Acucap: Property fund owns 73.3% of Sycom

Acucap reported yesterday that it held 73.3 percent of the Sycom units in issue. The fund said it had received acceptances to its offer for the remaining units it did not already own from unitholders owning 79.8 million units in the fund, comprising about 59.9 percent of the remaining Sycom units. Acucap had offered the remaining Sycom unitholders 58 Acucap securities for every 100 Sycom units held. However, Acucap said yesterday Growthpoint, due to regulatory constraints, only accepted the offer in respect of 17 million Sycom units and still retained a 23 percent stake in Sycom. – Roy Cokayne