Marc Hasenfuss Investors Monthly editor, writer & columnist

Another month, another delisting … and, predictably, it’s another dependable small cap shuffling off the local bourse. In November last year I suggested, in sister publication Investors Monthly, that the JSE could have as many as 30 companies delisting in 2021. I’ll probably stick to that number — even though the market has seemingly recognised the resilience in a few stalwart stocks.

I did not expect consistently profitable logistics counter Value Group to test shareholders around a buyout offer and delisting. That said, I’m also somehow not surprised. The market has undervalued Value for yonks. The group is a solid cash generator, runs a lean, mean business model and has rewarded shareholders with dividend flows since listing in the late 1990s. Value Group’s biggest attribute was its ability to overcome the odd bump in the road without any lengthy spells in the ditch...

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