Heriot REIT Limited (JSE:HET) agreed to acquire 2.34% stake in Thibault Reit Limited from group of shareholders for ZAR 20.89 million on June 11, 2024. The consideration consists of common equity of Heriot REIT Limited at a ratio of 0.62 per common equity of Thibault Reit Limited, equating to an exchange ratio of 62 new Heriot shares for every 100 Thibault shares in issue. Questco Corporate Advisory Proprietary Limited was appointed by Heriot REIT as the independent professional expert and has furnished the board of directors.

Following the successful implementation of the Acquisition, Thibault will be a wholly owned subsidiary of Heriot and will subsequently be delisted from the Cape Town Stock Exchange on July 9, 2024. On the basis set out above, the CTSE has formally approved the delisting of Thibault. The transaction is not subject to any outstanding conditions precedent and effective date of the Acquisition June 28, 2024 (?Effective Date?) and the Acquisition will be implemented on the same date.