Ingenuity property to buy back shares and delist from the JSE
CAPE TOWN - Ingenuity Property Investment has proposed to repurchase its shares and to delist from the JSE.
The group, which has property investments of R3.2billion and has been listed since 2007, said it had not benefited materially from the listing and it had not attained sufficient institutional shareholder support to justify the costs of being listed.
In addition, it had also not been able to generate sufficient shareholder spread and liquidity, impeding its ability to raise equity capital to fund its development pipeline.
Management would have more time to dedicate towards the performance of the business without having to dedicate time, expenses and resources to regulatory requirements and processes associated with a listing, the group said.
A cash offer to shareholders of R1.08 a share was proposed to repurchase their shares. Ingenuity had received irrevocable undertakings from certain scheme participants.