Rebosis’ share price slumped 4.4percent yesterday morning to 65c following the announcement. The price represents a long drop from more than R12 per share it traded two years ago, and it closed the day at 63c.
The deal to sell the New Frontier stake, and the resignation of the two directors, means Rebosis has cut all ties to the struggling UK mall-owning firm.
New Frontier, listed on the JSE’s Alternative Exchange, said in a separate announcement that Henry Dednam would hold 20.35percent of New Frontier shares while Orion Hotels & Resorts (Africa) would hold 29percent, following the exit of Rebosis as a shareholder.
New Frontier, also listed on the Mauritius Stock Exchange, said on Friday that it had made a £60.05million (R1.05billion) loss in the nine months to May 31, 2019, compared with a £4.26m profit in the same period in 2018. The loss arose from write-downs on the group’s property investments.