Redefine International PLC lists on LSE’s Main Market

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Mike Watters, CEO of Redefine International. Mike Watters, CEO of Redefine International.

Redefine International PLC began trading this morning at 09:00 (SA time) on the London Stock Exchange’s Main Market for listed securities.

This follows last week’s approval of the merger between Redefine International plc and Wichford plc, domiciled in the Isle of Man. The merger received the requisite 90% acceptance level by Redefine International shareholders.

The merger creates an enlarged income-focused property company with a diversified investment portfolio. 

The merged group will have a broader international shareholder base, given its primary listing on the London Stock Exchange, and an improved capital structure, benefiting from Redefine International’s attractive long-term debt facilities, and the commitment of its holding company to support a capital raising in 2012.

“We believe the merger is a strong strategic fit. Despite being a long and complicated process, this gives significant impetus to our international strategy for the combined group,” says Mike Watters, CEO of Redefine International.

The enlarged group boasts a diverse portfolio of office and industrial properties, shopping centres and hotels in the UK, Germany and Switzerland and a 22.2% interest in the Cromwell Property Group, Australia.

The merged company has gross assets of over R12billion and a market capitalisation of approximately R3.2 billion.

JSE listed Redefine Properties International Limited will be the majority shareholder in the enlarged group with a shareholding of approximately 66%.

Read more on:

Listed Property / REITs  |  Redefine International  |  Mike Watters
Nedbank Corporate and Investment Banking

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