Whizz backs Brait

If anyone’s been around the block a few times, it’s Christopher Seabrooke, the CEO of investment company Sabvest [JSE:SBV] and non-executive director of Brait SA. So it must be with some sense of relief shareholders in Brait – especially those who choose to follow their rights in the R600m capital-raising exercise – saw Seabrooke’s very committed dealings in the “re-engineered” private equity group.

Seabrooke pitched for 900 000 Brait shares at 1650c/share, making an early exercise of the nil paid letters he was granted as part of the rights issue. That’s a R14,5m buy-in and a serious vote of confidence in a revamped Brait – which, as we reported some months ago, didn’t tickle the fancy of all professional investors (especially those who liked the company’s dividend yield).

Seabrooke’s decision to follow his rights probably means Sabvest – which when last we looked held 600 000 Brait [JSE:BAT] shares – will also follow its rights.

Other Brait directors also followed Seabrooke’s example. Colin Keogh picked up R165 000 worth and Richard Koch (not included in this table) spent a nifty R9m.

Elsewhere there were some (perhaps telling) sales involving top directors of a handful of the JSE’s current market darlings. Riaan Stassen offloaded a few of his many Capitec Bank Holdings [JSE:CPI] stocks, while Kevin Hedderwick took some (well-earned) profits at a red hot Famous Brands [JSE:FBR].

There was a smattering of selling in cement group Sephaku – a development that, although relatively insignificant in value, probably won’t help the market to make its mind up about the potential of this share.