The JSE has numerous investment holding companies and shareholders who live in eternal hope of the Great Value Unlock™ that is usually promised as part of the investment thesis. On occasion, this works magnificently.

There are also operating companies that happen to hold interesting portfolio investments alongside other operations, like Caxton and its stake in Mpact. Caxton wouldn’t traditionally be considered an investment holding company, but the market narrative has shifted as the stake in Mpact has grown...

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