Redefine, Fountainhead merger cancelled

JSE-listed property group Redefine Properties on Friday said its acquisition of all the assets and the property portfolio of Fountainhead Property Trust, had not been approved by the requisite majority of Fountainhead unitholders and would, therefore, not be implemented. In terms of the proposed transaction, Redefine properties, which already managed and owned 65.9% of Fountainhead, would have paid 82 Redefine shares for every 100 Fountainhead units held, while also assuming all of Fountainhead’s liabilities, including its interest-bearing debt.