Redefine International proposes capital raising of GBP127.5 million.

Posted On Saturday, 15 September 2012 14:51 Published by
Rate this item
(0 votes)

Redefine International P.L.C. (“RI PLC”), the London Stock Exchange listed subsidiary of Redefine Properties International Ltd (“RIN”), has announced a proposed Firm Placing and Open Offer to raise a total of GBP127.5 million.

 

The Firm Placing and Open Offer are conditional upon the passing of the Resolutions at the RI PLC EGM to be held on Monday 8th October 2012

RI PLC has achieved considerable success in restructuring its finance facilities over the last year and hopes to further strengthened the company's financial position by using the net proceeds from the capital raise, amounting to approximately £122.5 million, to provide a long-term stable capital structure from which a sustainable dividend can be distributed. The Board of RI PLC is confident that this will be achieved by reducing the Group's financial leverage through the repayment and restructuring of certain debt facilities as a priority and further to take advantage of distressed and/or attractive investments.

RI PLC has already secured underwriting or irrevocable commitments of £104.3 million for the Open Offer and additional Firm Placing commitments of £23.2 million from leading institutions.

At a general meeting held on 7th September 2012, RIN linked unitholders voted unanimously in favour of supporting its 71.7% participation in the RI PLC Open Offer through a pro rata specific issue of new RIN linked units for cash to all RIN linked unit holders. This pro rata offer will be open to RIN linked unitholders at 09:00 on Tuesday 25 September 2012 and close at 12:00 on Monday 1st October 2012.

Mike Watters, CEO of RIN commented:

“Redefine International’s proposed capital raising together with the recent successes in restructuring its finance facilities will provide a significantly strengthened financial position and the ability to take advantage of distressed or attractive opportunities.”

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.