Steinhoff/Capitec Bank short-seller Viceroy attacks another JSE-listed company

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.

The Money Show’s Bruce Whitfield interviewed Gabriel Bernarde of Viceroy Research and Cy Jacobs of 36ONE Asset Management.

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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