1 Sep 2014 07:01
REDEFINE INTERNATIONAL P.L.C.
("Redefine International" or the "Company")
(Registered number 010534V)
LSE share code: RDI
JSE share code: RPL
ISIN: IM00B8BV8G91
REDEFINE INTERNATIONAL MAKES PART DISPOSAL OF CROMWELL SECURITIES
Redefine International the income focused UK Real Estate Investment Trust ("UK-REIT"), announces that it has disposed of 54.24 million securities in its associate company the Cromwell Property Group ("Cromwell"), held through its 100% held subsidiary, Redefine Australian Investments Limited (the "Transaction" or the "Sale").
Cromwell, a stapled security listed on the Australian Stock Exchange ("ASX"), comprises the Cromwell Diversified Property Trust and Cromwell Corporation Limited.
The Cromwell securities were sold on the ASX at a 0.8% premium on the 30 day VWAP for a total consideration of AUD54.48 million (GBP30.66 million). The transaction reflects a GBP2.01 million surplus on the 28 February 2014 interim valuation. Following the Transaction the Company's holding in Cromwell will reduce from 13.13% to 9.99%.
The Transaction is in line with Redefine International's objective of recycling its capital into new high yielding opportunities where it can use its asset management expertise to extract future value on behalf of shareholders. The proceeds of the Sale will be used to further strengthen the Company's cash position and for general investment purposes. Suitable opportunities in this regard are currently being considered and further announcements will be made when appropriate.
Commenting, CEO Mike Watters said:
"We have achieved excellent returns from our investment in Cromwell and remain a committed shareholder. The sale of part of the Company's investment in Cromwell is in line with our objective of recycling capital across the different parts of the Company's diversified portfolio, enabling us to take advantage of a number of new and exciting UK and European based investment opportunities which support our income focused strategy."
For further information:
Redefine International P.L.C. | |
Michael Watters, Stephen Oakenfull | Tel: +44 (0) 20 7811 0100 |
FTI Consulting UK Public Relations Adviser | |
Stephanie Highett, Dido Laurimore
FTI Consulting SA Public Relations Adviser Max Gebhardt | Tel: +44 (0) 20 3727 1000
Tel: + 27 (0) 11 214 2402 |
JSE Sponsor Java Capital | Tel: + 27 (0) 11 283 0042 |
Notes to editors:
Redefine International is a UK-REIT with a primary listing on the London Stock Exchange and a secondary listing on the Johannesburg Stock Exchange.