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Resilient proposes R1bn investment in Dipula Income Fund

27th August 2021

By: Simone Liedtke

Creamer Media Social Media Editor & Senior Writer

     

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Real estate investment trust (Reit) Resilient has proposed investing in JSE-listed Dipula Income Fund, but only if Dipula first simplifies its dual share capital structure.

Resilient envisages that it will co-own suitable retail assets with Dipula and will continue to support Dipula to play a leading role in the listed property sector, Dipula noted in an August 27 statement.

Resilient has proposed to invest R1-billion in Dipula to establish a strategic relationship reflected in co-ownership of Circus Triangle, with Resilient also holding a meaningful shareholding in Dipula with the right to nominate a director to Dipula’s board.

The proposal envisages that Dipula will offer to repurchase all the issued Dipula A shares for a consideration that shareholders elect between cash and Dipula B shares. Shareholders can choose to accept R6.61 in cash per Dipula A share, but subject to pro rata adjustment of the election so that the overall aggregate cash payable is equal to about R600-million.

Alternatively, they can choose an exchange for Dipula B shares at a swap ratio of two Dipula B shares per one Dipula A share held.

Further details are expected to be made available once Dipula has resolved to proceed with the proposal and the agreements have been concluded.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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