Texton CEO Marius Muller. Picture: TEXTON PRESS CENTRE
Texton CEO Marius Muller. Picture: TEXTON PRESS CENTRE

The share price of Texton Property Fund fell 7.81% to R2.95 after the group postponed the release of its full year financial results to Thursday.

Due to a late change in accounting policy relating to the initial adoption of International Financial Reporting Standards (IFRS) 9, the company said, the results will reflect the latest standards in financial reporting and provide shareholders and stakeholders with more relevant and comparable information.

The fund, which was expected to publish its financial performance for the full year to June on Tuesday, also said CEO Marius Muller is ill and only he can present the results. 

Texton has underperformed for about five years since it was formed from the takeover of Vunani Property Income Fund by Texton, a property consortium.

It has had numerous CEOs since and its SA and UK portfolios have disappointed. The SA portfolio is beset with vacancies while the UK assets have been devalued amid Brexit uncertainty.

The company warned on Friday that its full year dividend will fall by as much as 26.21%

Texton has declined to comment while in a closed period.

andersona@businesslive.co.za