WestProp Holdings has moved the closing date of its exit offer
for minority shareholders to 9 October, as it nears the end of its
restructuring. The Victoria Falls Stock Exchange-listed property group recorded
$14.9 million in revenue for the half-year ending 30 June, up 16.3 percent from $12.8 million posted in prior comparable period.
The company said the extension was made “in order to provide WestProp minority ordinary shareholders additional time to accept the…offer”.
The offer opened to eligible shareholders on 1 October.
Earlier press reports put the price at US$7.73914 per Alpha Holdings Africa share, a 200 percent premium to net asset value.
Results and settlement follow on Monday 12 October.
The 100-for-3 share split is set for 13 October, a completion announcement for 14 October, and statutory returns to the Registrar of Companies by 21 October.
The restructuring was put to shareholders at an Extraordinary General Meeting on 1 September.
It separates the roughly US$129.8 million Pomona City land bank from the listed group.
The company said in its half-year report that the scheme “will separate the Pomona City land bank into a dedicated entity, Alpha Holdings Africa.”
WestProp retains its income-generating and operating assets as a focused listed property company.
The share split will raise issued shares from 30 million to one billion.
“It is expected to improve market liquidity and broaden investor accessibility while preserving shareholders’ proportional ownership interests.”
Meanwhile, WestProp’s revenue for the six months to 30 June rose 16.3 percent to US$14.91 million, from US$12.82 million in prior period, driven by the consolidation of Sunshine Developments, Electro Properties and BrickFusion Manufacturing.
Profit for the period slipped six percent to US$2.49 million.
The group said the restructuring “is designed to create greater transparency, enhance capital allocation flexibility, and support WestProp’s long-term dividend-paying strategy”.