JSE-listed real estate investment trust Safari Investments on Monday said some of its shareholders, holding more than 25% of the company’s share capital, confirmed that they would vote against the proposed R5.90 apiece takeover offer by Community Property Company (Comprop) in July.
Safari started considering the Comprop offer once a proposed merger with real estate investment trust Fairvest fell through, after a majority of shareholders indicated that they would vote against that transaction.
Owing to shareholders’ opposing positions with regard to the Comprop offer, Safari said it was highly unlikely that the scheme would be approved by the requisite majority of shareholders.
Given these developments, Safari’s independent board is engaging with Comprop with a view to resolving the impasse.
An independent board is also finalising the appointment of an independent professional expert to express an opinion on whether the Comprop proposal is fair and reasonable to shareholders.