky shareholders they’ll have to share it with...

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