In mid-March there were still lingering doubts that a turnaround at debt-laden packaging giant Nampak would gain traction in the financial year to end-September.

The share dribbled down to R152, well below the R175 a share “pitch price” for the R1bn rights offer last year. That pessimistic market pronouncement discounted the key changes to Nampak’s executive ushered in by influential new shareholder A² Investment Partners, with other large investors in support...

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