APEXHI TO DISPOSE OF MICC UNITS IN EXCHANGE FOR PROPERTIES

Posted On Monday, 12 December 2005 02:00 Published by eProp Commercial Property News
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APEXHI TO DISPOSE OF MICC UNITS IN EXCHANGE FOR PROPERTIES

Gerald LeissnerApexHi Properties Limited will acquire nine MICC properties in exchange for ApexHi’s undertaking to accept the offer made by Vukile to minority unit holders in MICC.

ApexHi director, Deon Feinblum, says this announcement follows hot on the heels of ApexHi’s recent acquisition of 3,078,895 MICC units from Oasis which increased its shareholding in MICC from 19% to 23,64%.”This put ApexHi in a stronger position to negotiate to buy the MICC properties in exchange for units,” he says.

As the largest minority unit holder, ApexHi has undertaken to accept Vukile’s offer to acquire the 15 837 754 MICC linked units currently held by ApexHi for a consideration of 862 cents per linked unit. In addition, MICC and ApexHi have entered into an agreement in which MICC will sell specific properties to ApexHi immediately following the successful conclusion of the offer.

“The agreement is a win-win for all. Vukile will have enough units to invoke the provisions of section 440K of the Companies Act to compulsorily acquire all the MICC linked units from MICC unit holders who do not accept the offer, and will then delist MICC from the JSE Limited. ApexHi will dispose of its MICC units and will acquire more properties, in line with its objective to purchase R500-million in properties in this financial year,” he says.

“The properties in question are primarily retail centres, and the acquisition will be yield enhancing for the ApexHi portfolio,” says Feinblum.

The Vukile offer is subject to approval by the regulatory authorities, and the acquisition of properties by ApexHi is subject to the approval by the MICC funding banks of the disposal and the successful implementation of the Vukile offer.

Ends



Last modified on Wednesday, 07 May 2014 07:52

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