BEE plan for Fountainhead trust

Listed property company Redefine plans to use the listed Fountainhead Property Trust vehicle to launch a black economic empowerment initiative to further the objectives of the property charter if its offer to acquire Fountainhead’s R11bn property portfolio is approved by Fountainhead’s unitholders. Marc Wainer, Redefine’s chief executive, said three properties would remain in Fountainhead to retain its JSE listing and investor base. He said if Fountainhead unitholders approved its offer, a property portfolio would be built around this BEE initiative and reverse-listed into Fountainhead. Unitholders would have the final say on Redefine’s share swap offer, which involves three units in listed retail property company Hyprop and 62.5 Redefine units for every 100 Fountainhead units. A 50 percent plus one vote by Fountainhead unitholders is required. – Roy Cokayne