https://www.engineeringnews.co.za

Ascension to sell remaining units to Rebosis

Ascension to sell remaining units to Rebosis

Photo by Bloomberg

24th February 2015

By: Megan van Wyngaardt

Creamer Media Contributing Editor Online

  

Font size: - +

Black-managed property group Rebosis on Tuesday said it was looking to acquire 100% of the issued linked unit capital of JSE-listed Ascension.

Rebosis sought to acquire the A-linked units and B-linked units it did not already own. Currently, it held 28-million Ascension A-linked units, comprising 9.1% of Ascension A-linked units in issue; and 191-million Ascension B-linked units, comprising 51% of Ascension B-linked units in issue.

The acquisistion, however, would see Ascension A-linked units held by shareholders being exchanged for newly created A ordinary shares in Rebosis at a swap ratio of 19-million Rebosis A ordinary consideration shares for every 100 Ascension A-linked unit held.

In terms of the B scheme, if implemented, the Ascension B-linked units held by Ascension B-linked shareholders would be exchanged for ordinary shares in Rebosis at a swap ratio of 23-million Rebosis ordinary consideration shares for every 100 Ascension B-linked unit held.

Each share would carry a net asset value of R1 278 after the scheme has been implemented.

Rebosis would acquire Ascencion’s properties in the Johannesburg central business district, Pretoria, Nelspruit and Cape Town, with a combined value of R2.26-billion. The deal was subject to a number of conditions, including that all applicable regulatory and statutory approvals be obtained, including approval by the competition authorities.

The companies aimed to preserve black management and ownership credentials to continue to enhance and be positioned to offer office accommodation to government and other empowerment-sensitive tenants on a basis that best advanced the interests of their investors.

For the six months ending July, Rebosis forecast that its revenue would be R46-billion, while its net property income would be R32-billion for the period.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

AutoX
AutoX

We are dedicated to business excellence and innovation.

VISIT SHOWROOM 
SABAT
SABAT

From batteries for boats and jet skis, to batteries for cars and quad bikes, SABAT Batteries has positioned itself as the lifestyle battery of...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:2.763 2.835s - 150pq - 2rq
Subscribe Now