Delta Property Fund says it is entitled to a R10m break fee

Posted On Wednesday, 05 February 2014 11:42 Published by
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Delta Property Fund says it is entitled to a R10m break fee following Monday's announcement that Rebosis would acquire Ascension's management company for R150m.

Sandile Nomvete

Delta Property Fund) on Tuesday said it was entitled to a R10m break fee following Monday's announcement that Rebosis would acquire Ascension's management company for R150m

According to Delta‚ Ascension CEO Shaun Rai and his affiliates who own 73.28% of the management company signed an undertaking not to negotiate the sale before 7 February 2014.

"Delta has received legal advice which states that the agreement is valid and enforceable against Shaun Rai and his affiliates as signatories to the agreement‚" Delta said on Tuesday.

Last modified on Wednesday, 05 February 2014 12:19

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