Is Hassen Adams the man to pull Grand Parade’s shares out of their present nosedive? Or is the company’s charismatic founder and executive chair the biggest risk to a re-rating of its deeply undervalued stock? It’s the question frustrated shareholders are grappling with following the shock resignation of CFO Shaun Barends, just one month after newly installed CEO Tasneem Karriem announced she too was standing down. Grand Parade owns the potentially lucrative Burger King licence in SA, as well as Dunkin’ Donuts, Baskin-Robbins and a clutch of money-spinning casino assets, but has shed 55% in value over the past two and a half years. This has taken its market price to less than a third of its intrinsic NAV of 693c/share as of its interim results ended December. That’s all the more puzzling given that its assets, say analysts, are all cash-generative, liquid and easily valued. Investec Asset Management small-caps portfolio manager Andrew Joannou says the mismatch between what the marke...

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