Grand Parade Investments has bought back eight million of its shares at an average price of R2.44 to take advantage of the difference between current prices and the value of underlying assets.

It has made new investments in the gaming industry. So while its headline earnings rose eight percent in the six months to December 2008 and its net asset value grew 13 percent, its headline earnings a share fell 16 percent on issuing additional shares. – Audrey D’Angelo