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  "docSlug": "974fc008da73",
  "documentTitle": "Super Group (SGHC) Limited (SGHC)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Spruce Point Capital Management",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2026-02-12 00:00:00",
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  "nDataPoints": 3,
  "notes": "Uses visual callouts to point out the discrepancy between the 100% claim and the 89.29% reality.",
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      "kind": "callout",
      "text": "SGHC SA (Pty) Ltd. is listed as a \"Head Office Company\" 100% owned in South Africa",
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      "kind": "callout",
      "text": "Unambiguous \"Direct Financial Interest\"",
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      "kind": "callout",
      "text": "Says NCI Is \"Immaterial\"",
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      "kind": "callout",
      "text": "SGHC's FY24 Form 20-F identifies Raging River Trading Proprietary Limited (“Raging River”) as a “principal subsidiary” and represents that the Company owns 100% of its equity interest as of December 31, 2024.",
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      "toolName": "Visual emphasis",
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      "text": "SGHC's FY24 Form 20-F identifies Raging River Trading Proprietary Limited (\"Raging River\") as a \"principal subsidiary\" and represents that the Company owns 100% of its equity interest as of December 31, 2024. However, a May 10, 2024 notice from the Western Cape Gambling and Racing Board (\"Western Cape\") discloses that Betway Cares Foundation NPC \"will acquire a 10.71% direct financial interest in Raging River\", implying that SGHC's effective ownership would be reduced to 89.29% post-transaction. Of course, the notification below only advertises the intention of a transaction and not that a transaction closed. On the next slide, we provide evidence that the financial interest was transferred from Raging River to Betway Cares.",
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      "kind": "source-note",
      "text": "Source: SGHC FY24 20F, Province of the Western Cape: Provincial Gazette, F-4 Listing SGHC SA (Pty) Ltd. As Head Office Company.",
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      "text": "Principal Subsidiary Disclosure (footnote 29) From SGHC FY24 20-F",
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      "kind": "table",
      "text": "Betway Cares' 10.71% Direct Ownership In Raging River Trading (Pty) Ltd",
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      "kind": "title",
      "text": "Undisclosed Minority Interest At A \"Principal Subsidiary\" Raises Serious Issues",
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