Long4Life: Joffe fumes at big shareholders for lack of faith
‘Originally, shareholders were partners, but this is no longer the case, and this kills entrepreneurship’
“Lifestyle business” investment company Long4Life’s interim results to end-August were slightly down on the comparative period a year ago, except for a 20% improvement in revenue to R1.8bn. Headline earnings per share fell 4% to 15.4c.
Compared with many listed consumer-facing companies, it was a good result. And yet its share price (https://www.sharenet.co.za/v3/quickshare.php?scode=L4L) languishes 25% below listing, and trades at a 30% discount to net asset value (NAV). Long4Life listed at R5.85 in April 2017, reached a peak of R7.02 in July of that year and is currently trading at about R4.30.
Founder and CEO Brian Joffe is displeased with institutional shareholders who have dumped their shares in recent times...