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A proposal by Fortress management to amend the company’s memorandum of incorporation (MOI) has caused a great deal of wailing and gnashing of teeth among investors. While at first blush it seems certain classes of shareholders could feel justified in being pulled over the table, there is more to this story than meets the eye.

But first background to the structure. The practice of offering investors two share options that carry different distribution rights, which is unique to the SA listed property sector, was introduced nearly 20 years ago to cater for investors with different risk profiles. In fact, you might recall that ApexHi had three classes of shares at one stage...

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