At a general meeting held on Friday, Shops For Africa unit holders also approved the voluntary liquidation of the company and voluntary termination of its listing on the JSE Securities Exchange.

Other resolutions passed at the meeting included the distribution of the net proceeds of the disposal by means of a payment out of share capital and share premium in terms of section 90 of the Companies Act; the redemption of the Shops For Africa debentures at their face value; and an advance liquidation dividend in anticipation of the voluntary winding-up of the company.

The approval of the advance dividend resolution would result in each unit holder receiving 16.46673 A- and the same number of B-linked units in ApexHi for every 100 Shops For Africa linked units held on May 28 this year.

This would equate to a dividend of R2.63303 a linked unit held. 

ApexHi's A units offer a secure and stable income with a guaranteed return and, therefore, minimal risk, while the B units receive the balance of the distributable income and, therefore, carry greater risk but the potential for greater returns.

The effective date of the disposal was April 1 this year and May 21 this year the last day for trade to be recorded in the register of Shops For Africa as a unit holder while the listing of Shop For Africa's units on the JSE would be suspended from May 24 this year.

The company said it was anticipated that a further liquidation dividend would become available for distribution upon finalisation of the voluntary winding-up, but this was subject to the final determination of liquidation costs and fees.

It said this further liquidation dividend would be settled in specie by the distribution to registered unit holders of an estimated further 0.52361 A- and the same number of B-linked units in ApexHi for each 100 Shops For Africa linked units held.