Letlole investors to vote on Kenya deal

Ahead of the meeting, LLR directors have recommended that investors accept the deal, under which the property group will have an initial 30% equity stake in Orbit Africa Logistics (OAL). LLR has the option to increase its investment to 50% of Orbit Africa Logistics for a further $7.6 million (P91.4 million). LLR has already paid an amount of $300,000 as a fully refundable deposit to OAL to secure its role as a co-investor in OAL.

“The directors of LLR are of the opinion that the terms and conditions of the acquisition are fair and reasonable and will be to the long-term benefit of LLR and its unitholders,” reads a statement by directors accompanying a circular released to the market this week. “Accordingly, the directors recommend that the unitholders vote in favour of the ordinary resolutions necessary to approve and implement the acquisition.”