Miccprop trades higher as vendors await linked uni
Miccprop trades higher as vendors await linked units
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Property Reporter
NEWLY listed property loan stock company MICC Property Income Fund (Miccprop) yesterday traded above its price of R5 at R5,29, but that was expected to normalise once all vendors had received their linked units.
Angelique De Rauville, MD of listed asset management company Provest, which is part of Investec Bank, said there were a lot of vendors still waiting to receive their linked units.
De Rauville said once the units had been issued Miccprop would trade closer to its issue price. The fund listed last Thursday on the JSE Securities Exchange SA and on the Namibian Stock Exchange the following day.
"Given the fact that I'm expecting a lot more vendor stock to come onto the market in the next few weeks, I would prefer to wait for the stock to come into the market before purchasing. The vendor stock could result in an overhang of shares , which could present good buying opportunities," De Rauville said.
The promoter of the fund is Sanlam Property Asset Management . It said it would list at a yield of 14,72%.
The decision to list in Namibia is strategic because it will provide investment opportunities for Namibians, who traditionally lack such opportunities .
Namibian property company Oryx Properties is the only other property company listed in Namibia.
Analysts have predicted the property loan stock company would be well received both in Namibia and SA in Namibia because of a shortage of investment opportunities and in SA because it is well priced in terms of yield.
Oct 15 2003 07:37:31:000AM Nick Wilson Business Day 1st Edition
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