Daily Maverick 168 weekly newspaper.
It has been a horrific turn of events for Delta Property Fund and Rebosis Property Fund, two of the biggest black-run companies on the JSE’s real estate sector, which is worth more than R200-billion.
Shareholders have watched the value of their Delta and Rebosis investments implode recently as both companies lurch from one extreme crisis to another – ranging from shocking governance problems to overall bad management decisions.
Delta shares, the trading of which has been suspended by the JSE (more on this later), tumbled by 51% in 2020, wiping R257-million off from its market value. Rebosis has also felt the sting of unforgiving shareholders as its B shares fell by 31%, shaving R69.9-million off its market value. Unfortunately, the value destruction for shareholders hasn’t ended there but has continued into the early days of 2021.