Fortress has a dual-share class structure that worked well when market conditions were favourable.
After an attempt to fix this issue failed when shareholders voted down the proposal, Fortress put itself in the firing line for an unfortunate place in history: the first property fund on the JSE to lose its REIT status. To buy time, Fortress has lodged an objection to the JSE ruling and the exchange has agreed to wait for the outcome of the shareholder meeting before making a final decision.Disaster has struck at Murray & Roberts, with the Clough deal falling through and the share price plummeting as a result.
The buyer needed to put in an interim loan facility of A$30-million to avoid Clough being placed under voluntary administration. However, for whatever reason, the parties couldn’t agree on the terms of the loan and so the transaction collapsed.