Revolting shareholders make history for Rebosis bosses

Business

Revolting shareholders make history for Rebosis bosses

Property fund is the first JSE-listed entity to score 80% vote against its remuneration implementation report

Ann Crotty

Rebosis Property Fund (https://www.sharenet.co.za/v3/quickshare.php?scode=REB) has made history for the second time in just a few months. And, sadly, it is again for the wrong reason. In November it became the first SA real-estate investment trust (REIT) not to pay out a dividend since 2013. That was the year when the REIT capital structure legislation came into effect.

And last week it became the first JSE-listed entity to score an 80% vote against its remuneration implementation report. That 80% record was how the ordinary shareholders voted. In addition, just over 73% of A-shareholders voted against the implementation report. However a remarkable 94.99% of A-shareholders voted against the actual remuneration policy. That is a record that Rebosis is likely to hold onto for some time.

Both the A and ordinary shares have been hammered in the past two years with the ordinary shares (https://www.sharenet.co.za/v3/quickshare.php?scode=REB) plummeting from a high of more than R13 in February 2017 to a current 40c. The steepest part of that fall was during 2019. In the past year the A shares (https://www.sharenet.co.za/v3/quickshare.php?scode=REA) have fallen steadily from a January 2019 high of R22 to a current R2.60...

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