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The Fortress vote scheduled for March 18 continues to divide the market, with retail investors (notably Dave Hazelwood, an active commentator on Twitter) insisting that options being presented are a veiled attempt to benefit executives at the expense of Fortress A (FFA) shareholders, while some analysts I speak to remain convinced it is the best choice in a bad situation.

The importance of the vote was re-emphasised by the well-guided interim results. Fortress reported distributable income of R830.5m for the first half, below the benchmark to satisfy the FFA entitlement of 84.1c per share, which grows by the lower of 5% or consumer price index...

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