Redefine International PLC, which is listed on the London Stock Exchange, will also list and begin trading on the main board of the JSE when the bourse opens on Monday 28 October 2013.
For the first time, South African investors will be able to access direct investment in Redefine International PLC in their local market. It will trade on the JSE under the share code RPL.
As part of Redefine International PLC’s inward list on the JSE, its South African holding company, Redefine Properties International (RIN) will be unbundled. Redefine International PLC is RIN’s only asset. RIN will trade on the JSE for the last day on Friday, 25 October 2013. RIN shareholders gave the green light to restructure the group at a meeting in Johannesburg last Friday. This was the final step in achieving all conditions for Redefine International PLC’s inward listing on the JSE.
Michael Watters, CEO of the Redefine International Group, says: “We are pleased to be able to make it easier for South African investors to share in the benefits of a direct investment in Redefine International. This is exciting progress for the company and results in several cost-saving benefits.”
RIN unitholders will have the rights to trade in Redefine International PLC shares from 28 October 2013. When RIN delists, on Monday, 4 November 2013, they will officially receive their Redefine International PLC shareholding.
Redefine International is a diversified income-focused property company. For South African investors it represents a Rand hedge in a stable, sustainable income fund with exposure to real estate in first world markets.
Redefine International’s geographically diverse investment portfolio is independently valued at over £1 billion and comprises real estate assets in the retail, office, industrial and hotel sectors across the UK, Europe – specifically Switzerland, Germany, the Netherlands and the Channel Islands – and Australia.
“The inward listing improves the liquidity and tradability of Redefine International. It also cuts fee costs by eliminating duplication and is expected to significantly enhance the group’s ability to raise capital cost effectively,” says Watters. “This all serves to strengthen our prospects.”
The restructure has also allowed Redefine International PLC to pursue REIT status, which it expects before the end of the year.