MARC HASENFUSS: RMH’s R489m problem

“Never mind the NAV!” cried slightly exasperated PSG founder Jannie Mouton during the fight for the soul of unlisted liquor group KWV about a dozen years ago. This might have been the only time I ever saw the investment legend a tad flustered.

But pesky minority shareholders at KWV were vehemently opposed to a plan — that was not entirely without merit — to merge KWV into Pioneer Foods’s Ceres Beverages division at an effective price well below the stated NAV. ..A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and TimesLive Premium.

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