All scheme conditions with regards to Liberty and Liberty Two Degrees’ (L2D) intention to buyout the minority shareholders in L2D have been met, with the required approvals in place for conclusion of the transaction.
This finalises the acquisition of L2D minority shares by Liberty at R5.55 per share which results in the termination of the listing of L2D shares on the JSE on the 14th of November 2023.
“L2D sought to create value for stakeholders by producing a market leading operational performance, reporting ahead of industry benchmarks in a challenging operating environment. We are pleased to be part of the broader Standard Bank Group, where L2D is enabled to operate within a larger organisational context and create value for a larger stakeholder base,” comments L2D Chief Executive, Amelia Beattie.
Yuresh Maharaj, Chief Executive of Liberty adds; “We have always valued our investment in L2D and expect this transaction to facilitate the consolidation of our high-quality property assets and enhance the options to unlock the full potential of these assets. Furthermore, L2D will be in a stronger position to achieve scale and create additional value now that L2D is a wholly owned subsidiary within the Standard Bank Group.”
“This is a milestone in the life of L2D, and we are excited for the future and the opportunity to continue to create experiential spaces to benefit generations as part of the broader Standard Bank Group,” concludes Beattie.