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No reason for caution
RESILIENT REIT LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2002/016851/06)
JSE share code: RES ISIN: ZAE000209557
(Approved as a REIT by the JSE)
(“Resilient” or “the company”)
NO REASON FOR CAUTION
Following the release of results last week, the management of Resilient is meeting with shareholders, which provides
them with an opportunity to field any concerns that may explain the current weakness in the share price.
Some institutional shareholders have suggested that The Siyakha Education Trusts, broad-based educational
empowerment initiatives established some years ago by Resilient, become more public regarding their operations and
affairs. The board has requested the trustees to respond openly to this interest.
The company has noted criticism of the cross-holdings between Resilient and Fortress REIT Limited, in that Resilient
owns 15,92% of the B shares issued by Fortress and Fortress owns 9,32% of Resilient. Fortress was established by
Resilient several years ago as a strategic initiative and remains an attractive investment. Like all strategies, however,
this is regularly re-evaluated by Resilient.
Resilient is very comfortable with its investments in NEPI Rockcastle plc and Greenbay Properties Limited. Neither of
these companies holds shares in Resilient.
The company has not been presented with any complaints or allegations of wrongdoing. There were rumours in the
market that Resilient would be the subject of a Viceroy Research report. When this proved to be unfounded, rumours
emerged of the imminent release of a report apparently intended to substantiate the views of short-sellers of Resilient
shares. The company has not been approached for comment regarding any report or the like. The board will consider
and respond fully and appropriately to any complaint or allegation concerning the company based on facts and provided
that it is not made anonymously.
In the meantime, the operations and affairs of the company remain sound and are not impacted by any weakness in share
prices. The company has no reason to revisit its stated guidance for growth in distribution. The company has no reason
to advise shareholders to exercise caution in their dealings in Resilient shares.
2 February 2018
Sponsor
Java Capital
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