RDC sets sights on 51% takeover of PrimeTime :: Mmegi Online

The planned hostile takeover of PrimeTime Properties by RDC Properties took a twist this week when the market for the first time saw tentative terms for the deal, which include a ‘unit for unit’ proposal for 51% control and a possible bonus for those PrimeTime investors who agree to the deal.

In a public notice last Friday that directors stressed was not an offer or an undertaking to make an offer, RDC Properties’ directors said the group was potentially looking at offering PrimeTime investors 0.6875 RDC units for every one PrimeTime unit they hand over.

RDC is seeking 50 + 1 percent of PrimeTime’s units and will issue at least 91 million new RDC units to cover this, giving a face value for the deal of P218.4 million. The ratio of 0.6875 RDC units for every one PrimeTime unit, is based on the price of the Botswana Stock Exchange (BSE) price of P2.40 for RDC’s units and P1.65 for PrimeTime units as at close of business on June 20.

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