Acucap and Sycom: Directors discuss property merger

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Acucap Properties and Sycom Property Fund Managers were in discussions about a possible merger, the two JSE-listed property companies reported yesterday. They said the merger discussions were taking place between the board of directors of Acucap and an independent committee of Sycom, comprising only those Sycom directors who were not also directors of Acucap. They added that the Acucap board and the Sycom independent committee were exploring a transaction whose terms would be favourable to both Acucap linked unitholders and Sycom unitholders. The Competition Tribunal has approved a merger between the companies without any conditions. The companies said unitholders would be kept informed as discussions progressed, but advised them to exercise caution when dealing in their units until a further announcement was made. Acucap linked units declined 2.5 percent to close at R39 yesterday, while Sycom units slipped 1.85 percent to R21.80. The JSE’s property trust sector fell 0.92 percent. – Roy Cokayne

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