Acucap: Stake in Sycom increased to 83.4%

ACUCAP has increased its shareholding in Sycom Property Fund to 83.4 percent following the closure of a follow-on offer to its initial offer to Sycom unitholders. The follow-on offer, which closed on Friday, was in line with a process to merge the two listed property funds. In terms of the offer, Sycom unitholders who accepted the offer will receive 58 Acucap shares for every 100 Sycom units tendered. Acucap acquired a 73.3 percent holding in Sycom immediately following its initial offer to Sycom unitholders to acquire all the remaining units in the company it did not already own. Acucap reported last month that it was involved in discussions with listed Growthpoint, which acquired a strategic 34.9 percent stake in Acucap and a 31.5 percent stake in Sycom in a transaction valued at R4.66 billion in April. After the end of its financial year to June, Growthpoint took up a switch offer from Acucap, which changed its holding to 34.7 percent in Acucap and 15 percent in Sycom. Acucap slipped 5c to close at R45.95. Sycom added 0.88 percent to R29.90. – Roy Cokayne