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Fountainhead Property Trust Redefine deal is all but complete

January 31 2013 at 08:00am
By Roy Cokayne

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Fountainhead Property Trust reported yesterday that negotiations on the unsolicited offer from Redefine Properties to acquire all its property assets was complete “in all material respects”, but it had extended the deadline until February 22. Growthpoint Properties also lodged an unsolicited bid but Fountainhead’s independent committee decided to engage exclusively with Redefine. This exclusivity is scheduled to expire today, if a written sale agreement has not yet been concluded. FPT said the exclusivity had been extended to allow its recently appointed trustee to verify that the proposed execution of the sale agreement complied with the Collective Investment Schemes Control Act and its trust deed. Fountainhead units lost 0.82 percent to close at R8.44 yesterday. – Roy Cokayne


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