Listed property group Fortress has lost its bid to avoid the removal of its real estate investment trust (Reit) status, over the non-submission of the required Reit declaration due to the company’s dual share structure Moneyweb Property NtandoThukwana
Listed property group Fortress has lost its bid to avoid the removal of its real estate investment trust status, over the non-submission of the required Reit declaration due to the company’s dual share structure. Read the full sens announcement here. Fortress’s dual-class share structure means that it has A shares and B shares, and the A shares get preference for dividends.
In attempts to keep its Reit status, Fortress lodged an objection against the bourse’s decision in early December, which was this week dismissed by the JSE based on the outcomes of an annual general meeting that was held yesterday . The decision was informed by the fact that the company has not paid a dividend for the 2022 financial that ended in June 2022, Fortress said in an update to shareholders.
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