Redefine International's capital raising terms

Posted On Tuesday, 04 September 2012 12:17 Published by
Rate this item
(0 votes)

Redefine Properties International Limited (RIN), the JSE listed holding company of Redefine International P.L.C. (“RI PLC”), has announced details of its pro rata issue of units for cash to raise approximately R1bn

 

The proceeds of the issue will be used to fund RIN’s share of the recently announced RI PLC capital raising. RI PLC, the London listed income focused diversified property investment company, is proceeding with a capital raise of approximately £100m.

The RIN offer to unitholders, registered on 21 September 2012, has been priced at R4.60 per new RIN linked unit which represents a discount of 3.29% to the 30 day volume weighted average price prior to 29 August 2012, the date that the issue price was set. RIN linked unitholders will be entitled to subscribe for 52.50 new RIN linked units for every 100 linked units held.

RIN linked unitholders will be entitled to apply for excess linked units not taken up by other RIN linked unitholders.

Commenting on the announcement, Mike Watters, CEO of RIN says, “The announcement of the terms of the pro rata issue of units for cash is the culmination of a process which began with the reverse acquisition by Redefine International of Wichford P.L.C. in August 2011. The capital raise, which is fully supported by our major shareholder, Redefine Properties Limited, will significantly enhance the sustainability of distributable earnings going forward and strengthen our balance sheet and enable us to address the short term debt maturities that we inherited from Wichford.”

The new RIN linked units resulting from the capital raise, which will not rank for the dividend for the 6 months to 31 August 2012, are expected to be listed on the JSE on 3 October 2012.

Most Popular

Investec Property Fund launches first REIT sustainability-linked ESG bond in Africa

Apr 22, 2021
Darryl_Mayers_CEO
Investec Property Fund (‘IPF’ or ‘the Fund’) today became the first South African real…

Rethinking office space in post pandemic SA

Apr 20, 2021
90_Rivonia_results
Since the beginning of the pandemic, one of the biggest questions in real estate has been…

4 simple rules to getting a good credit score

Apr 21, 2021
Carl_Coetzee_BetterBond_CEO
Make buying your dream home an informed purchase by knowing your credit score.

EPP’s new app takes tenant relations to the next level

Apr 22, 2021
Tomasz_Trzósło
Johannesburg Stock Exchange listed EPP, Poland’s biggest retail landlord, continues to…

Western Cape ripe with affordable housing potential

Apr 20, 2021
Tuhf_Hi_res24
The TUHF Western Cape regional team believes that even though COVID has had an impact on…

Please publish modules in offcanvas position.