Who’s the Wiese guy saying Brait has to unlock value?
After the New Look disaster, it’s down to Premier Foods and Virgin Active to secure some value for shareholders
Major shareholder Christo Wiese has been remarkably patient with the Brait management team considering its less than impressive track record.
As recently as November 2018 the heavily indebted and low cash-generating investment company was still talking about undertaking a new phase of acquisitions. No doubt management was hoping the operating environment would recover to the glory days of 2015.
In just two years Brait (https://www.sharenet.co.za/v3/quickshare.php?scode=BAT) managed to wipe out R14.2bn of value in one investment alone. The 2015 acquisition of UK fashion retailer New Look appears to have been a case of easy-come-easy-go, with the hefty profits Brait scored on its Pepkor transaction seemingly burning a hole in its pocket...