Our opinion on the current state of ZEDZeder (ZED) is PSG's listed, 43,7%-held, investment holding company in agriculture. Zeder sold its stake (28,6%) in Pioneer Foods (PFG) with a sum-of-the-parts (SOTP) value of R10,7bn to PepsiCo for which Zeder got about R6,41bn - and Zeder declared a special dividend of 230c as a result. Zeder's la