Proposed acquisition abandoned

LISTED property fund Ingenuity has decided against proceeding with its proposed acquisition of 75 percent of the Knysna Mall for R240 million. Ingenuity announced the proposed acquisition of the shareholding in the 27 835m² centre from the Waterbuck Trust last month. The proposed acquisition was subject to several conditions precedent, including a due diligence investigation, and was expected to be effective from about November 1. However, Ingenuity said on Friday it was not satisfied with the results of its due diligence investigation and had therefore decided against proceeding with the acquisition, resulting in the offer lapsing. Ingenuity shares on the JSE closed unchanged at 90c on Friday. – Roy Cokayne