PSG Group "Show me the money"

Note detailing a possible undervaluation in the buy-out proposal of the PSG Group 'rump'

https://drive.google.com/file/d/1MfsJg5_o8yxmZbD3EQSPwzwY8CfjQzrF/view?usp=sharing

The link to the report I wrote recently on the minority offer by PSG for the remainder assets within PSG Group post the unbundling (if the vote succeeds) is enclosed.

The offer was made March 1st at R23.00 cash BUT since that date PSG has raked in over R900 million of dividends from its investments and I feel they should increase the cash offer to reflect this material cash inflow

There could be a play here in PSG given its trading currently at R86.17 a share

As always this is not a direct recommendation

1. Understand the deal first
2. Do your own research