Atlantic Leaf: Plan to acquire remaining shares

Atlantic Leaf, the property company listed on the Mauritius Stock Exchange (SEM) with a secondary listing on the JSE’s Alternative Exchange, had decided to exercise the option it had to acquire the remaining 40 percent shareholding in Seahawk Investments it did not own, it said on Friday. It was granted the option when it acquired a 60 percent interest in April for £6.9 million (R122m). Seahawk, registered in the Isle of Man, is an investment holding firm that owns a 30 percent interest in 30 retail warehouse properties in the UK tenanted by Booker Group. Atlantic Leaf’s decision means the second tranche transaction will be aggregated with the first tranche transaction, resulting in it being categorised as a substantial transaction in terms of the SEM rules and requires the company to seek shareholder approval to complete the second tranche acquisition. Atlantic Leaf said a substantial transaction circular would be issued in due course, in line with the relevant provisions of the listing rules of the SEM. Shares remained unchanged to close at R17.61 in Johannesburg on Friday. – Roy Cokayne