| Mon 31 Jan 2011, 17:25 | | RDF - Redefine Properties Limited - Redefine to pay distributions twice a |
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RDF
RDF
RDF - Redefine Properties Limited - Redefine to pay distributions twice a
year
REDEFINE PROPERTIES LIMITED
(formerly Redefine Income Fund Limited)
Registration number 1999/018591/06
JSE share code: RDF ISIN: ZAE000143178
("Redefine")
REDEFINE TO PAY DISTRIBUTIONS TWICE A YEAR
Redefine unitholders today passed a resolution to change the frequency of
income distributions from quarterly distributions to semi-annual
distributions in respect of the six months ending February and August of each
financial year.
The resolution requires the debenture trust deed to be amended, and
Redefine`s first quarter distribution for the three months to 30 November
2010, scheduled to be announced on 2 February 2011, will still be
distributed. The next distribution will be in respect of the three months
ending 28 February 2011 and thereafter, for the six months ending 31 August
2011.
Redefine financial director, Andrew Konig, says unitholders will benefit from
the change in frequency of distributions, because Redefine will earn interest
on surplus cash, which will result in additional income to distribute to
unitholders. "In the 2011 financial year, this will translate into an
additional R10-million, and in 2012 it will provide approximately R20-million
in additional income.
"In addition, having non-recurring income spread over a six month period will
result in more consistent and predictable distributions that our unitholders
can depend on," he says.
Konig adds that from a Redefine perspective, the change from four to two
distributions per annum will reduce the administrative burden from an
accounting and financial perspective, which assists in creating a more
streamlined organisation.
Ends
Date: 31/01/2011 17:25:01 Produced by the JSE SENS Department.
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