JSE-listed real estate investment trust Emira Property Fund has received notice that, Maitlantic 10 and Clearance Cantara Master Fund (the offerors) have acquired a combined 35% of Emira’s shares.
As such, the offerors will launch a mandatory offer to acquire all the Emira shares not already held by them, their holding companies or their holding companies’ other subsidiaries, for an offer consideration of R9.15 per Emira ordinary share.
The implementation of the mandatory offer is subject to the fulfilment of conditions precedent, by no later than September 30, and includes obtaining all regulatory approvals.
Emira has appointed an independent subcommittee to consider the offer and to appoint an independent expert to advise the Emira board on the mandatory offer.