Properties reverse list into Decillion

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Dayizenza Shopping Centre, Furrow Lane Conference Venue and Raslouw Retail Mall are among the properties that will reverse list into cash shell Decillion

The JSE will gain a new listing on May 1 when the property portfolios of Ardor, Lashka and Oakwood are reversed into Decillion .

Cash shell Decillion, whose shares have been suspended since December 2009, issued a cautionary notice with amended terms of the acquisition yesterday.

The properties Ardor proposes to reverse list into Decillion include Dayizenza Shopping Centre, Furrow Lane Hotel and Conference Venue, Die Werf, Windmill Mall, Estcourt Retail Mall and Raslouw Retail Mall.

The valuation of the property portfolio is R651m, less R4m debt and R555m in development costs. The total value of the assets Ardor is selling to the cash shell has been estimated at R92,3m, the statement said. The cash shell will pay R84,3m of this in cash and the remaining R8m by issuing shares at R2,45 each, Decillion said.

Lashka owns Bergville Mall, Langverwacht Centre, Jean Village Shopping Centre, Ryneveld Lifestyle Centre and Uitenhage Regional Mall. Decillion proposes to buy these for R239,5m.

Oakwood will be bought by the new listing for R31,3m.

The transaction is subject to approval by the shareholders of Decillion within 90 days of signing the agreement and regulatory approval from the JSE and Competition Commission.

Decillion said the underlying properties had been valued by an independent external valuer, Quadrant Properties, which was finalising its reports for inclusion in the circular to shareholders.


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