Despite Resilient acceding to pressure from the market to clarify its structure by announcing an independent review of its cross-shareholdings, the share price continued to plummet on Friday. The independent review, which will be led by Shauket Fakie, an independent director of Absa and former auditor-general, comes after three reports targeting the company were circulated in the past two weeks. Since January, when it was rumoured that research company Viceroy was due to release a report on Resilient, the stock has lost 50%. Half of this drop occurred since Monday after three critical reports had been circulated. Viceroy never released a report. Bryan Hopkins, head of Resilient's board audit committee, said: "The board was anxious to conclude this matter as soon as possible. We are striving to meet on Monday, whereafter a way forward will be charted." The external reviewers would have unrestricted access to whatever information they needed, he said. At issue are Resilient's cross-ho...
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