TURNAROUND
Fund managers await action on Resilient's overhaul plans
Fund managers are waiting for further details of what Resilient Reit’s new investment plans will be now that it has taken steps to respond to losing more than half its market value. These will include restating financial results going back to 2017. The diversified property company has been the subject of a number of adverse market reports and has seen a sustained sell-down of its shares in 2018. The share price was down 2.3% to R55.60 on Friday after falling 63.22% year to date. On Tuesday, Resilient said it would withdraw the cautionary on its shares. It also provided an update on various issues and explained that shareholders’ dividends would not be negatively affected. Resilient said it had unwound its cross-share holding with its associate company, Fortress Reit. It also said that since a joint announcement on the JSE news service on March 7 by Resilient and Fortress, Resilient "had made progress towards addressing shareholder concerns and this [latest] announcement provides an ...
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