Johannesburg - Atlantic Leaf, a property company listed on the Stock Exchange of Mauritius (SEM), has been granted approval by the JSE for a secondary listing on AltX, its junior exchange.
Atlantic Leaf is scheduled to be listed on AltX on Thursday. The listing will follow a private placement in South Africa involving an offer to invited investors to subscribe for about 20 million shares at an issue price payable in rand that is equivalent to £1 (R17.58).
The placement opened on Friday and closes at noon today.
The directors of the company have not set a minimum amount that is required to be raised in terms of the local placement, but the AltX listing is subject to the JSE being satisfied that a sufficient number of shares will be available on the South African share register.
About 2 million Atlantic Leaf ordinary shares were listed on the SEM on Tuesday in its primary listing.
Details of the investments made to date by Atlantic Leaf were not included in its abridged prelisting statement published on the Stock Exchange News Service (Sens) on Friday. The company said it had been established with the primary objective of investing in high-quality, investment-grade real estate assets and companies that delivered suitable returns for investors through income and capital growth.
It added that it would adopt a dual strategy approach to its investments and invest in listed and unlisted shares and securities of property companies in selected developed markets in western Europe and in a portfolio of fixed property assets that it would own either directly or through subsidiaries.
“Management have identified the UK, Germany and France as attractive real estate markets in which Atlantic Leaf should be investing, pursuant to its primary objective of investing in high quality, investment grade real estate assets and companies which deliver suitable returns,” it said.
Atlantic Leaf said it had been established in Mauritius to take advantage of the country’s business-friendly infrastructure and tax regime and the spread of double tax agreements that Mauritius had negotiated with many of the jurisdictions in which the company intended to invest.
The chief executive is South African Paul Leaf-Wright, the founder and a director of Leaf Capital, a Cape Town-based financial advisory firm and fund manager.
Atlantic Leaf’s independent non-executive chairman is Briton Michael Fienberg, who lives in Portugal. - Business Report