| Investment holding companies tend to trade at a discount to the sum-of-the-parts of their investments - and often a large one. Although it's one way to buy into a portfolio of underlying companies, if they're listed you might be better off investing in them directly and stripping out a layer of management fees. In the case of Grand Parade Investments, you can't do that due to the unlisted nature of its holdings. However, it appears that pressure from shareholders, most likely active investor Value Capital Partners, will result in a realisation of the underlying value of its restaurant and casino interests. Following a December cautionary announcement, Grand Parade said yesterday it had reached a deal to sell its Burger King SA business to private equity investors and return the proceeds to shareholders. The deal also includes its GrandFoods Meat Plant, which supplies Burger King with patties. The market appeared to like the news, sending its shares more than 9% higher. It also liked Sibanye-Stillwater's results and news that it's on track to resume dividend payments later this year. Along with annual results yesterday, it also listed a new holding company on the JSE. If you're a shareholder, you'll get shares in Sibanye-Stillwater Limited (SSW) to replace your old Sibanye Gold shares. More on those stories to follow, along with a warning from Bidcorp that second-half growth could be hindered by the coronavirus pandemic. Dis-Chem says it's grown market share in its core categories despite the constrained consumer environment. And Emira says its diversification strategy has supported growth in its interim dividend. Finally, with the end of the tax year fast approaching, if you want to know how you can reduce your capital gains tax using Section 12J investments, click on this link. I hope you have a good day. Stephen Gunnion Managing Editor, InceConnect
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