Resilient jumps 18% ahead of news on independent review into group finances
The share price of Resilient jumped as much as 18% on Monday morning, before gains were pared, extending gains made on Friday when the group gave an update on a review of its finances.
Resilient said on Friday that review head Shauket Fakie had agreed to speak to one of the company’s biggest critics, 36One Asset Management, before he concluded his investigation.
Fakie was appointed by Resilient in February to probe the group’s affairs, following allegations of share price manipulation.
The allegations centre on the valuations underpinning Resilient’s controversial relationship with its broad-based black economic empowerment (B-BBEE) partner, the Siyakha Education Trust.
Resilient and Fortress B’s cross-holdings with Siyakha have subsequently been amended.
Resilient’s board maintains it has no knowledge or information that indicated any management misconduct.
Resilient is expected to give an update on the expected release of the report on Tuesday.
At 11am Resilient’s share price was up 9.82% to R65.20, having earlier reached an intraday high of R70.06. Fortress B was up 7.85% to R15.80.
Resilient’s share price has lost 56.87%.