South African real estate company Tradehold Ltd. disclosed plans to split the group's property and non-property interests by May 31 at the latest, a move which was previously slated for execution March 1.
The restructuring was first postponed when Tradehold decided to drop its plans to move its non-property assets to Vestin Holdings Ltd., a Bermuda-based financial services company that it agreed to acquire in August 2017. Tradehold was prompted to do so as it failed to secure a guarantee that would have indemnified the company against any losses arising from the acquisition.
Tradehold also said it shelved the decision to list its unit Frontier Property Fund Ltd., formerly known as Nguni Property Fund Ltd., on the Namibian Stock Exchange. The subsidiary had postponed a private placement, scheduled prior to the listing, according to a Nov. 29, 2017, release.
Separately, the company said independent nonexecutive director Martin Wragge resigned from the board, effective March 1. Tradehold is in the process of appointing his successor.