| Mon 19 Dec 2011, 9:00 | | RIN - Redefine Properties International Limited - Confirmation of underwriting |
|
RIN
RIN
RIN - Redefine Properties International Limited - Confirmation of underwriting
of Cromwell capital raising
Redefine Properties International 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
P.L.C. (formerly Wichford P.L.C.), the London Stock Exchange-listed subsidiary
of RIN, on the Regulatory News Service ("RNS") of the London Stock Exchange on
Friday, 16 December 2011.
"REDEFINE INTERNATIONAL P.L.C.
("Redefine International" or the "Company")
CONFIRMATION OF UNDERWRITING OF CROMWELL CAPITAL RAISING
Shareholders are referred to the announcement dated 22 November 2011, in terms
of which it was advised that the Company had, through its 100% held subsidiary,
Redefine Australian Investments Limited ("RAIL"), entered into an underwriting
agreement to partially underwrite a capital raising by the Cromwell Property
Group ("Cromwell") up to a maximum amount of AUD35 million (GBP22.6
million)("underwriting commitment"), which includes RAIL`s entitlement of
AUD24.8 million (GBP16.0 million) (the "Transaction").
Redefine International is pleased to advise that Cromwell has today confirmed
that the Company`s underwriting commitment amounts to AUD35,000,000 equating to
51,470,588 stapled securities ("new Cromwell securities"). AUD9,424,997
(GBP6,098,348) of the underwriting commitment has been funded through an
existing facility with Investec Bank (Australia) Limited and the balance has
been funded from available cash resources. Redefine International has received a
fee of AUD875,000 (GBP566,160) in consideration for providing its underwriting
commitment.
The Company now holds a 24.32% interest in Cromwell. The new Cromwell securities
will be admitted to trading on the ASX on 21 December 2011 and will entitle
holders to a pro-rata share of the distributions from Cromwell for the quarter
ending 31 December 2011. Except for this pro-rata distribution, the new Cromwell
securities will rank pari passu with existing Cromwell stapled securities in
issue.
The Transaction is in line with Redefine International`s objective of increasing
its presence in the Australian property market and is expected to be earnings
enhancing for shareholders in the medium to long term.
The Transaction is expected to secure RAIL`s position as the largest stapled
security holder in Cromwell, and ensures Redefine International can maintain a
significant influence on the affairs of Cromwell going forward.
Further enquiries:
Redefine International Property Management Ltd
Investment Adviser
Michael Watters, Stephen Oakenfull Tel: +44 (0) 20 7811 0100
Peel Hunt
Joint Corporate Broker
Capel Irwin, Matthew Armitt, Hugh Preston Tel: +44 (0) 20 7418 8900
Evolution Securities
Joint Corporate Broker
Chris Sim, Jeremy Ellis Tel: +44 (0) 20 7071 4300
FTI Consulting
Public Relations Adviser
Stephanie Highett, Dido Laurimore Tel: +44 (0) 20 7831 3113"
19 December 2011
Sponsor to Redefine Properties International Limited
Java Capital
Date: 19/12/2011 09:00:39 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
