Abstract
The paper explains the forces that determine changes in the discount of Net Asset market value of the typical JSE listed holding company. It is demonstrated that a variety of events which will alter the discount automatically may have very little value to add for shareholders. Nevertheless the discount itself may reveal scepticism about the ability of the holding company to undertake value adding investments. Therefore unbundling may signal that the holding company is less likely to pursue such value destroying investments. If so the discount will narrow and the holding company will have added value for its shareholders.