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Back in late 2016, I attended a very uncomfortable Invicta Holdings AGM. I had just written a cover story on the industrial supplies conglomerate that highlighted the stark difference in perceptions between the Invicta executives and some of its minority shareholders around the detail issued on a reportable irregularity raised on part of a share repurchase exercise. Invicta chair and major shareholder Christo Wiese dismissed my effort as making a mountain out of a molehill. The issue, really, was that Invicta did not offer a surfeit of detail on the reportable irregularity in its financial statements … or even at the AGM. Wiese asked me: "What sort of detail do you want … what more do you want to know?" For those who need reminding, Invicta positions held by certain deep-leveraged Invicta executives (present and former) were involuntarily closed out by financial institutions, and sold into the market. Supposedly these shares were inadvertently bought back as part of a share repurcha...

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