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PHANTOM SHARES: The Finance Ghost: REIT debate rages and Grindrod’s ship comes in

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Fortress REIT’s dual-share structure seemed like a good idea when it was put in place years ago, offering one class of shares for income-focused investors and another class for those willing to take more risk of variable returns. Unfortunately, it ...

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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