Former Texton Property Fund CEO Angelique de Rauville has defended the company’s former external management company, saying it did create value for the fund’s shareholders. The external management company, in which De Rauville held a 25% stake, has been internalised. She still holds about 2% of Texton, which has a market capitalisation of about R2.632bn, in her personal capacity. De Rauville was responding to recent comments by market analysts that the internalisation had rewarded her and her partners handsomely despite the external company not creating enough wealth. "Catalyst’s [Fund Managers] comments that shareholders are upset they have to pay R180m to internalise the management company are factually incorrect. A hefty 75.08% voted at the general meeting and 96.15% of these shareholders voted in favour of the transaction. As the current CEO suggested, the management company price was at a discount. There was resounding support for the manco [management company] to be internalis...

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