Investors who held onto their shares in Resilient Reit, Nepi Rockcastle, Fortress and Greenbay over the past three weeks no doubt heaved a collective sigh of relief on Tuesday after it emerged that the real estate group, which makes up around 40% of the SA listed property index’s value, wasn’t the latest target of New York-based short-seller Viceroy Research. Instead, Viceroy released a scathing report on Capitec Bank, accusing the company of being a loan shark that should be placed in curatorship. The Capitec report followed the release of a Viceroy report in December on Steinhoff’s accounting irregularities, which contributed to the near-total collapse of its share price. In early morning trade on Tuesday, the share prices of the Resilient group’s four listed entities were all up between 6% and 8%. That followed three weeks of extreme volatility, with more than R30bn wiped off the value of the four companies, seemingly triggered by speculation that the group could be next in Vicer...
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