What gives at EOH? An incredibly shrinking share price suggests the tech group is now further away from a long-awaited turnaround than when it announced its rights offer just more than a year ago.

In late October 2022, when EOH first detailed plans to raise R600m in new capital, the group was trading at about 420c on the JSE. The “breakeven” price — taking into consideration the new shares issued in the rights issue — was about 175c. At the time of writing EOH was trading at 137c, having plunged as low as 111c last week when empowerment partner Lebashe Investment Group (the FM’s ultimate owner) appeared to have been forced to sell a small portion of its strategic holding in the group...

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