Astoria Investments proposes delisting amid share price discount

ASTORIA Investments, the Mauritius-domiciled investment holding company listed on the country’s stock exchange and the JSE’s AltX market, said Monday it intends to delist because its share price trades at too wide a discount to net asset value.

- EDWARD WEST

The company was spun off from RECM and Calibre in April 2022 and takes significant minority stakes in businesses, often investing alongside management teams to drive net asset value.

The company’s thinly traded shares shot up 24.79% on the JSE on Monday afternoon to R7.50 per share - a year ago, it was trading at R8.10. Some of its investments include in Outdoor Investment Holdings and Goldrush Holdings.

Astoria’s board said they wished to acquire all of Astoria’s shares for R8.15 per share in cash, following which the listings on the AltX and Mauritius stock exchange would be terminated.

If the delisting proposal gains approval among shareholders, the company intends to declare a distribution of 7,447,473 Goldrush Holdings preference shares (GRSP) to all Astoria shareholders in the ratio of 12 GRSP for every 100 Astoria shares held, immediately prior to the proposed delisting.