One day, its time will come... but many shareholders will have died waiting,” is a phrase that could apply to any number of “value” small-cap stocks at present.

However, when it refers to equity release specialist Sovereign Reversions, there is a particular irony – as Sovereign’s worth arises from the demise of its elderly sitting tenants, which allows the value of their homes to be realised. So, the question is: “Who has the greatest longevity: shareholder or tenant?”