Texton Property Fund Achieves JSE REIT Status, Ignites Investor Interest

  • Texton Property Fund Limited has been granted REIT status by the Johannesburg Stock Exchange (JSE).
  • Shareholders approved a repurchase plan, involving the delisting of 72,129,048 Texton ordinary shares from the Government Employees Pension Fund.
  • The attainment of REIT status positions Texton as a recognized player in the South African real estate market, attracting increased investor interest.
Satrix JSE

Texton Property Fund Limited announced today that it has been granted REIT status by the Johannesburg Stock Exchange (JSE). This significant achievement not only underscores Texton’s commitment to excellence but also positions the company for enhanced growth and opportunities in the market.

REIT status is granted to companies that meet specific criteria and adhere to regulations set by the JSE. This designation provides Texton Property Fund Limited with numerous advantages, including favorable tax treatment and the ability to distribute the majority of its earnings to shareholders. The decision to pursue REIT status aligns with Texton’s long-term strategy to maximize value for its shareholders.

During a recent general meeting, Texton shareholders gave their overwhelming approval for a specific repurchase plan, which involved the repurchase and subsequent delisting of 72,129,048 Texton ordinary shares from the Government Employees Pension Fund. The repurchase price was set at R2.15 per share, and the resolution received an impressive 99.98% approval from shareholders.

Following the general meeting, Texton has announced the salient dates and times related to the repurchase process. Shareholders who voted against the repurchase resolution have until Friday, July 7, to request Texton to seek court approval. The finalization announcement is anticipated to be released on Monday, July 17, with the implementation date of the repurchase expected to be around Tuesday, July 18.

Assuming no further action is taken by dissenting shareholders, Texton Property Fund Limited will undergo a seamless transition to its new structure. The REIT status will attract increased visibility and interest from both domestic and international investors seeking exposure to the South African real estate market.

The independent board of Texton Property Fund Limited takes responsibility for the accuracy of the information provided in this announcement, ensuring compliance with applicable laws, regulations, and the JSE Listings Requirements.

Key participants in the repurchase process include Investec Bank Limited, which served as the transaction sponsor, Solaris Law Proprietary Limited, providing legal advisory services, Valeo Capital Proprietary Limited acting as the independent expert, and BDO South Africa Incorporated serving as the reporting accountant.

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