rules on the JSE are strict on matters such as distribution of income as REIT status is a special tax dispensation designed to make property funds appealing to investors.
The A shareholders and B shareholders had diametrically opposed interests. Fortress managed to get about 60% of each shareholder group to vote in favour of the scheme. Sadly, 75% approval was required. It also helps greatly that the dry bulk market has been largely unaffected by inflation and higher interest rates.
Average learner numbers increased by 7% year on year. When combined with inflationary increases in fees, revenue growth came in at 15%.
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