Acsion said yesterday that a potential cash offer for the property company might lead to a potential delisting from the JSE.
"Shareholders are advised that Acsion is considering a potential delisting of the company’s shares from the securities exchange operated by the JSE, on the basis that the delisting would be accompanied by a cash offer, which, if successfully concluded, may have a material effect on the price of the company’s securities,“ it said.
Shareholders were told to exercise caution in dealing with the shares.
The firm, with a market cap of more than R2 billion, has an investment portfolio consisting of eight well-established, strategically located retail properties, a light industrial property and a mixed-used development, all located in South Africa, as well as an international retail property situated in Cyprus.
Kiriakos Anastasiadis is the CEO and funder of Acsion, which listed on the JSE in 2014.
The share price was unchanged in intraday at R5.40 with the stock having fallen nearly 40% in the past five years.
If the buyout of Ascion is successful, the firm will add to the flood of delistings on the JSE.
The JSE's latest financial results revealed that 24 companies delisted from the JSE in 2021.
This year 18 firms had delisted by July, with expectations of more than 30 to delist this year.
BUSINESS REPORT