Today Redefine International (JSE: RPL) completed its inward listing on the JSE’s Main Board.
The listing follows a group restructuring to facilitate South African direct investment in Redefine International. The company received approval from the South African Reserve Bank for a secondary listing on the JSE in July 2013, subject to certain conditions. Redefine Properties International linked units traded on the JSE for the last day on Friday, 25th October 2013.
Redefine CEO Marc Wainer blowing the kudu horn
“We believe the inward listing on the JSE will unlock investor value by improving the liquidity and tradability of Redefine International, reduce fee costs by eliminating duplication and significantly enhance the group’s ability to raise capital. It also makes the benefits of an investment in Redefine International more accessible to South African investors,” says Michael Watters, Group CEO of Redefine International. The fund’s investment portfolio is valued over £1 billion and comprises real estate assets across the UK, Europe and Australia.
“We welcome the move to allow Redefine International to list directly on the JSE. We hope that this new ownership structure will make investment in Redefine International more accessible to South African investors through a fully fungible share,” says Zeona Jacobs, Director of Issuer and Investor Relations at the JSE.
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