Stephen Cranston Associate editor

Sean Melnick, who founded Peregrine, is one of the shrewdest and most creative businessmen I have come across. I had hoped when he was appointed head of Sandown Capital — a parcel of noncore assets unbundled from Peregrine — that he would be able to build another quality portfolio. Unfortunately he was asked to leave after barely a year, along with his sidekick, investment analyst Sean Jelley. At least they were given a R63m golden parachute. There were objections from shareholders to the high management fees and the lack of progress in rebuilding the portfolio. Sandown Capital will now be in the hands of a less mercurial team headed by Warren Chapman, formerly of Peregrine Securities, and Andrew Hannington, former head of Grant Thornton Johannesburg. Chapman says the business will exist to improve infrastructure. He doesn’t mean roads and rails but financial trading infrastructure. The business will be renamed Zarclear after the trade depository house it has applied to start. These...

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