Listed property company Nepi Rockcastle last week became the third target of a report by controversial research firm Viceroy. Unlike its Steinhoff report, though, the reports on Capitec and then Nepi appear to have come up short on credibility — raising more questions about what the firm’s true motivations are. Despite having its Capitec report debunked by the bank and failing to persuade the market of its merits (Capitec’s share price is now higher than at the time of the Viceroy report), Viceroy has again tried to strike fear into the hearts of local investors with its latest report, accusing Nepi of drastically overstating profits from its Romanian subsidiaries. Nepi is the product of a merger between two companies that came out of the Resilient stable. The company operates primarily in Eastern and Central Europe, with over half its net rental and related income being generated in Romania. Viceroy’s bluster appears to have worked, initially. Nepi’s share price fell 14% on the day...

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