CAPE TOWN - Adrenna Property Group will make a R1.30 per share cash offer to shareholders ahead of a plan to delist, because onerous JSE requirements have allegedly stymied its growth. The R1.30 represents a 63.2percent premium to the 30-day volume average traded price on the JSE up to June 25 and a 35.1percent premium to the 30-day average of 96.25cents per share up to August 15. The share price opened at R1 and was untraded most of the day.
A listing had also not enhanced the marketability of its shares or market image because of the company’s relatively small size, management said. The company said shareholders holding 36.88percent of the shares had agreed to approve the scheme, with shareholders holding more than 60percent opting to retain their shares after the delisting.
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