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

📆 2022/08/22 09:24:00

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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 ...

📆 2022/08/22 09:24:00
📰 dailymaverick

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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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