Emira Property Fund has secured the resounding support of its shareholders to strategically convert to an internally managed Corporate REIT, listed on the JSE. Emira will commence trading as a Corporate REIT from Monday, 6 July 2015.
This will be a major milestone for Emira and follows 99.9% of shareholders voting in favour of the conversion at a general meeting held on Friday, 8 May 2015.
Emira is presently a Collective Investment Scheme in Property, also known as a Property Unit Trust (PUT). By converting to a Corporate REIT, Emira will remove its external management structure permanently and move its simplified business into a new legal entity, called Emira Property Fund Limited (New Emira). New Emira will be listed on the JSE as a diversified Corporate REIT.
Emira PI Holders will receive New Emira shares on a pro rata basis in the ratio of one New Emira share for every one Emira PI held.
James Templeton, CEO of Emira, comments: “Emira will be the same business with the same strategy, management team, assets and prospects. However, the benefits of converting to a Corporate REIT include a robust company structure that is more functional, competitive and streamlined. The new structure will also be more investor friendly as it offers greater shareholder rights and is better understood by investors internationally.”
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