Adrenna: Time to unlock value for weary shareholders
Net asset value is 295c/share and ruling share price is 95c, so where to pitch buyout offer could be tricky
What an interesting time for micro-cap counter Adrenna (https://www.sharenet.co.za/v3/quickshare.php?scode=ANA) to be mulling a delisting from the JSE. Adrenna was for all intents and purposes a leftover listing – housing the property assets of the old Colliers group after its main operating assets were sold off about seven years ago.
The group has not exactly been dynamic in its property endeavours. Its portfolio, comprising a minuscule property hub mainly in the Western Cape, has neither paid dividends nor been used as a base for real estate acquisitions.
Last year, though, Adrenna looked set to reinvent itself with a suggestion that it become involved in a day hospital operation in Sydney via a funding arrangement. The latest set of results also shows there has been exploratory foray into the resources sector...