Ann Crotty Writer-at-large

The battle between property group Resilient and a previously anonymous short seller, identified as 36ONE Asset Management, looks set to heat up considerably this week as the JSE announced it was investigating recent trading of the shares in the Resilient stable. The JSE announcement follows the release of a damning anonymous 50-page report into Resilient and its related property firms, Fortress REIT, NEPI Rockcastle and Greenbay Properties. The report was circulating widely in the investor community on Friday, with one investor describing it as an "apparently well-researched report that could have potentially devastating consequences". The report’s primary conclusion is that the premium valuation of each of the companies in the Resilient stable "did not arise from normal market activity, but from deliberate and frequently concealed actions by some of the influential owners and key management of the group". At the market close on Friday Resilient issued a stock exchange announcement ...

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