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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