Exchange Listed Companies

Fortress REIT is to collapse the company’s dual share structure into a single ordinary share. Fortress will offer to repurchase all issued Fortress A shares (excluding the 26,86 million shares held as treasury shares) in exchange for Fortress B shares at an exchange ratio of 3.01 Fortress B shares per Fortress A share.

The results of the mandatory offer made by private equity funds Glenrock Lux PE No 1 and Glenrock Lux PE No 2 to Universal Partners shareholders of R18,63 per share, closed with just 809,545 shares tendered representing 1.12% of the company’s shares in issue. Following the closure of the offer, the offerors collectively own a 35.3% stake in Universal Partners.

Capital & Counties Properties (Capco) will, in a reverse takeover, acquire the remaining 74.8% stake in Shaftesbury plc in a deal valued at c.£1,47 billion. In terms of the deal Shaftesbury shareholders will receive 3,356 new Capco shares for each Shaftesbury share held. Shaftesbury shareholders will own 53% of the combined group and Capco shareholders 47%.

Last week the results of the mandatory offer by concert parties Raubex and Pelagic to Bauba Resources minorities secured just 10.59% of the company’s total issued share capital resulting in Raubex holding 61.68% in the company. This week Raubex, who wants to take full control has made a general offer to shareholders at the same price as the mandatory offer or 42 cents per share.

Oando plc has released the outcome of a court ruling following a petition filed in March 2021 at the Federal High Court in Lagos by 14 shareholders holding an aggregate 42,63% stake. The court has ruled in favour of the request by the petitioners that it order the buyout of their entire shareholding by the company.

Unlisted Companies

PAPE Fund 3, a local mid-market private equity fund, has acquired an equity stake in Entersekt, a global leader in device identity and payment authentication.

Avacare Global, a South African integrated holistic provider of healthcare products, services and solutions, is to receive an equity investment of US$28,6 million from the International Finance Corporation (IFC). The funding will be used to expand its manufacturing and distribution of various pharmaceutical (including generic) and healthcare consumable products in Africa.

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