[COLOR=var(--emphasis-color)]Rural Funds Group equity 'ultimately worthless', says short sellerActivist short-seller Bonitas Research has taken aim at ASX-listed farm owner Rural Funds Group, saying its equity is "ultimately worthless".
August 06, 2019[/COLOR]
In a detailed report released on Tuesday morning, Bonitas Research accused Rural Funds of overstating assets by 100 per cent and said the company's reported profits since the 2017 financial year were either fabricated rental income or nn-cash gains on "dubios fair value changes".
Rural Funds shares were down 42 per cent to $1.36 in early Tuesday trade, before trading was halted.
Rural Funds is a real estate property trust that owns farms producing poultry, cattle, almonds and cotton. It is listed on the ASX with about a $790 million market capitalisation.
Bonitas is a short-seller that was founded by Matthew Weichert, who previously set up Glaucus Research.
The report is the latest example of a short-seller running an activist campaign against an Australian company. Others include sandalwood grower Quintis - which was a Glaucus target - Blue Sky Alternative Investments Ltd and Corporate Travel Management.
Ann: Pause in Trading, page-17
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