Shares in listed property company Bonatla have been on a rebound after they resumed trading nearly two months back.

Up until October 24, the JSE had suspended the shares due to Bonatla's tardy, incomplete results. CEO Robin Rainier said last week that since Bonatla's shares resumed trading at 1c, the price had been increasing 2% on average every day.

The share price was probably performing as the market expected major property acquisitions from Bonatla. He could not elaborate as the company is trading under a cautionary notice. "We can say there are acquisitions being finalised."

The asset managers of Bonatla, CDA Property Consultants, had been instrumental in turning the company around.

In July Bonatla said a restructuring process carried out between March and April had put the company back in the black. The company was now showing a positive net asset value of R2,27m.

Rainier, who came on board to restore Bonatla's fortunes in November 2004, said at the time that new management had managed to turn around a R25m "negative capital position" in the past year.

Bonatla said at the time it would dispose of certain investments and acquire fixed properties.

Business Day
Publisher: I-Net Bridge
Source: I-Net Bridge