Some of the shareholders in JSE-listed Gooderson Leisure, owner and operator of boutique hotels, might rightfully be feeling mugged.Last week the company reported that an employee “seems to have misappropriated funds” to the tune of R3m. The amount equates to over 4% of Gooderson’s market capitalisation. Then there is a more subtle “robbery” — according to some minority shareholders venting on social media — after Gooderson’s majority shareholder, ALJU Family Trust, proposed buying out other shareholders at 65c/share.The buyout price represents a premium on the recent share price average, but the offer is pitched well short of Gooderson’s most recent stated tangible net asset value of 157c/share.Gooderson appeared to be in sound financial nick, with cash generated from internal operations coming in at a sturdy R21.6m in the past financial year. It recently banked R22m from the sale of the Fabz Garden Hotel.In the matter of the misappropriated funds, Gooderson has opened a criminal c...
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