How is it that a company that owns what is probably Gauteng's most coveted slab of real estate has been such a disappointing listing?

Shares in Liberty Two Degrees (L2D) had lost over 60% of their value since going public in 2016 before last week’s R5.55 share price buyout bid was announced. You can hardly blame the company for embracing an offer from parent Liberty Group, pitched at a 46% premium to the volume-weighted average price at which the stock had been trading over the previous 30 days. Still, the offer is a 35% discount to L2D’s last stated NAV of R7.59 a share. (Though given muted investor demand for listed property and the parlous state of our economy, say insiders, few would expect Liberty to pay NAV.)..

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