What transpires at public companies after they delist from the JSE is something that can morbidly occupy the minds of investors for many a year.Delistings — coupled to a take-out offer pitched to minority shareholders — often entail large shareholders with intimate knowledge of a business buying shares from minority shareholders who are frustrated or let down by the performance of the company or its shares.There is often a sense that the insiders — who inevitably had sold shares in the business at a premium at listing — are now buying scrip back on the cheap with a reasonable degree of certainty that performance will improve and value will appreciate in the medium to long term.Of course, these days most offers to minorities do include an option to stay aboard the unlisted vehicle. But this does preclude institutional asset managers, and probably a majority of ordinary shareholders that don’t want to be locked (trapped?) into an illiquid unlisted structure where the lack of public sc...

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