Ardor SA seeks R359m from investors

New property development company‚ Ardor SA‚ announced on Wednesday (9 January) that it was still in the process of securing cash from various subscribers in order to provide guarantees to enable the transfer of various properties to the company.

By Roy Downing

10 Jan 2013

Ardor - formerly Decillon Limited - is planning a reverse listing on the JSE.

Ardor has secured R359m from a European based private equity investment company, which confirmed that it is finalising its banking processes in order to make the investment. The receipt of the investment is expected within the next 14 days‚ Ardor said.

Once the investment has been made, Ardor will buy the minimum portfolio and bring to an end the suspension of trade in the company's shares on the JSE.

The listing remains subject to the transfer of the minimum portfolio.

Following the recent announcement of the new proposed tax legislation for Real Estate Investment Trusts (REITs)‚ Ardor has decided to obtain advice to establish the benefits of having the company classified as a REIT.

The salient dates for the issue and listing of the new shares in Ardor to be allotted and issued pursuant to the acquisition of the minimum portfolio will be announced once the transfer of the minimum portfolio has been finalised‚ it added.