Hyprop (JSE: HYP) Pulls the Plug on MAS Over DJV Secrecy
https://themoneymaze.co.za/episodes/hyprop-pulls-plug-on-mas-deal-over-djv-drama/
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0:00 Welcome to Waze Dive, your Sunday segment from the Money Maze where we ditched the big picture chat and take a magnifying glass to 1 JZ listed stock that made the headlines this week. I'm your host Jay. And today, retiring into corporate love story that ended faster than a Jersey romance when the guy admitted he still living with his mum. Hyprop Investments.
0:24 Yep, the more moguls behind Canal Walk, Rosebank Mall and Mall of Africa had the bold plan to woo Ms. Real Estate. The ink was barely dry on the offer before High Profile pulled out, leading investors more confused than someone attempting to read their council ball. So what happened? Was this a case of cold feet? Wooded Emma's slammed the door harder than a wife whose husband said relax, it's just a bra.
0:51 Was the boys on late night? Let's unpack this boardroom soap opera. So let's hit the scene. The bird that was on the 18th of July HYPROC announced conditional voluntary bid to acquire a MIS real estate. If you don't know MIS or don't worry, I have people here in my eyes and think another appreciation to ignore but they own shopping centres in Central and Eastern Europe.
1:20 So it's not your local checkers, but more in Romania and Bulgaria. The author. Well, that was 24 and per Imeis share in cash or for those of you who like to do math, 0.4224 Hyproc shares per mesh share. If you owned 100 mesh shares, you'd walk away with about 42 Hyprop shares. The deal valued high prop around 44.3 billion. Big numbers, big ambition.
1:51 Why did this deal rise eyebrows? Well, the first eyebrow raiser is Mass isn't regulated by judges, you takeover rules. It's based in Malta, which sounds exotic, but it means this was an unregulated offer. Translation for that. Fewer rules, more risk. Second, shareholders had just one week to decide. One week.
2:15 That's less time than it takes Home Affairs to print a birth certificate. Add to that, high prop could change terms that will reduce the cash portion and still end up with only a partial stake. So imagine ordering a full Gatsby and getting the half the last table for a full 10. Why did the high prop bail? Well, the deal had a big condition. Hyprop wanted to see the development to it. Venture agreements or DJV.
2:45 These aren't minor details. They represent nearly half of Emma's net assets. That's like buying a car but being told you can't look at the engine mess. Said no Why? Well because Prime Capital investment, Miases biggest shareholder and development partner refused consent. Confidentiality. They said high profile even asked the JSE to intervene but no dice. So high prompted what any self respecting bidder does when left unread walked away.
3:19 Of course PK I didn't just let it slide. Thi clapped back selling High Prop used the DJ excuse because they didn't have enough shareholder support. Anyway. PK, I said you didn't dump us, we dumped you. So pick I argued Ms. has already published TJV summaries in its results, so why all the fuss? But High Prop wanted the actual contracts and honestly if almost half the company's value searching those DJ's you'd want to see the fine print tool because while summaries are nice, they won't tell you if there's a sneaky always hiding like that one uncle and he appears when the world gets read. So the fallout.
4:04 Well eye props. Share price dipped around 2.8% to 2160 after the news broke. Not a total disaster, but enough to make investors found harder than someone seeing petrol prices at 28 random litre. Meanwhile PKI might be lining up its own but for MIS Rumour has it they've got 4.7 billion in financing and the price of 29 Rand per mwh sheet, which makes high props 24 and look like a Black Friday special gone home.
4:37 It's time for your stock fell starter pack for the Jays you Jedi. High proposition. Here's your take away. Offshore unregulated deals is a governance risk. If half the assets are hidden behind India's, that's a massive red flag. One week timelines are. That's fine for debonairs Tuesday, but not billion land takeovers.
5:02 And big corporates don't always have their act together. Sometimes they winging it just like us. And that's it for this week's Maize Dive. While my jokes may be as unscripted as the job of Thunderstorm, Please remember this is not financial advice. Do your own research and speak to a licensed advisor. Catch you next time when we take a dive into African Rainbow minerals. Same time, same maze.