Pivotal Fund Ltd. will delist on the Johannesburg Stock Exchange on Jan. 10, 2017, pursuant to an updated merger scheme with Redefine Properties Ltd.
The merger involves Redefine's acquisition of Pivotal's entire issued shares in exchange for the issuance of 460.0 million Redefine shares to the scheme's participants, according to a filing.
It will also require Redefine to issue 31,153,281 shares in its subsidiary, Echo Polska Properties NV, to participating shareholders of Pivotal.
Participating Pivotal shareholders are scheduled to receive cash payments or a credit of Redefine and Echo Polska shares Jan. 9, 2017.
Pivotal is expected to trade its shares on the Johannesburg bourse for the last time Jan. 3, 2017, while its suspended listing will take place a day later.
Java Capital serves as the corporate adviser to Redefine and as a sponsor to Pivotal. Cliffe Dekker Hofmeyr and enS Africa are acting as the merger's legal advisers to Redefine and Pivotal, respectively.