| Ethos Private Equity must be rubbing its hands together: getting in on Brait near the bottom and at a big rights offer discount. While it will benefit from any upside as it helps to pretty up Brait's investments, it will also no doubt also earn something as the group's new investment advisor. If you're a Brait shareholder, you can subscribe for the new shares at a close to 50% discount. If you don't take up your rights, your shareholding will be diluted. More to follow in today's newsletter, along with cement producer Sephaku's planned rights issue and a successful capital raise by emerging helium producer Renergen as it prepares to develop its Virginia Gas Project in the Free State. Comair has reconstituted its board after a number of non-executive directors quit over the past two months following criticism over their lengthy terms at the airline. And Redefine Properties has sold a stake in its Polish logistics portfolio to help reduce debt and introduce and introduce a private equity partner. Also, BHP says its coal production has been affected by the bushfires that have devastated large parts of Australia. Finally, we take a closer look at how Section 12J investments can be structured to your advantage by offsetting capital gains tax liabilities. And if you're considering property crowdfunding, we've included five stats that may help you make up your mind. I hope you have a good day. Stephen Gunnion Managing Editor, InceConnect | 