Johannesburg – New property development company‚ Ardor SA‚
announced on Wednesday that it was still in the process of securing cash from
various subscribers to provide guarantees to enable the transfer of
various properties to the company.
Ardor - formerly Decillon Limited - is planning a reverse
listing on the JSE.
Ardor has recently secured an additional R359m from a
European based private equity investment company.
“The investment company confirmed that it is in the process
of finalising its banking processes in order to make the investment. The
receipt of the investment is expected within the next 14 days‚” Ardor said in a
On receipt of the investment Ardor will proceed to acquire
the minimum portfolio and unsuspend the trade in the shares of the company on
The listing remains subject to the transfer of the minimum
Following the recent announcement of the new proposed tax
legislation for Real Estate Investment Trusts (REITs)‚ Ardor has decided to
obtain advice to establish the benefits of having the company classified as a
The salient dates for the issue and listing of the new
shares in Ardor to be allotted and issued pursuant to the acquisition of the
minimum portfolio will be announced once the transfer of the minimum portfolio
has been finalised‚ it added.
Investors and/or shareholders are permitted to continue to
subscribe for shares up to the date of the listing of the securities to be
allotted and issued pursuant to the acquisition of the minimum portfolio.
The company has received interest well in excess of the
R360m minimum subscription .
The board still has to finalise negotiations in respect of
The company will keep shareholders informed of progress
made‚ the final results of the subscription and new salient dates.
Due to the revival negotiations previously announced and the
requirement for the minimum portfolio to be transferred to the company ahead of
the reverse listing of Ardor‚ shareholders were advised to continue to exercise
caution when dealing in their shares until a further announcement is made.
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