6th Dec 2019 15:59
(Alliance News) - Growthpoint Properties Ltd's proposed acquisition of majority holding in Capital & Regional PLC was declared wholly unconditional save for UK admission, the companies said on Friday.
Back in October, Johannesburg-listed real estate investment trust Growthpoint said it will invest around GBP150.4 million for a 51% interest in the UK real estate firm Capital & Regional.
The first part of the investment was for Growthpoint to acquire 219.8 million existing shares in Capital & Regional for 33 pence per share, at a total of GBP72.5 million. The second part was for Growthpoint to subscribe for 311.5 million new Capital & Regional shares, at a price of 25p each to raise GBP77.9 million before costs for the company.
On Friday, the companies declared the transaction wholly unconditional save as to UK Admission.
Looking ahead, both Capital & Regional and Growthpoint said the offer remains open for acceptances until the second closing date on Friday next week, despite achieving a total level of acceptances for 438.7 million Capital & Regional shares, or over 60%.
Capital & Regional shares were trading 0.7% higher in London on Friday afternoon at 29.30p each, while in Johannesburg, the shares closed up 0.9% at ZAR5.80 each. Growthpoint shares closed 0.9% higher in Johannesburg at ZAR22.54 each.
By Evelina Grecenko; [email protected]
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