LONDON May 3 (Reuters) – South Africa’s Hermans Roman
Properties (HRP) said it was considering amending the terms of
its Johannesburg private placement and listing following
feedback from investors.
The Cape Town-based company, which had planned to raise
2.039 billion rand ($264 million) from the sale, had been due to
publish the results of the offering on Thursday.
“Following completion of an investor roadshow, the company
is considering investor feedback and its options with regard to
incorporating certain amendments to the terms of the offering,”
it said.
HRP had been offering to sell 203.9 million linked units, a
form of security issued by property loan stock companies which
trades like a share but is made up of part share and part loan,
at a fixed price of 10 rand each.
One source close to the offering said the timetable could be
extended.
“We are being flexible on the timetable and there is a bit
of structural flexibility as well,” he said, adding that most of
the interest had come from South African investors.
“South African institutional investors understand property
well and they know the company’s management team.”
The source said many investors had requested site visits,
which had taken time as well as follow-up meetings after the
roadshow.
The company, which planned to use the proceeds of the offer
to purchase five properties including a Zambian shopping centre,
said it would update investors on any changes to the offering or
timetable.
($1 = 7.7225 South African rand)
(Reporting by Kylie MacLellan in London and Helen
Nyambura-Mwaura in Johannesburg; Editing by Erica Billingham)
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