Redefine International Ltd i.e. RIN has now received a unitholder approval for an unbundling that will be seen in the Redefine International plc (RI) list on the JSE.
In a meeting at johannesburg on Friday, Unitholders gave their approval for the group restructuring on the JSE. This will allow South Africans to directly invest in Redefine International.
Currently RI plc is listed on the main board of the London Stock Exchange and South African holding company. RIN is listed on the JSE main board. The only asset of RIN is RI plc.
The South African Reserve Bank (SARB) also gave their approval to RI plc in July to list on the JSE. The approval was subjected to certain terms and conditions. But after receiving the unitholders approval, all the conditions are fulfilled.
This makes a clear path of RI plc to the list on the JSE on Monday, October 28, under the share code RPl.When the bourse opens, trade in RPL shares on the JSE will start. The linked units in RIN will trade on the JSE for the last day on Friday, October 25.
Redefine International Group CEO Michael Watters said that “This is a positive step for the company to move forward.”
He further said that “This will make our prospects more stronger and will help to unlock the ownership structure. We are extremely happy to make the benefits by allowing the South African to invest in the Redefine International.”
By listing of RI plc on the JSE, Redefine is intended to improve their liquidity and tradability, reduce their fee costs by removing the duplication, and improving the group’s ability to raise up the capital cost effectivity.
RI plc is a diversified income focused company. However for SA investors it is like a limitation of rand in a fund which is exposed to property in first world markets.
The geographically diverse investment portfolio of RI plc is independently valued at over £1bn. It includes property assets from the retail, office, industrial and hotel sector across the U.K, Europe especially Switzerland, Germany, the Netherlands and the Channel Islands - and Australia.
