Former Texton CEO launches bid to regain control of company
After several changes in leadership Rob Kane is looking to return to the helm to pull the property group out of its troubles
Listed property veteran Rob Kane has a plan to wrest back control of one of the worst-performing listed real estate investments of the past few years, Texton Property Fund, and to make it function as a successful real estate investment trust (Reit), four years after he was booted out of the company during a takeover. Kane has sent a letter to Texton’s main institutional shareholders, as he looks to garner support and make changes to the SA- and UK-invested property group’s executive management and directorship. Kane’s plan includes replacing acting CEO Marius Muller with Andile Mazwai, who was briefly Rebosis Property Fund’s CEO but left in early 2018. John Oliphant would replace Dempsey Naidoo as chairman. Texton’s financial director, Inge Pick, would also be replaced, with two directors, Chick Legh and Thys van Heerden. Kane’s company, Boxwood Property Investment Fund, will gain a portion of shares which will only be saleable if the company’s share price reaches a certain level, i...
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