Resilient issues warning over probe
Company says it will take legal action unless watchdog speeds up inquiry
The company at the centre of share manipulation allegations, which caused a sell-off that cost SA property investors almost R120bn, has warned it will take legal action if ongoing investigations into the matter are not wrapped up soon. A combined R119bn has been wiped off the collective market capitalisations of the four listed entities associated with the Resilient group of companies year to date due to share price drops of 41%-62%. The combined market cap of Resilient, Fortress, Greenbay and Nepi Rockcastle was R267.2bn at January 9 before the start of the sell-off. The combined market cap has now shrunk to just short of R150bn. The property company has responded to market concerns about how it conducted its affairs and has made changes to its structure and to how it calculated its annual dividends, CEO Des de Beer told Business Day on the sidelines of a presentation about Resilient’s financial results for the year to June. This was while management waits for the Financial Sector ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.