Redefine contemplates another attempt for Fountainhead assets

Posted On Friday, 27 March 2015 21:38 Published by
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Redefine contemplates another attempt for Fountainhead assets

Andrew Konig

Redefine Properties is pleased to announce that following an approach from the largest institutional unitholder in Fountainhead, that did not support the previous transaction, Redefine has received an irrevocable undertaking that they will vote in favour of the acquisition by Redefine of all Fountainhead’s assets in exchange for 85 new Redefine shares for every 100 Fountainhead units in issue and the assumption of all of Fountainhead’s liabilities.

Redefine has canvassed other significant Fountainhead unitholders and has now obtained irrevocable undertakings to support the revised proposal from Catalyst Fund, Old Mutual, Absa Asset Management, the Eskom Pension and Provident Fund and Nedbank Capital, representing 34.1% of the votes capable of voting on the resolution to approve the revised proposal.

In addition, Redefine has also obtained non-binding indications of support from Fountainhead unitholders (based on the latest available register) that hold a further 14.3% of the votes capable of voting on the resolution to approve the revised proposal. 

Andrew Konig, Redefine Properties Chief Executive Officer comments: “We are extremely pleased with the level of support received by the Fountainhead unitholders.  Following the disappointment of the unsuccessful attempt in the latter part of 2014 (71% support received), Redefine is ready for another attempt at completing this transaction.”

Last modified on Monday, 30 March 2015 11:47

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