Resilient's independent review raises hope, but will it be thorough enough?
Analysts and fund managers are hopeful that the independent review of property company Resilient, launched by its board, will be thorough enough to begin to unravel any possible illegalities committed by the company that has been accused of manipulating its share price and those of its associates. Resilient’s market capitalisation halved in a month, its shares shorted by hedge funds and sold in large amounts by retail investors and smaller amounts by long-term investors. Resilient has met the investment community to hear its issues of concern and the board has launched the review, which will be led by Shauket Fakie, a former auditor-general. Resilient’s share price closed 10.03% lower at R76.25 on Friday and was 49.56% worse off for the year to date. Resilient’s board said it had noted the consistent feedback from its shareholders that the cross-shareholding of Resilient with Fortress should be unwound and the need to reconsider its relationship with the Siyakha Education Trust, whi...
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