If there was any good news in debt-laden Brait’s proposed R1.5bn capital raise, then it was lost in the inevitable cloud of cynicism that continues to hound the investment company.

The share price tanked well below R1 on Monday — and, at the time of writing, was more than 60% down over a year. This week’s share price dip was obviously informed mainly by the confirmed pitch price of the proposed rights issue at a heavily discounted 59c a share — a whopping 73% discount to Brait’s fully diluted NAV of 222c a share...

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