Rivals vying to acquire the assets of the iProp property group look set to go another round following the second postponement of an investors’ meeting to consider bids.

IProp shareholders have until May 26 to review offers by suitors Mettle and Clidet the latter owned and controlled by members of the executive management team of iProp.

Industrial Correspondent

FINANCIAL services group Mettle on Friday tabled an improved offer to shareholders for the acquisition of land development group iProp's assets and liabilities.

Investment holding company Mettle has announced a R92,6m offer for the assets and liabilities of land development group iProp.

Property group iProp will disappear entirely if the R83,9m (550c a share) management buyout proposal announced yesterday goes through.

MONEYWEB: Welcome to Petro Heydenrych, the chief executive of Iprop –financial results out today for the year to end-September. But you can’t really read to much into these results, Petro, because the company has changed so in the past financial year. Just explain to us – at a board level what made you take the decision to sell off your portfolio and then to move more aggressively into property development?

A large portion of the proceeds from the unbundling of land developer iProp went into debt settlement, the group said yesterday.

Property developers iProp and Sable Homes have teamed up for a residential development on 40ha overlooking Crown Mines golf course in the south of Johannesburg.

Use of professional managers still a subject for debate.