- Minority shareholders now have until 9 October to accept the exit offer
- Settlement is scheduled for 12 October, followed by a 100 for 3 share split on 13 October
- WestProp expects to publish its restructuring completion announcement on 14 October
Harare, WestProp Holdings has extended the closing date of its minority shareholder exit offer to 9 October 2026 as the property developer moves into the final execution phase of its restructuring. The revised timetable places settlement, a 100 for 3 share split and formal completion of the transaction within days of the new election deadline.
In a circular, the company said the exit offer closing date had been moved from 18 September to 9 October to give eligible minority ordinary shareholders additional time to decide whether to participate. The extension keeps the minority election window open immediately before the restructuring moves into settlement and the subsequent capital reorganisation.
The company said the extension was intended “to provide WestProp Holdings Minority Ordinary Shareholders additional time to accept the Exit offer.”
The notice does not disclose the level of shareholder uptake already received, leaving the extension as a timing adjustment rather than evidence of acceptance or rejection levels among minorities.
The exit offer opened for eligible minority shareholders on 1 October and will now close on 9 October. WestProp is scheduled to publish the offer results and settlement announcement on 12 October, with existing shares belonging to accepting eligible minority shareholders transferred to Alpha Holdings Africa on the same day.
The timetable then moves rapidly into the next stage of the restructuring. A 100 for 3 share split is scheduled for 13 October, with VFEX Central Securities Depository records expected to be updated on the same date, before WestProp publishes its completion announcement on 14 October.
Those steps follow the earlier implementation of the reconstruction scheme. The restructuring became effective on 2 September after satisfaction of the relevant conditions, with the transfer of Pomona Properties to Alpha Holdings Africa completed on 3 September and Alpha Holdings Africa shares distributed to shareholders on a pro rata basis the same day.
The remaining decision now sits with minority shareholders eligible for the exit offer. Shareholders accepting the offer will move into the settlement process on 12 October, after which WestProp’s capital structure will proceed through the scheduled share split and completion stages.
The extension therefore adds three weeks to the original 18 September deadline without changing the broader restructuring sequence. Once the revised offer closes, WestProp has scheduled the principal settlement and capital restructuring steps across 12 to 14 October, with statutory returns expected to be filed with the Registrar of Companies by 21 October.
The final outcome will depend on the number of minority shareholders who elect to exit before 9 October. WestProp has not disclosed the level of acceptances received so far, leaving the results announcement on 12 October as the next disclosure that will show how much minority equity moves to Alpha Holdings Africa under the offer.
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