Executives, for the most part, shy away from commenting on share price movements. So it’s rather refreshing, and perhaps reassuring, that Hosken Consolidated Investments (HCI) CEO Johnny Copelyn takes the trouble to address the marked decline in the company’s share price in the just-released annual report.Copelyn has always seemed reticent on matters that some shareholders (myself included) fixate on, such as discounts to net asset value (NAV) and realistic reflections of intrinsic NAV. But, as the annual report points out, HCI’s share price has not had such a decline since the 2008 financial crisis.Copelyn argues that HCI’s results were not nearly as disappointing as its share performance, noting that "our board’s considered view is that over the past couple of years the share performance of the company has significantly underperformed its underlying businesses."Fortunately HCI has bought back its own underperforming shares, as well as those of subsidiaries such as Tsogo Sun and, m...
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