For a company that managed to raise R7.65bn through three wildly oversubscribed bookbuilds in 2017 alone, Greenbay’s stock market wobble last week is a curious deviation from its recent popularity. To recap: rumours that the Resilient stable of companies — including Greenbay, Resilient itself, Nepi Rockcastle and Fortress may be the next target of activist short-sellers Viceroy, drove shares in the four companies as much as 28% weaker in early trade last week, before a swift rebound, bolstered by two typically strong trading updates from Resilient and Fortress. The former indicated that its distribution for the six months ended December would be 13%-13.5% higher year on year, while Fortress predicted a gain of 14.5%-15.5% for its B shares’ interim distribution. For now, it appears that institutional asset managers are taking management at its word. Stanlib’s head of listed property funds, Keillen Ndlovu, says: "Based on available information, research and site visits we have done, w...
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