TAKEOVER RULES
Vukile has to make Atlantic Leaf offer
Vukile Property Fund was forced to make a formal mandatory offer for Atlantic Leaf Properties on Wednesday after its shareholding in the UK-focused real estate group exceeded 34%. But Vukile has no intention of taking control of Atlantic Leaf, saying that it would prefer that the group, which it viewed as a strategic offshore investment, grows independently. Vukile, which has investments in Spain and the UK, increased its stake in Atlantic Leaf through a bookbuild last week by the UK-focused owner of industrial real estate. Atlantic Leaf undertook an accelerated bookbuild in order to fund its recent acquisition of a portfolio of 11 assets tenanted by sofa maker DFS. Vukile was allocated about 23-million new shares at a subscription price of R17.60 per share. "Pursuant to this allocation, Vukile’s shareholding in Atlantic Leaf would increase to 34.90% of the enlarged issued share capital, thereby triggering the requirement for Vukile to make a mandatory offer in accordance with the s...
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