Redefine International seeks shareholder approval for JSE inward listing

Posted On Friday, 20 September 2013 09:41 Published by Commercial Property News
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Redefine Properties International is to seek shareholder approval to unbundle RIN and inward list RI PLC on the JSE.

Michael Watters Redefine InternationalThe holding company of Redefine International PLC (RI PLC)‚ Redefine Properties International Limited (RIN)‚ is to seek shareholder approval to unbundle RIN and inward list RI PLC on the Johannesburg Stock Exchange (JSE).
 
This group restructure‚ if approved‚ will facilitate South African direct investment in Redefine International‚ the company said.
 
RI PLC is listed on the main market of the London Stock Exchange and its South African holding company RIN is listed on the main board of the JSE. RI PLC is RIN’s only asset.
 
“This structure arose when it was not possible to inward list RI PLC on the JSE with the then-prevailing policies of the South African Reserve Bank. RI PLC received approval from the Reserve Bank to inward list on the JSE‚ subject to certain conditions‚ in July 2013‚” it said.
 
“We believe the inward listing on the JSE will unlock investor value by improving the liquidity and tradability of Redefine International‚ reduce fee costs by eliminating duplication and significantly enhance the group’s ability to raise capital. It also makes the benefits of an investment in Redefine International more accessible to South African investors‚” said Michael Watters‚ CEO of the Redefine International Group.
 
Redefine International is a diversified income-focused property company. For South African investors it represents a rand hedge in a stable‚ sustainable income fund with exposure to real estate in first world markets.
 
The proposal will be presented at a general meeting of RIN linked unitholders scheduled for Friday‚ October 18 2013‚ in Johannesburg.
 
If investors accept the proposal‚ RIN linked units will trade on the JSE for the last day on Friday‚ October 25 2013. RI PLC will list on the JSE on Monday‚ October 28 2013‚ under the share code RPL. Trade in RPL shares on the JSE will commence when the bourse opens.
Last modified on Friday, 20 September 2013 10:00

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