Loading...
See More

Ardor SA secures R359m in funding

Jan 09 2013 08:43 I-Net Bridge

Related Articles

Rebosis R650m rights offer finalised

Rebosis to raise R650m in rights offer

JD Group buys 19 Steinhoff properties

Not much cheer in property market

Vukile buys 50% of East Rand Mall

Property market remains subdued

 

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 note. 

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 JSE. 

The listing remains subject to the transfer of the minimum portfolio. 

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 REIT. 

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 these subscriptions. 

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.



Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
1 comment
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

Retailers of any shape and size can now unlock the power of mobile transacting.
 
 

Hottie of the day: Charlotte

Meet our hottie of the day, Charlotte. She feels sexiest after a good workout at the gym!

 
 

Men24.com

This is why guys shouldn’t be in photos
BMW drift battle: M235i vs. speedway bike
Want to start talking dirty?
And this year's Miss Bumbum title goes to...

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...