Texton Property Fund’s board has thrown its weight behind the company’s management saying that takeover attempts by its former CEO Rob Kane won’t succeed. Kane wants to become a key shareholder in Texton and bring in a new managerial team, which he says will turnaround the company and help it compete with other listed small- to medium-cap real estate groups. Kane was CEO of Vunani Property Investment Fund, which listed in 2011. A consortium bought its external management contract in November 2013 and the fund was renamed Texton Property Fund in 2014. He left Texton in June 2015. The board released a statement on Thursday saying it had full confidence in its directors, despite Kane having written a letter to shareholders a few weeks ago, motivating for a takeover of the struggling company to take place, and for the replacement of five directors, including the acting CEO Marius Muller; the CFO Inge Pick; chair Dempsey Naidoo; and two non-executive directors Thys van Heerden and John L...

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