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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