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 African Business Network 81
“Zeder’s overall portfolio gives the shareholder a blended return that mitigates the underlying risks.” Norman Celliers,
CEO
possess the su cient operating cash  ows to pay such fees it was previously laden with.
However, a satisfying agreement was reached with PSG where it was prepared to exchange its cash require or cash fee rights for shares in the company, which will permit Zeder a much greater cash  ow, a ording it larger dividends and greater reinvestment opportunities.
“It is a wonderful change in the company,” exclaims Celliers.
“Firstly, PSG should be congratulated for
the work it did through that management agreement, and also for taking Zeder from a company that was worth under R1 billion, to a company of more than R15 billion.”
Future ambitions
As Zeder rolls into the second half of 2017 with an enlarged pool of cash  ow under


































































































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