Redefine International gets JSE green light

Redefine International Group CEO Michael Watters said, we are pleased to make the benefits of an investment in the company more accessible to South African investors through a fully fungible share.

Redefine International Ltd (RIN) has received unitholder approval for an unbundling that will see Redefine International plc (RI) list on the JSE.

Unitholders gave their approval for the group restructuring on the JSE at a meeting in Johannesburg on Friday. By doing so‚ they have facilitated South African direct investment in Redefine International.

RI plc is currently listed on the main board of the London Stock Exchange and its South African holding company‚ RIN‚ is listed on the JSE main board. RI plc is RIN’s only asset.

In July RI plc received approval from the South African Reserve Bank (SARB) to list on the JSE‚ subject to certain conditions. Now‚ having gained unitholder approval‚ all conditions have been met.

This paves the way for RI plc to list on the JSE on Monday‚ October 28‚ under the share code RPL. Trade in RPL shares on the JSE will start when the bourse opens. RIN linked units will trade on the JSE for the last day on Friday‚ October 25.

“This is a positive step forward for the company‚” Redefine International Group CEO Michael Watters said.

“It strengthens our prospects‚ helps to unlock the unwieldy ownership structure. We are pleased to make the benefits of an investment in Redefine International more accessible to South African investors through a fully fungible share.”

Redefine’s intention with the inward listing of RI plc is to improve the liquidity and tradability of Redefine International‚ reduce fee costs by eliminating duplication‚ and enhance the group’s ability to raise capital cost-effectively.

RI plc is a diversified income-focused property company. For South African investors it represents a rand hedge in a fund that has exposure to property in first world markets.

RI plc’s geographically diverse investment portfolio is independently valued at over £1bn and consists of property assets in the retail‚ office‚ industrial and hotel sectors across the UK‚ Europe – specifically Switzerland‚ Germany‚ the Netherlands and the Channel Islands - and Australia.