Resilient has 13% of 'target'

Posted On Tuesday, 18 September 2007 02:00 Published by eProp Commercial Property News
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Listed property loan stock company Resilient Property Income Fund says it has acquired an additional 9,1-million linked units in Pangbourne Properties for R150,7m

Des de Beer ResilientThis acquisition brings Resilient and its sister company Diversified Property Fund’s interests in JSE-listed Pangbourne to just over 13% .

Last week Resilient and Diversified acquired an effective 10% interest in Pangbourne for R426,4m in a move described by Pangbourne CEO Craig Hutchison as a “hostile attempt to take over the company by stealth”.

But Resilient CEO Des de Beer said last week the Resilient stable of listed property funds, which include Resilient, Diversified and Capital Property Fund, did not intend making an offer for Pangbourne.

He said they saw value in Pangbourne’s portfolio and wanted to supplement Pangbourne with heavy-weight property skills.

De Beer said they wanted to retain the skills of the existing Pangbourne executive management team.

Resilient and Diversified have requisitioned Pangbourne to convene a meeting of Pangbourne unitholders for the purpose of voting for changes to the board.

De Beer confirmed yesterday the latest acquisition of units had taken Resilient and Diversified’s stake in Pangbourne to just over 13%.

Pangbourne’s Hutchison said Pangbourne wanted “to go out and see our major investors in Pangbourne, as well as the parties concerned who are acquiring units”.

Resilient said the additional 9,1-million linked units were acquired from Investec.

Last modified on Wednesday, 23 April 2014 12:40

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