| Thu 28 Apr 2011, 7:05 | | RIN - Redefine Properties International Limited - Issue of equity |
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RIN
RIN
RIN - Redefine Properties International Limited - Issue of equity
Redefine Properties International Limited
(formerly Kalpafon Limited)
(Incorporated in the Republic of South Africa)
(Registration number 2010/009284/06)
JSE share code: RIN ISIN Code: ZAE000149282
("RIN")
Set out below is an announcement which was released by Redefine International
plc, the AIM-listed subsidiary of RIN, on the Regulatory News Service ("RNS") of
the London Stock Exchange on Tuesday, 26 April 2011.
Redefine International plc
("Redefine International" or "the Company")
ISSUE OF EQUITY
On 7 April 2011 Redefine International, the AIM listed property investment and
development company advised that the Company had concluded an agreement with
Corovest Offshore Limited, in terms of which Redefine International had agreed
to acquire all the issued shares in St Georges Harrow Limited for a purchase
price of GBP25 million.
Redefine International further advised that the Company intended to fund the
purchase price of GBP25 million, through a combination of internal resources, a
capital raising by the Company in the AIM market and the issue of linked units
on the Johannesburg Stock Exchange by Redefine Properties International Limited
("RIN") the Company`s holding company.
In this regard Redefine International will issue a total of 39,283,188 new
Redefine International shares at an average price of GBP0.52 per share (the "New
Shares"). An application has been made for the New Shares to be admitted to
trading on AIM and it is expected that such admission will occur on or around 27
April 2011. These New Shares will rank pari passu in all respects with the
existing ordinary shares in issue.
RIN has undertaken to subscribe for 35,731,000 New Shares and on or about 28
April 2011 will issue 35,731,000 new linked units at a price of R5.80 per linked
unit. Subject to receiving the approval of the South Africa Reserve Bank the
proceeds of the issue will be used to acquire the 35,731,000 New Shares as
referred to above
Post the issue and subscription for the New Shares, RIN will hold 372,305,640
shares in the Company (82.34%).
The issue of New Shares to RIN will constitute a related party transaction under
AIM Rule 13. In accordance with AIM Rule 13 the Directors of Redefine
International, having consulted with Singer Capital Markets, the Company`s
nominated adviser for the purposes of the AIM Rules, consider that the issue of
New Shares to RIN are fair and reasonable insofar as its shareholders are
concerned.
In accordance with Rule 2.10 of the Takeover Code in the UK, Redefine
International confirms that, once the New Shares have been admitted to trading
on the AIM market of the London Stock Exchange, there will be 452,182,183
ordinary shares of 1 pence each in issue under International Securities Number
GB00B13PT348.
For further information, please contact:
Redefine International plc +27 (0)21 683 3829
Gavin Tipper - Chairman
Nominated Adviser and Broker to Redefine
International plc +44 (0)203 205 7500
Singer Capital Markets
Jeff Keating
Redefine International Fund Managers
Limited +1 (284) 494 9820
Miles Walton
Redefine International Management Limited +44 (0) 207 811 0100
Mike Watters
28 April 2011
Sponsor to Redefine Properties International Limited
Java Capital
Date: 28/04/2011 07:05:08 Produced by the JSE SENS Department.
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