Brait appears to have come full circle, from private equity firm to long-term investor and back again. Private equity group Ethos is coming on board as its investment advisor and will participate in a rights issue aimed at strengthening its balance sheet so that it can realise value from its assets over the next five years and return capital to shareholders. The rights issue will come at a discount, which sent its shares sharply lower yesterday.

Although interim results from Brait, also out yesterday, revealed a further decline in its net asset value per share, the gap between its NAV and its share price is widening, which will be attractive to Ethos and other investors that want to benefit from any recovery.

Nampak was also battered after it released its full-year results, while Woolworths declined on the back of a 20-week update ahead of its annual general meeting. British American Tobacco's shares rose, however, after it forecast a strong ending to its financial year. And Arrowhead closed higher after its full-year dividend came in marginally ahead of guidance.

We had a great response to yesterday's promotion of an investment opportunity in Portugal, offering high yield, capital growth and guaranteed return on investment - plus the option of EU residency.

The blue-chip development partnership between local real estate developer John Rabie and Swiss-based GMG Real Estate could offer you the compelling offshore investment proposition you have been looking for - including a guaranteed rental income package, pre-approved finance of up to 75%, an interest rate of under 2%, and the option of Portugal's Golden Visa residency programme for purchases of over "500 000! Follow this link to find out more.

I hope you have a good day.

Stephen Gunnion

Managing Editor, InceConnect

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