AN EMPTY SHELL
The time has come for the Don Group – a company that never fulfilled its potential and one that we have watched gently swan-dived into suspension – to enter into blissful slumber. We’d been tracking the tangible net asset value (TNAV) as it traded below that level, but ultimately the TNAV was never realised. Shareholders got a 16c payout in February with another small payment likely. This after TNAV was almost 50c three years ago and 65c almost four years ago. It is now a cash shell and couldn’t find any business to insert into the shell so the JSE has suspended the company. There will be a final payout of a few cents. For those who are asking me if they will get a refund, the answer is no. You will get the final payment, but there are no refunds on the JSE.