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Fountainhead falls on Redefine talks

Aug 10 2012 10:18
I-Net Bridge

Johannesburg - Shares in property unit trust Fountainhead Property Trust [JSE:FPT] were 3% lower in opening trade on Friday after it announced earlier that it had entered formal negotiations with Redefine Properties over a proposed acquisition.

At 9:34am‚ Fountainhead’s shares were down 3.02% at R8.03.

It said in a JSE announcement that the offer from Redefine would see Redefine acquire all of Fountainhead’s assets in return for a combination of Redefine units and units in Hyprop Investments.

“Accordingly‚ unitholders are advised to exercise caution when dealing in their Fountainhead units until further announcements are made in this regard‚” Fountainhead said.

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