The market has welcomed the decision by the Resilient group of companies to restructure its controversial broad-based black economic empowerment arm as well as to eliminate its cross-holdings with its associate Fortress. Resilient and Fortress were recently criticised for the way they accounted for the Siyakha education trusts, which were feared to be in dire straits, as well as for employing complicated cross-share structures. The two real estate investment trusts (Reits) both lost about half their market value in under two months as the market punished them over their structure. The Reits stepped in on Wednesday and said they would take full ownership of the education trusts. Nesi Chetty, head of property at MMI Investments, said this was the "kind of positive move investors had waited for". Resilient’s board released a statement, saying that as a result of the lower Resilient and Fortress share prices the liabilities of Siyakha Trust and Siyakha 2 Trust, being loans from Resilien...

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