We all know that trading conditions in the cement industry are, at best, brittle. Still, I was intrigued to see Sephaku pursuing a rights issue of R37.5m, at 81c a share.

This seems a paltry sum to raise, especially in relation to the group’s debt and when the share price has crumbled more than 50% over a year. Last stated NAV was 518c a share...

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