Pivotal shareholders give green light to takeover by Redefine
Shareholders of The Pivotal Fund have approved a transaction in which JSE-listed, internationally diversified real estate investment trust (Reit) Redefine Properties will acquire all the shares in property developer and capital growth company The Pivotal Fund. Redefine would acquire Pivotal’s property portfolio worth R11.8bn. Pivotal’s investors would receive Redefine and Echo Polska Properties (EPP) shares in exchange for their Pivotal shares, offering exposure to foreign currency earnings and diversified income distributions, Pivotal’s management said in a statement. Votes were strongly in favour of the takeover despite some listed property analysts having argued off the record that the share swap ratio could have been more favourable for Pivotal shareholders. In terms of the scheme of arrangement, shareholders in Pivotal would receive about 138.54 Redefine shares plus 9.38 EPP shares for every 100 Pivotal shares held. Once implemented, Pivotal would be delisted from the JSE and w...
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