Hyprop to issue shares for cash, seeks to acquire shares in MAS
JSE-listed property company Hyprop has evaluated acquiring a controlling shareholding in commercial property investor and operator MAS, pursuant to a conditional voluntary bid process.
The company says this is in line with its strategy of owning and managing dominant retail centres in mixed-use precincts in key economic nodes within South Africa and Eastern Europe, and specifically the key priority to secure new growth opportunities in Eastern Europe.
MAS owns retail assets in Poland, Bulgaria and Romania.
Hyprop notes that the voluntary bid would offer all MAS shareholders the opportunity to sell their MAS shares in exchange for Hyprop shares or for cash.
It describes the share exchange as an opportunity for MAS shareholders to exchange their MAS shares for more liquid JSE and A2X -listed shares in Hyprop, and to continue to participate in the future growth of Hyprop and MAS.
Hyprop’s pricing for the share exchange and cash alternative will be determined with reference to the closing market price of MAS shares on May 23, rather than the cash offer price of €0.85 per MAS share offered by PK Investments, as announced by MAS on May 16.
In preparation for Hyprop’s voluntary bid, the company proposes raising funding through the issuance of new Hyprop shares at pricing acceptable to the company using its general authority to issue shares for cash.
The capital raise will be by bookbuild managed by Java Capital as bookrunner.
In addition, Hyprop proposes to issue further new shares in terms of the share exchange and as a vendor consideration placement to fund the acquisition of MAS shares pursuant to acceptances of the cash alternative, if required.
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