[2008-05-28]  Shareholders Approve Primetime-Tati Deal
Listed property concern PrimeTime Holdings, is to acquire a letting enterprise of Tati Company Limited for P75 million following shareholders' approval at their recent extraordinary general meeting (EGM).The majority holders of PrimeTime, which was listed on the domestic bourse late last year, sanctioned the deal, which involves three properties in Francistown. "At an extraordinary general meeting held on May 14, the three resolutions were passed by the majority of unit holders. "Firstly, it was resolved that the letting enterprise Tati, which consists of Barclays Plaza, Blue Jacket Square and Nswazi Mall, will be acquired for P75 million. This amount is to be settled by way of the issue and allotment to Tati Company Limited of 25,600,000 linked units at a value of 125thebe each and P43 million on top," said a company statement. The linked units comprise one ordinary share and one debenture while PrimeTime will fund the remaining P43 million with P32 million from its own pockets and P11 million from loans.The P32 million is part of the proceeds from a P107 million the company raised from an initial public offer upon its listing on the bourse late last year with the remaining P73 million going towards offsetting standing debts and about P2. 5 million used to cover the IPOs transactions costs. The latest developments for the company, whose portfolio ranges from retail property, office and industrial property will take its property portfolio to over P220 million. Although PrimeTime is a relatively new name, specifically crafted for the placement, the flagship of the firm is Time Projects, a property firm that has been operating in Botswana for over 21 years and owns at least 13 properties in various subsidiary companies.PrimeTime's property portfolio has an aggregate market value of P148 million, consisting of properties such as the United Nations Place, the South African High Commission, Independence Place, South Ring Mall, and Capricorn House, all in Gaborone. Properties in other towns include Mantlo House in Francistown, Ramotswa Shopping Centre, Boiteko Junction in Serowe and Ghanzi Shopping Centre.The second resolution to be passed at the meeting involved some linked units, which need to be placed under the director's control. "Unit holders also unanimously agreed that 25,600,000 linked units be placed under the company directors' control, they being authorised in terms of the constitution of the company, and being authorised specifically to allot and issue the same to Tati Company Limited as required to discharge the obligation to pay part of the consideration price for the letting enterprise," added the statement. The listing of the allotted 25,600,000 linked units is set to take place on the Botswana Stock Exchange (BSE) this Friday, subject to the transfer of the three properties being registered.
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