PSG-aligned agribusiness Zeder Investments — now shot of Pioneer Foods and Quantum Foods — had some encouraging crimping of the discount the share price offers on the SOTP (sum-of-the-parts) valuation last week. The share price spark followed the resignation of long-serving CEO Norman Celliers, who headed the business for eight rather difficult years in the local agricultural sector.

While much might be made of Celliers’ turgid tenure at Zeder, I suspect the share price shift up was more informed by the board decision "to reconsider the strategy going forward". A change of strategic tack at Zeder could encompass the glaringly obvious option of "value-unlocking in a responsible way". Presumably a value unlock could also entail PSG, the controlling and cash-flush shareholder, pitching an offer to minority shareholders — perhaps at a decent premium to the share price but undercutting the SOTP...

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