LISTED property loan stock Vukile Property Fund has made a cash offer to acquire all the linked units of MICC Property Income Fund that it does not already own.

The biggest minority unitholder, ApexHi, which owns 23,64% of MICC, is happy with the offer. That means Vukile, which owns 75% of MICC, is likely finally to unwind and delist MICC.

Last year in October, ApexHi launched an aggressive takeover bid for MICC, which stalled Vukile Property’s bid to acquire 100% of MICC’s units. Now the saga has finally drawn to a close after ApexHi and Vukile hammered out a deal.

In terms of the offer announced on Friday, Vukile is offering to acquire all the issued linked units in MICC, other than the MICC linked units it already holds, for 862c for each MICC linked unit.

Vukile said ApexHi had undertaken to accept the offer.

The company said that as a result, the 90% threshold required in terms of Section 440K of the Companies Act would be obtained from the day the offer opened and that it would be able to invoke provisions of Section 440K of the Act to compulsorily acquire all the MICC linked units from MICC unitholders who did not accept the offer.

Vukile CEO Gerhard van Zyl said there were two tiers involved in the transaction with ApexHi.

ApexHi would receive cash for its 23,64% interest in MICC and MICC would also sell certain properties to ApexHi following the successful conclusion of the cash-for-units offer.

Van Zyl said Vukile hoped the deal would be finalised and MICC delisted towards the end of the first quarter of next year. ApexHi executive director Deon Feinblum said his company was “very happy” the saga had finally come to an end.

“We get cash for our units and we will buy certain properties from MICC for cash. This is all yield-enhancing for ApexHi,” said Feinblum.

He said ApexHi’s intention was never to hold units in another company, but rather to hold properties.