Ascension to sell remaining units to Rebosis
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.
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