Rebosis Property Fund Ltd. and Ascension Properties Ltd. agreed to proceed with a proposed takeover through the exchange of A shares following the completion of outstanding conditions precedent to the scheme.

Rebosis plans to acquire all Ascension A shares by exchanging it with its own ordinary A shares. The exchange ratio is 19.34236 Rebosis A ordinary consideration shares for every 100 Ascension A shares held. The last day of listing for Ascension A shares and the start of trading in Rebosis A ordinary consideration shares on the Johannesburg bourse will take place April 19, according to a schedule released Feb. 14.

The proposal by Rebosis to acquire all of Ascension's ordinary A shares was first unveiled in a joint announcement made Oct. 27, 2016. By then, Ascension was already a listed subsidiary of Rebosis after the latter acquired and delisted Ascension B shares Aug. 17, 2015.