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Good Morning Voornaam,

Despite its best efforts and an expensive-looking video to explain the situation, Fortress REIT failed to secure shareholder approval to collapse its dual-share structure into a single class of shares. This is a serious issue, as Fortress is now on a collision course to become the first property company on the JSE to lose REIT status. The REIT rules are strict around distribution of income, which is where Fortress is falling foul of the rules. If REIT status is lost, then institutional investors with a mandate to hold REITs would have to dump the stock. Right now, this fortress looks about as solid as a jumping castle at 5pm after a kid's party.

We also saw a flurry of results from mining companies yesterday. DRDGOLD, Sibanye-Stillwater and Northam Platinum all chimed in with results. Sibanye definitely got the wooden spoon, with a 6% knock to the share price to cap off a horrible trading period. With flooding in the US operations and a labour strike in the local gold mines, it was not a happy time for Neal Froneman and friends.

As always, Ghost Bites has all these updates and more, like trading updates from Aspen and Emira Property Fund, as well as Mpact's formal response to Caxton's allegations. Read it here.

Podcasts

Ghost Stories Episode 3 is 64 minutes of pure awesomeness with Carel Nolte of EasyEquities, in which we unpacked insights from the platform's data on its investors. You don't want to miss this!

Magic Markets Episode 88 is a review of the growth stocks picked by Justine Brophy of AnBro Capital Investments in Episode 80 - they've all done very nicely and we use this opportunity to unpack why.

Daily market wrap with TreasuryONE

Emerging market currencies came under pressure before the release of the FOMC minutes, with a UK inflation print of 10.1% driving another round of recession fears. Sadly, the rand was the worst performing emerging market currency on the day, giving up all the gains in the past week against the US dollar.

Gold, platinum and palladium all traded weaker as well. The market wa s skittish ahead of the announcement, with any hawkish tone in the minutes likely to put emerging market currencies and commodities under more pressure.

Have a productive Thursday!

Ghost Bites Vol 71 (22)

Fortress REIT is in huge trouble. We saw a flurry of earnings from miners - DRDGOLD, Sibanye and Northam Platinum. Mpact has formally responded to Caxton.

SoftBank. Hard losses.

If you need to feel better about some of the unrealised losses in your portfolio, look no further than SoftBank's Vision Funds. Ghost Grad Kreeti Panday takes a closer look.

Report: The Management Consulting and Business Advisory industry

Although the management consulting industry has found itself at the heart of the State Capture catastrophe, there is great demand for these services and many great people delivering them. Ghost Mail readers can enjoy a 40% discount on Who Owns Whom resear

Ghost Stories Ep3: Carel Nolte (EasyEquities)

In Episode 3 of Ghost Stories, Carel Nolte joins me to discuss insights from the data on investor behaviour on the EasyEquities platform.

Listen Now

Ep88: Growth is for stock pickers

Justine Brophy from AnBro Capital Investments joins us to give feedback on the stocks discussed in Ep 80. Those choices prove that this truly is a stock picker's market!

Listen Now

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