Sneakily snapped up
EARLIER THIS WEEK it was announced that Regarding Capital Management had increased its stake in this financial services player to 22.5%. Cadiz has had something of a rocky 2012 and the share price has taken a hammering – at one point it was trading at R2.80, now it is f loating beneath R1.50 and the old question about whether Cadiz should be listed is now re-surfacing. It becomes important to take a look at the tangible net asset value on the books at the moment (R1.80) and the net asset value of R2.88, both of which are significantly higher than where the share is currently trading. In September, Ray Cadiz put R729 000 of his own money down buying 442 000 shares at R1.65 each. There’s enough to suggest that the savvy investor is well covered if he buys at below the R1.50 mark. A de-listing may ultimately be on the cards, but investors definitely do have some protection with the share trading at less than the sum of its assets.