ROB ROSE: How advisers scored R335m from floundering Nampak
When a company finds itself up a creek, the only people who have a paddle can set the price for their fees
If you’re wondering quite who is making money from our teetering economy, look no further than the consultants and bankers, who seemingly have a genetically modified ability to sniff out the first trickle of blood.
Witness this matter-of-fact line in the accounts of battered packaging company Nampak, which had just raised R960m from shareholders in a rights issue: “Net financing costs increased by 109% to R1.2bn ... including one-off refinancing advisory costs of R335m.”..
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