Shops For Africa to take winding-up plan to unit holders

Posted On Thursday, 26 February 2004 02:00 Published by eProp Commercial Property News
Rate this item
(0 votes)

PROPERTY loan stock company Shops For Africa said yesterday that it would wind up its activities and delist this year.

 

Anton BothaThe announcement would come as no surprise to the market as the company said on December 5 last year that it planned to sell its entire property portfolio to property loan stock giant ApexHi Properties for R415,3m.

The company said it had decided in favour of ApexHi's unsolicited offer because it would be in the best interests of Shops For Africa unit holders.

The deal was subject to approval by Shops For Africa unit holders at a general meeting on March 12. Shops For Africa will also seek approval for its planned delisting at the meeting.

MD Anton Botha, who was also a director of Catalyst Property Asset Managers, which asset-manages Shops For Africa's property portfolio, said the full proceeds of the disposal, after costs relating to the transaction and winding up had been deducted, would be distributed to unit holders.

Botha said the effective date of the disposal transaction was April 1, and it was estimated that the company would be unwound six months later.

The effect of the transaction would be that 16,4 ApexHi A units and 16,4 ApexHi B units would be distributed for every 100 Shops For Africa units held, he said.

The transaction was beneficial to Shops For Africa unit holders because the proceeds represented a premium on the historic price at which Shops For Africa units had traded.

Angelique de Rauville, MD of listed asset management company Provest, part of Investec Bank, said that in terms of the transaction ApexHi would be diversifying its overall portfolio "out of exclusively CBD properties to include retail properties".

"For Shops For Africa unitholders, this is a cheap entry opportunity into ApexHi, which offers an investment in a larger and more diverse portfolio and a stock that has been more trad able than Shops For Africa."

Last modified on Monday, 12 May 2014 14:04

Most Popular

Should you rent or buy your business premises?

Jun 23, 2022
Malusi Mthuli_FNB
This is a question that most business owners will face at some point in their journey.…

April 2022 Hotel Accommodation Income Statistics continue to show a very weak picture compared to pre-lockdown times.

Jun 23, 2022
Hotels Monthly Income 2022
The StatsSA release of April 2022 preliminary monthly tourism statistics show the Hotel…

South Africa’s inflation exceptionalism: can it last?

Jun 23, 2022
Carmen Nel
South Africa is often seen as a high-beta play, be it regarding financial market risk…

Hyprop continues to reduce debt and reposition its portfolios in SA and EE

Jun 30, 2022
Skopje City Mall Playground
Hyprop, which manages dominant retail centres in mixed-use precincts in key economic…

Vaal Mall rolls up its sleeves for pothole repairs

Jun 30, 2022
Vaal Mall crew busy repairing the various potholes making easier access to the Centre.
Vaal Mall is showing their commitment towards their community by stepping up to repair…

Please publish modules in offcanvas position.