Redefine International places new shares to fund expansion

Posted On Thursday, 20 February 2014 15:58 Published by
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Redefine International will place 86.64-million new shares‚ representing 7.5% of the company’s issue share capital, says group. 

Mike Watters

Real estate investment trust Redefine International will place 86.64-million new shares‚ representing 7.5% of the company’s issue share capital‚ it said on Thursday.

However‚ the company said it reserved the right to increase the number of UK placing shares up to a maximum of 115.08-million‚ or 9.9% of the current issued ordinary share capital.

However‚ if the company did so‚ this would not affect the size of the South African placing.

The placing comprised two separate but simultaneous and co-ordinated placings. Participants outside South Africa could subscribe for placing shares in pounds or participate in rand.

The maximum number of shares available to be placed under the South African placing was 57.76-million‚ or 5% of the company’s share capital.

The South African placing was subject to a minimum application of R1m per investor.

The placing was being conducted through an accelerated book-build process and the book would open with immediate effect.

CEO Mike Watters said: “Having completed our restructuring programme and become a tax transparent Reit‚ we are fully committed to creating and enhancing shareholder value through the selective recycling of capital and executing on accretive asset management opportunities.

"We are particularly positive about the opportunities for growth in our chosen sectors of secondary offices‚ shopping centres and hotels across the UK and Germany and also see a clear case for the early refinancing of our facilities in this current benign interest-rate environment.

“The proceeds from the placing will provide a strong platform to allow us to continue to deliver our sustainable income growth strategy‚ while pursuing our drive to achieve FTSE 250 index inclusion.”

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