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  "documentTitle": "Super Group (SGHC) Limited (SGHC)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2026-02-12 00:00:00",
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      "text": "Spruce Point believes omitting a clearly identifiable 10.71% minority interest in a principal subsidiary undermines the reliability of the Company’s financial reporting and risks overstating EBITDA, profits, and cash flow available to SGHC shareholders.",
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      "text": "B-BBEE Certificate",
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      "kind": "list",
      "text": "10.71% matches exactly the Provincial Gazette transaction amount. Certificate issued November 13, 2024, six weeks before fiscal year-end. Measurement period ended December 31, 2023, confirming ownership structure existed for over a year.",
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      "text": "minority interest: 10.71%",
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      "kind": "paragraph",
      "text": "Through a South African open records request, we obtained a November 2024 B-BBEE certificate from SANAS-accredited EmpowerLogic confirming that Raging River had 10.71% Black ownership as of December 31, 2023.",
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      "text": "Source: EmpowerLogic (Pty) Ltd, Broad Based Black Economic Empowerment Verification Certificate, SGHC FY24 20F, Province of the Western Cape: Provincial Gazette (page 303)",
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      "text": "Timeline of Events: 12/31/23 (Measurement period), 5/10/24 (Provincial Gazette), 11/13/24 (Certificate issued), 12/31/24 (SGHC Year-End)",
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