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      Men’s U-19 cricket team preps for world cup qualifiers

      Botswana Cricket Gears Up for Int’l Tournaments

      ‘Amos did not communicate with us on his intention to go solo’- BAA

      Doping Cases Surge in Botswana Athletics 

      BoBA readies Team for African Champs

      Debswana’s Exemplary Sponsorship Elevates Botswana Sports

      The Abilities of Coach Dose Speak for Themselves 

      The Abilities of Coach Dose Speak for Themselves 

      BoBA is Grateful to Debswana for Increased Sponsorship – Sec Gen

      BoBA is Grateful to Debswana for Increased Sponsorship – Sec Gen

      Tebogo’s Move to US on Hold

      De Grasse Labels Tebogo a Threat in the World of Athletics 

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      RDC will pay P1bn to take over South Africa’s first listed REIT

      The Potential Transaction represents an attractive qualitative and quantitative opportunity for RDC to transition into the next phase of its growth strategy.

      mm by Staff Writer
      October 7, 2021
      in Companies & Markets
      Reading Time: 2 mins read
      0
      RDC will pay P1bn to take over South Africa’s first listed REIT
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      RDC Property has announced a potential transaction which may result in the acquisition of all, or the majority, of the shares not already owned by RDC in Tower Property Fund Limited, and the potential subsequent delisting of Tower from the Johannesburg Stock Exchange (JSE). RDC which already has a stake in real estate investment trust (REIT), has made cash offer of R4.00 per piece for shares it doesn’t own which will take its stake to 93 percent, a controlling stake.  

      RDC says it intends to fund the potential transaction consideration of about P980 million using its own capital resources, funded by way of a combination of debt and equity, through additional long-term debt funding and rights offer to RDC unit holders to raise up to P730 million of new equity. 

      RDC says it has received written confirmation from a select number of existing unitholders that they will follow their rights and subscribe for additional RDC linked units in respect of 100 percent of the Potential Rights Offer. 

      “The Potential Transaction represents an attractive qualitative and quantitative opportunity for RDC to transition into the next phase of its growth strategy. The acquisition of the Tower rental enterprise for the Cash Consideration will be yield and net asset value accretive to RDC unitholders,” management says adding that “it will furthermore substantially increase the RDC market capitalisation, due to the equity funding component set, which is expected to enhance market liquidity. “The strengthening of sector and geographic diversification is in line with current strategy and the operational synergies will enhance management efficiency and supplement its skillset.” 

      Tags: RDC Properties Limited

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