MARC HASENFUSS: Cheeky offers for the win at Adrenna
Opportunistic directors and major shareholders at property group Adrenna will be paying minority shareholders about R26m for their share of assets worth at least double that
Opportunistic directors and major shareholders at property group Adrenna will be paying minority shareholders about R26m for their share of assets worth at least double that. Cheeky, indeed … But these are trying times on the JSE, with prevailing jaundiced sentiment around small-cap stocks leaving minorities vulnerable to such cheap shots.
The last time I looked, Adrenna tagged a 291c a share NAV to its balance sheet — a number difficult to dispute since the company’s underlying value rests mainly in a single property situated in Cape Town’s industrial heartland of Epping. The proposed R26m buyout offer means Adrenna minorities stand to gain the princely payment of 130c a share. With a prolonged dividend drought at Adrenna, I suspect some parched shareholders might grab the cash and scurry off into the sunset...
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