South Africa: Pick n Pay share price plunge was ‘not unexpected’Pick n Pay share price takes a beating, but plunge ‘not unexpected’

Pick n Pay’s (PnP’s) share price was still dusting off the caning it received yesterday, after losing more than 17% within an hour of when the retailer’s desperate R4-billion rights offer began. 

Shares were still down 3.4% by noon on Thursday. The retailer’s share price has lost 40.1% of its value over the past year.

The group announced the rights offer in February, as part of a major recapitalisation plan aimed to correct its balance sheet issues, and set the price at a…