Redefine International has announced the completion of the Placing, which has raised gross proceeds of approximately £115m (net proceeds approximately £109m). A total of 270,588,236 new Ordinary Shares are being issued under the placing. These shares, in aggregate, represent approximately 15.32% of the company’s issued ordinary share capital immediately following admission of the shares. The Board took the decision to increase the deal size above the minimum of £100.0m, raising an additional £15.0m (gross), as a result of strong demand from Placees. The company says that these additional proceeds will be used to pay down debt in the short term and in due course for disciplined asset management purposes.
The UK Placing Shares have been issued at a price of 42.5 pence per placing share and the South African placing shares at a price of R9.75 per placing share. The company says that the placing price per South African placing share is the equivalent price of a UK Placing Share in Rand (subject only to adjustment in terms of the prevailing exchange rate agreed between the Bookrunners and the Company at the time of the Bookbuild).
The company says that Redefine Properties Limited was allocated a total of 81,373,179 Placing Shares, representing 30.07% of the Placing Shares, equating to an aggregate subscription amount of £34.6m at the Placing Price.
Redefine International raises £115m through a placing : RDI