Property group Fortress has declared a reduced annual dividend for its A and B shareholders and a headline loss of 161.5 per cent as it withstood the difficult trading period. The group reported robust rental collections and a healthy balance sheet, as it was in a strong position before the crisis. Fortress CEO, Steve Brown joins CNBC Africa for more.
Fortress has changed its dividend policy to counter South Africa's economic headwinds. The hybrid fund also plans to exit non-core assets and reinvest the proceeds into high-quality logistics parks. Fortress CEO, Steven Brown joins CNBC Africa for more.
PwC has found there has been no conclusive evidence found against the company with regards to illegality and impropriety with its current or former Management; however the investigation did find some evidence of possible breaches of legislative and regulatory requirements, inadequate governance and poor document management. Robin Lockhart-Ross, Independent non-Executive Director at Fortress joins CNBC Africa for more.
RDI Reit's share price has plunged 18 per cent in the past two days. Investors are concerned about the UK property retailer’s ability to pay back its debt. Another property company making investors nervous is Fortress B. That stock is among the biggest losers on the JSE today after ratings agency Moody's downgraded it further into junk status. CNBC Africa spoke to Evan Robins, Portfolio manager, Macrosolutions and Steve Brown, CEO of Fortress.
After multiple requests from investors, Fortress has established a special ad hoc subcommittee to consider allegations made against the property company, its directors and shareholders. CNBC Africa is joined by corporate governance crusader and Independent non-Executive Chairman at Fortress Dr Iraj Abedian.
Adam Ebrahim, Chief Investment Officer, Oasis Asset Management argues that the South African equity market is highly concentrated in a few stocks which presents dangers for investors.