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Transcend - finalisation announcement
Shareholders of Transcend ("Transcend Shareholders") were referred to the circular distributed to them on 1 September 2023 ("the Scheme Circular") relating to the offer by Emira Property Fund Ltd. to acquire all of the issued ordinary shares in the share capital of Transcend ("Transcend Shares") from the Transcend Shareholders by way of a scheme of arrangement ("Scheme") in terms of section 114 of the Companies Act, 71 of 2008, as amended ("Companies Act"), and to all previous announcements relating to the Scheme, the last of which was dated 18 October 2023. Terms defined in the Scheme Circular will, where used in this announcement, bear the same meaning as ascribed to them in the Scheme Circular.
Following the fulfilment of the Scheme Conditions Precedent, as announced on SENS on 18 October 2023, Transcend Shareholders were advised that the Scheme, the Delisting of Transcend from the Main Board of the JSE and the Clean-out Distribution will be implemented in accordance with the salient dates and times set out in the Scheme Circular and as previously announced on SENS.
Declaration of Clean-out Distribution and tax implications
In accordance with the terms of the Scheme, Transcend will effect the Clean-out Distribution in respect of a portion of its distributable income for the financial period which commenced on 1 April 2023 and ended on 30 September 2023 plus an additional amount, calculated in accordance with the following formula:
A = B + ((B/183) x C)
where:
A= Clean-out Distribution per Share;
B= Distribution per Share for the six-month period from 1 April 2023 to 30 September 2023, being 27.35 cents per Share; and
C= Additional distribution days, being 14 days,
and C is calculated as follows:
C = (D – 30 days) – E
where:
D= Scheme Implementation Date, being 13 November 2023; and
E= Transcend's interim reporting date, being 30 September 2023.
The Transcend Board has accordingly approved and declared a Clean-out Distribution of 29.44 cents per Transcend Share. The last day to trade in Transcend Shares to be recorded in the Register on the Clean-out Distribution Record Date is Tuesday, 7 November 2023. The Clean-out Distribution Record Date is Friday, 10 November 2023 and the Clean-out Distribution will be paid to Transcend Shareholders on Monday, 13 November 2023.
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