Texton's long suffering investors fret over delisting speculation
CEO says the struggling property company can be re-energised
The final slap in the face for investors who stuck with Texton Property Fund could be on its way if the SA- and UK-invested real estate investment trust is delisted in 2019. The fund may have a new chair in Marcel Golding and interim CEO in former Pareto head Marius Muller, but some of the directors and major shareholders in the group can’t see Texton being resuscitated. The fund’s share price has lost 62% over the past three and a half years, Muller confirmed at a meeting with Business Day last month that a number of entities had approached shareholders and tried to convince them to support the delisting of Texton. He said at the meeting that Texton’s fortunes could be turned around and that he had applied to be the permanent CEO of the group. Muller said it was beyond his control to stop directors and shareholders from trying to take the stock off the JSE and all he could do was continue to get the struggling company’s affairs in order. The takeover of Vunani Property Investment F...
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