Executives show faith in Accelerate
Two chiefs buy R20m in stock despite sluggish results
Accelerate Property Fund’s executives are backing themselves to turn the Fourways precinct-focused group around. Chief operating officer Andrew Costa spent R9.98m on 1,865,306 shares on Friday at R5.3488 a share. Director of treasury John Paterson made an identical purchase. Accelerate has disappointed a number of investors recently, with its share price falling 19.66% so far this year. The release in June of a poor set of financial results for the year to March placed pressure on the share price. In the results release, the company said it was forecasting flat distribution growth for the financial year to March 2018. The South African listed property index has gained 2.29% in the year to date. "Distribution growth is expected to be flat for the year ending March 31 2018, mainly due to the expected negative income effects of the Fourways Mall redevelopment, anticipated rental assistance and tenant installations that will be required," the group said. For the year to March 2019 the n...
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