Investec Property Fund: Investors pick stock alternative

SHAREHOLDERS in the Investec Property Fund holding 212.7 million or 48.7 percent of the listed property fund’s issued shares elected to receive the share alternative rather than the final cash dividend of 64.49652c a share. The fund said this would result in it issuing 8.28 million new shares and retaining R136.8 million, based on the issue price of R16.50 a share for the new shares, in new equity. The cash dividend will, therefore, cost Investec Property Fund R144.4m in respect of 223.95 million shares in the fund. – Roy Cokayne