Rural Funds: Exploiting Investors
Channel: Bucephalus Research Partnership
Date: 2019-09-18

We think that the Rural Fund Management (RFM), the company that managers the Rural Funds REIT (RFF AU) is using Creative Accounting to inflate asset values and profits. This is boosting their fees and allowing distributions in excess of cash generation. Update posted on https://www.buceph.com/ruralfunds-issues-to-consider.html to see our update

The recent deal with JBS group is of great concern. RFM used RFF money to guarantee a loan that enabled RFM to get the equity in a company for free. 

The recent E&Y report and the FY 2019 RFF AU accounts form the basis of our allegations and we have highlighted the key passages. These can be downloaded from https://www.buceph.com/ruralfunds-issues-to-consider.html

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