The Johannesburg Stock Exchange (JSE) has issued a public censure and a suspended R500 000 fine against listed real estate investment trust (Reit) Accelerate Property Fund Limited for bypassing mandatory shareholder approval rules in the management of its flagship asset, Fourways Mall. The regulatory action stems from Accelerate’s failure to obtain shareholder consent before appointing external property managers for its most significant real estate asset, as required under paragraph 13.40 of the JSE listings requirements. Read: Accelerate offloads Fourways land and attached BMW dealershipIn November 2024, Accelerate disclosed that the suspensive conditions of the agreement had lapsed, rendering the contract of no force and effect. However, the asset managers remained on site and have continued to manage Fourways Mall on a month-to-month basis without shareholder approval. The JSE highlighted that because the asset manager remains on site on a month-to-month basis, Accelerate’s non-compliance with the listings requirements remains ongoing.