We’ve been looking at NEPI for roughly six months…— Gabriel Bernarde, Viceroy Research
Viceroy Research – the short-sellers who shot to notoriety in South Africa after its attacks on Steinhoff and Capitec Bank – is accusing JSE-listed real estate fund NEPI Rockcastle of overstating its profits in Romania, its largest market.
NEPI Rockcastle fell 9.5% on Wednesday morning, worsening its rout for the year so far to 51%.
The company says the Viceroy report is a misrepresentation.
Listen to the interviews in the audio below (and/or scroll down for more quotes from it).
We have raised issues about the entire group… share price manipulations… very big premiums to book values… It [the Viceroy report] makes very interesting reading…— Cy Jacobs, 36ONE Asset Management
We do not have a position on NEPI… We have been short in the past… My critics on Twitter [are wrong], we didn’t benefit [from the fall in the share price]…— Cy Jacobs, 36ONE Asset Management
Viceroy is a small group of people… the research is not necessarily done by themselves… I’m not sure this is their idea at the outset…— Cy Jacobs, 36ONE Asset Management
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