https://www.engineeringnews.co.za

Comprop offers R1.8bn in Safari takeover bid

22nd July 2019

By: Marleny Arnoldi

Deputy Editor Online

     

Font size: - +

Specialist investment company Futuregrowth Asset Management subsidiary Community Property Company (Comprop) has offered R1.8-billion to acquire the entire issued share capital of JSE-listed retail property fund Safari Investments.

This follows after Safari announced a share-for-share reverse takeover offer for Fairvest Property Holdings.

Comprop’s offer values Safari at R5.90 a share and the transaction will effectively delist Safari from the JSE.

Comprop says the offer will provide Safari shareholders with an opportunity to realise significant value for their shares, more than what they would attain in the short-to-medium term by remaining listed, even if the Fairvest reverse takeover offer is to be implemented.

It adds that it has received considerable support from Safari’s largest shareholders, holding about 55.7% of its shares, for the offer and that these shareholders plan to vote against the Safari shareholder resolutions that are required to implement the Fairvest reverse takeover offer and in favour of the scheme to implement the Comprop offer.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

Showroom

WearCheck
WearCheck

Leading condition monitoring specialists, WearCheck, help boost machinery lifespan and reduce catastrophic component failure through the scientific...

VISIT SHOWROOM 
Booyco Electronics
Booyco Electronics

Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...

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:0.073 0.124s - 157pq - 2rq
Subscribe Now