Mysterious markets savant The Finance Ghost has dug around in Pick n Pay’s long-awaited rights offer circular letter and emerged with some insights over what the offer will mean for the business. For starters he – or indeed she, or they – point out that a fair old chunk of the R4bn Pick n Pay are looking to raise will go towards financing day-to-day operations, not just reducing debt or implementing the turnaround strategy. The document also reveals that the business will be divided into six operational divisions rather than the existing three, which gels with Sean Summers’ desire that his senior managers get out into the stores more. The Ghost also notes that Pick n Pay has placed 7,000 employees on a “frontline multi-skilling programme”, which will no doubt go some way to answer perennial shopper concerns about service. He also draws attention to the fact that Pick n Pay notes that franchise stores achieve a better trading density than corporate stores – and thus sees more franchises as the solution rather than better trading densities all round.