Acucap: Proposed funds’ merger to go ahead

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The proposed merger between property funds Acucap and Sycom is to be implemented following the finalisation of Acucap’s restructuring. Earlier this year, Acucap offered the remaining Sycom unitholders 58 Acucap securities for every 100 Sycom units held. It received acceptances to its offer for the remaining units in Sycom it did not already own from Sycom unitholders owning 79.8 million units in the fund, comprising about 59.9 percent of the remaining Sycom units. All Sycom units held by Sycom unitholders who accepted the offer will be transferred into the name of Acucap on July 7, resulting in Acucap holding 73.7 percent of the Sycom units in issue and the financial results of Sycom being consolidated from the same date into those of Acucap. Acucap will on the same date also issue Sycom unitholders who accepted the offer with no par value shares in Acucap. Acucap closed 2.03 percent lower at R45.30 on Friday. Sycom dropped 3.03 percent at R25.60. – Roy Cokayne

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