Redefine contemplates another attempt for Fountainhead assets

Posted On Friday, 27 March 2015 21:38 Published by
Rate this item
(0 votes)

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

Most Popular

Scores of subcontractors at risk as yet another principal contractor enters business rescue

Jun 10, 2019
 MOHAU MPHOMELA
News of yet another principal contractor entering business rescue with tens of millions…

Lifestyle brand to open in Cape Town’s vibrant Longkloof precinct

May 30, 2019
 CANOPY FINAL
Hilton today announced the signing of a management agreement with Growthpoint Properties,…

Solid Performance By Arrowhead's Core Property Portfolio in Line With Expectations

May 29, 2019
 MARK KAPLAN
Arrowhead Properties Limited, a proudly South African JSE-listed REIT with a diverse…

How to invest in property without costly and risky direct ownership

Jun 05, 2019
 MARC EDWARDS
When people want to invest in real estate they usually secure a loan to purchase a…

Investec Australia Property Fund successfully lists on the ASX

May 29, 2019
 GRAEME KATZ
Investec Australia Property Fund has listed on the Australian Securities Exchange (ASX)…

Please publish modules in offcanvas position.