'We've taken the full pain': Capprec still hopeful GovChat will pay off

Capital Appreciation (Capprec) believes that small-cap companies in South Africa are not being appreciated by investors. And the punishment, in the form of share valuation, worsens when they put money into growth initiatives instead of paying out larger dividends.

"The market is not giving us recognition of the investment we are putting into the business, which is necessary for tomorrow," said Capital Appreciation co-CEO, Alan Salomon, after the publication of the group's latest financial results on Tuesday.