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.
Adrenna’s management said yesterday that they wish to delist, because the property investment company has had no reason to resort to the market to raise funds since listing in January 1999, other than a vendor placement in June 1999. And because it essentially held only a single asset, a commercial industrial complex in Goodwood, Western Cape, a listing was of no benefit to shareholders as it increased the administrative burden on the company and its executives.
A listing had also not enhanced the marketability of its shares or market image because of the company’s relatively small size, management said.
Furthermore, efforts to diversify in the past year to enhance shareholder wealth had been delayed by “onerous and costly compliance requirements associated with being a listed entity.”