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RDC, PrimeTime hostile takeover reaches moment of truth

Friday, September 06, 2024 | 1420 Views |
Prime assets: PrimeTime has several well-known retail assets within its portfolio PIC: PRIMETIME.CO.BW
Prime assets: PrimeTime has several well-known retail assets within its portfolio PIC: PRIMETIME.CO.BW

After a tense seven months, RDC Properties’ attempted hostile takeover of PrimeTime Properties has entered the moment of truth, as investors on both sides prepare to weigh the offer on the table.

According to documents shared with investors via the Botswana Stock Exchange (BSE), RDC recently revised the initial offer it tentatively put to PrimeTime unitholders in late June. Now, in the formal offer, known as a Firm Intention Announcement and officially submitted on August 21, RDC is seeking to snap up at least 44% equity in PrimeTime by making an offer directly to unitholders.

RDC is offering PrimeTime investors who take up the offer, 0.6875 RDC units for each PrimeTime unit they hold.

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Get back what was stolen, and lock the door

That a single private law firm pocketed P6.5 million for just four cases, out of a total P11.1 million paid for 25 matters, reeks of a system that was not merely disorganised but open to abuse.Bayford has taken a welcome first step by telling the Public Accounts Committee the truth. Now he must act decisively to ensure it never happens again and that any money lost to wrongdoing is recovered.The figures are staggering. Whilst ordinary Batswana...

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