Diversified property group Resilient's total dividend payout came out flat for the year to June 2018, compared with its previous financial year, because of various structural changes it made to how it calculated its distributable income, results showed on Friday. Resilient, which owns South African shopping centres and stakes in a group of offshore property companies, has seen its share price fall more than 60% this year. Some fund managers have exited the share as they felt it was overvalued. They were also critical of the company for having cross holdings with industrial property group Fortress, and argued that these cross holdings propped each others’ share prices up artificially. They were also critical of how Resilient included interest earned on loans to its own BEE scheme in its dividend payouts. The interest was earned on loans to the broad-based BEE Siyakha education trusts, which were not part of the company’s core property operations. The company said it would not include...

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