Share price takes a hit as another Texton CEO departs
Long-suffering shareholders of Texton Property Fund have been dealt another blow with the surprise resignation of Nosiphiwo Balfour
Long-suffering shareholders of Texton Property Fund have been dealt another blow with the surprise resignation of Nosiphiwo Balfour, the fourth CEO to leave the company in three years. Balfour’s resignation on September 14 sent Texton’s share price tumbling 8% to a new low of 550c. That brings the stock’s total decline over the past three-and-a-half years to more than 50% and its dividend yield to close to 20% — the highest among the JSE’s 60-odd real estate stocks. Balfour, a former banker and Investec property analyst, departed barely a year after she took over from Nic Morris. It comes shortly after the release of the company’s June results was postponed because the auditors needed more time to reassess the accounting treatment and disclosure of the Public Investment Corp’s (PIC) recent decision to exercise a put option, which forced Texton to buy back shares held by a BEE consortium. The latter defaulted on a loan from the PIC to buy the shares in 2015. Back then, Texton entered...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.