IFour gets nod for acquisitions

Posted On Wednesday, 17 September 2003 02:00 Published by eProp Commercial Property News
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Property loan stock company iFour Properties announced yesterday that its decision to acquire commercial, retail and office properties valued at R742m had been approved by the majority of the firm's shareholders.

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In terms of one of the transactions, property loan stock giant Pangbourne Properties got a 49,9% stake in iFour. The deal would see Pangbourne selling to iFour about R250m worth of properties in return for about 50-million linked units in iFour, of which 7,5-million would be placed in other institutions.

Although the 49,9% stake would have normally triggered a takeover bid in terms of the Securities Regulation Panel, Pangbourne obtained permission not to have to make an offer.

Pangbourne also announced that the requisite majority of shareholders voted in favour of the resolution waiving the requirement to make a mandatory offer.

 



Last modified on Friday, 09 May 2014 22:16

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