Rebosis: Plan to acquire all of Ascension

LISTED property fund Rebosis yesterday gave notice of its firm intention to acquire listed Ascension Properties, which would result in the creation of the largest JSE-listed real estate investment trust. Rebosis proposes to acquire the entire B-linked unit capital of Ascension it does not already own at a ratio of 23.549 Rebosis ordinary consideration shares for every 100 Ascension B-linked units held. It would make a comparable offer to acquire the entire A-linked unit capital of Ascension it does not already own at the same time at a ratio 19.34236 Rebosis A ordinary consideration shares for every 100 Ascension A-linked units held. The proposed transaction followed Rebosis’ acquisition last year of Ascension’s management company and a 32 percent stake in the company. – Roy Cokayne