Atlantic Leaf to adopt dual-strategy approach
Source: CNBC Africa
Date: 28 March 2014
Atlantic Leaf Properties Limited is looking to adopt a dual strategy approach following its intention to list on the JSE.
The Mauritian-based property company, which is expected to start listing on the Johannesburg Stock Exchange (JSE) on 3 April 2014, is also looking to gain exposure to real estate through investments in listed and unlisted shares and securities of real estate companies.
“Atlantic Leaf will adopt a dual strategy approach to its real estate investments. It is considered that Atlantic Leaf will present an attractive opportunity to South African investors. It is the view of the board of Atlantic Leaf that South African Property investors now see comparatively attractive value in the carefully selected opportunities in real estate markets outside South Africa,” the company said.
“Accordingly, Atlantic Leaf is seeking a listing on the AltX to broaden its investor base and source additional capital to fund growth aspirations.”
All of Atlantic Leaf Properties Limited’s issued shares were listed on the Stock Exchange of Mauritius (SEM) on 25 March 2014.
The JSE has granted Atlantic Leaf a secondary listing of all the company’s issued shares on the Alternative Exchange (AltX) of the JSE as a foreign inward listing.
“Atlantic Leaf has been established with the primary objective if investing in high quality, investment grade real estate assets and companies which deliver suitable returns for investors through both income and capital growth,” it said.
“The company will invest in listed and unlisted shares and securities of real estate companies, and in a portfolio of fixed property assets which it will own either directly or through subsidiaries. Atlantic Leaf’s investments are expected to comprise listed real estate securities in selected developed markets in Western Europe, including the United Kingdom, Germany and France.
Atlantic Leaf to get secondary listing on AltX
Source: Business Report
Date: 31 March 2014
Johannesburg – Atlantic Leaf, a property company listed on the Stock Exchange of Mauritius (SEM) has been granted approval by the JSE for a secondary listing on AltX, its junior exchange .
Atlantic Leaf is scheduled to be listed on AltX on Thursday. The listing will follow a private placement in South Africa involving an offer to invited investors to subscribe for about 20 million shares at an issue price payable in rand that is equivalent to £1 (R17.58).
The placement opened on Friday and closes at noon today.
The directors of the company have not set a minimum amount that is required to be raised in terms of the local placement, but the AltX listing is subject to the JSE being satisfied that a sufficient number of shares will be available on the South African share register.
About 2 million Atlantic Leaf ordinary shares were listed on the SEM on Tuesday in its primary listing.
Details of the investments made to date by Atlantic Leaf were not included in its abridged prelisting statement published in the Stock Exchange News Service (Sens) on Friday. The company said it had been established with the primary objective of investing in high-quality, investment-grade real estate assets and companies that delivered suitable returns for investors through income and capital growth.
It added that it would adopt a dual strategy approach to its investments and invest in listed and unlisted shares and securities of property companies in selected developed markets in western Europe and in portfolio of fixed property assets that it would own either directly or through subsidiaries.
“Management have identified the UK, Germany and France as attractive real estate markets in which Atlantic Leaf should be investing, pursuant to its primary objective if investing in high quality, investment grade real estate assets and companies which deliver suitable returns,” it said.
Atlantic Leaf said it had been established in Mauritius to take advantage of the country’s business-friendly infrastructure and tax regime and the spread of double tax agreements that Mauritius had negotiated with many of the jurisdictions in which the company intended to invest.
The chief executive is South African Paul Leaf-Wright, the founder and a director of Leaf Capital, a Cape Town-based financial advisory firm and fund manager.
Atlantic Leaf’s independant non-executive chairman is Briton Michael Fienberg, who lives in Portugal.
Atlantic Leaf seeks secondary listing, with eye on Europe
Source: Business Report
Date: 31 March 2014
Atlantic Leaf Properties is seeking a secondary listing on the JSE’s AltX on Thursday, adding to the property sector’s listing boom and potentially to its exposure to European real estate.
The Mauritius-based and listed company said on Friday its strategy was to invest in listed and unlisted real estate companies, as well as in its own portfolio of fixed-property assets.
Its investments would target markets in Western Europe, with management having identified the UK, Germany and France “as attractive real estate markets”.
Although the JSE has a number of UK-focused property listings, there is relatively little exposure to European property. JSE property counters with investments in Europe include Redefine International and Romanian-focused New Europe Property Investments.
Atlantic Leaf said in its pre-listing statement on Friday it was offering invited investors to subscribe for up to 20-million of its shares, at an issue price equal to the rand equivalent of £1 per share (about R17.66).
The company’s primary listing in Mauritius was obtained last Tuesday. Atlantic Leaf, which was incorporated in November last year, said it had been established in Mauritius “to take advantage of Mauritius’s business-friendly infrastructure and tax regime”.
The company punted itself as an attractive opportunity for South African investors, given that local investors had enjoyed strong and stable returns from the local sector, but now saw comparative value in certain other regions. Its listing on AltX was to broaden its investor base”and source additional capital to fund growth aspirations”.
Atlantic Leaf’s board consists of only two executive directors and three non-executive directors, of whom one is considered independant. The decision to have a small board was due to its size and to keep costs low in the early stages of its formation.
Its CEO is South African Paul Leaf-Wright, while its financial director is another South African, Warren Morton. Mr Leaf-Wright is a founder and director of Cape Town-based Leaf Capital, and has served as an executive of the Board of Executors.