Sycom: Acucap offers to acquire all shares

The expected consolidation in the listed property sector has gained impetus, with Acucap yesterday reporting it had made an offer to acquire the linked units in Sycom it did not already own. It is offering to acquire all Sycom units in issue in exchange for Acucap securities in the ratio of 58 Acucap securities for every 100 Sycom units held. The offer opens on Monday and closes on May 16 but may be extended at Acucap’s discretion. Acucap unitholders holding 32 percent of linked units have expressed support while 33 percent of the linked unitholders in Sycom are willing to accept the offer. Acucap owns 33.39 percent of Sycom and 100 percent of Sycom Property Fund Managers. Sycom shares rose 2.66 percent to close at R23.50 yesterday. Acucap shares rose 2.87 percent to close at R40.50. – Roy Cokayne