Shareholders of Transcend Property Fund, which listed on the JSE in 2016, have approved a buyout offer from majority owner Emira Property Fund and looks set to delist in mid-November.
Shareholders of Transcend Property Fund, which listed on the JSE in 2016, have approved a buyout offer from majority owner Emira Property Fund, and it looks set to delist in mid-November.
During a meeting on Monday almost 92% of shareholders approved the scheme resolutions, which follows an offer of R6.30 per share from Emira, which owns just over 68% of Transcend. This is a just over 1% discount to its volume-weighted average price for the 30 days prior to the announcement, but independent expert Valeo Capital had determined the offer as fair and reasonable, with a midpoint of its valuation range of R6.22.
Transcend had a net asset value per share of R8.23 at the end of its 2023 year, but shareholders will also get a clean-out distribution which won't reduce the scheme-consideration price. Valued at just over R1 billion on the JSE, Transcend’s portfolio consists of relatively new modern apartments located in secure estates. It had a portfolio of 22 properties valued at about R22 billion at the end of March, more than 82% of which was located in Gauteng by value, with the rest in the Western Cape.A deep dive into the big business story of the week, as well as expert analysis of markets and trends.
"Under these circumstances, the board of directors of Transcend and Emira believe that Transcend’s continued listing on the JSE is not justified and that the limitations imposed by the regulatory processes and costs associated with a JSE listing outweigh the benefits thereof in the current environment," it has said.
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