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Balance of Ambit unit acquisition on the cards

Posted On Thursday, 26 February 2009 02:00 Published by eProp Commercial Property News
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ApexHi Properties Limited has offered to acquire all the Ambit linked units that it does not already own in a scheme of arrangement with Ambit unit holders

Gerald Leissner






ApexHi CEO Gerald Leissner says the company currently owns 35% of the Ambit linked units – although 21% of these are still subject to approval by Competition Authorities - and has offered to acquire the remaining units to gain control of a sizable R2,4-billion portfolio of properties that is complementary to ApexHi’s existing portfolio.

Ambit unit holders are being offered one ApexHi A, B and C unit for every 9,55 Ambit units, or a cash consideration of R3,45 per unit.

Leissner says ApexHi has already received signed irrevocable undertakings from major shareholders Absa and Redefine to vote in favour of the scheme and to elect to receive the units. Absa owns 34,6% of Ambit (53,1% of the units not already owned by ApexHi) while Redefine owns 9,3% of Ambit (14,2% of the units not already owned by ApexHi). “This indicates that ApexHi is likely to achieve the 75% approval required in terms of the scheme of arrangement.

“Importantly, Ambit unit holders would need to be aware that ApexHi is itself subject to a proposed acquisition by Redefine. If Redefine is successful in its offer to acquire all the ApexHi units that it does not already own, Ambit unit holders who elect to receive the ApexHi units may need to swap these units for Redefine units shortly after the implementation of the scheme. This would effectively mean Ambit unit holders would receive one Redefine unit for every 1,73 Ambit units held,” says Leissner.

Apart from the regulatory approvals, the transaction is subject to Ambit unit holder approval (the scheme), as well as approval from ApexHi unit holders who need to authorise the issue of units.

If the scheme is implemented, the effective date will be 1 April 2009, and Ambit will be delisted from the JSE.

Circulars containing further details and a notice of meetings will be posted to Ambit unit holders and ApexHi unit holders in due course.


Last modified on Friday, 18 April 2014 09:50

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