According to the Cape Times, South African real estate investment trust Hospitality Property Fund (“HPF”) was recently ordered by the South African High Court to reinstate certain shareholders and pay them a dividend as the result of an appraisal rights action under Section 164 of the South African Companies Act – that country’s appraisal regime.  HPF has combined two classes of its shares, which, under South African law, apparently triggered appraisal rights. A subset of HPF shareholders dissented and an appraisal proceeding has been working its way through the Courts. Whether this will be the end of the appraisal proceeding is unclear. South Africa remains a regular source of appraisal news, as we’ve covered before.