Fortress Income Fund Ltd.'s general offer to take over Lodestone REIT Ltd. closed Dec. 9 and it accepted 233,803,645 Lodestone shares.
The number of acceptances represent 99.32% of Lodestone shares, excluding those held before the general offer by Fortress, its affiliates and other connected parties.
Fortress acquired every 6.66667 Lodestone shares held in exchange for one Fortress A ordinary share and one Fortress B ordinary share.
Fortress will compulsorily buy the remaining shares it does not already own in Lodestone on Jan. 20, 2017. It also expects to terminate the listing of Lodestone shares on the Johannesburg Stock Exchange on Jan. 24, 2017.
Java Capital serves as the corporate adviser and sponsor to Fortress and designated adviser to Lodestone.