We've got news for you.

Register on BusinessLIVE at no cost to receive newsletters, read exclusive articles & more.
Register now

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...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now

Would you like to comment on this article?
Register (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.

Commenting is subject to our house rules.