AN EMPTY SHELL

Finweek English Edition - - INVESTMENT -

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.

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