Redefine International to list on JSE

Following consultation and negotiation with the South African Reserve Bank (SARB), a structure has been approved for the listing of Redefine International on the JSE.

Redefine Properties Limited CEO Marc Wainer says SARB has granted approval for Redefine Properties to hold its interest in Ciref Plc directly through a wholly owned South African subsidiary, Redefine International Limited, which will be listed on the JSE.

"Redefine International will be a property loan stock company with its shares linked to debentures to create linked units. Redefine International's sole asset will be a controlling shareholding in Ciref," he says.

Wainer says the company will be structured in such a way that a single linked unit in Redefine International will be equivalent to a single share in Ciref.

Simultaneous with the listing of Redefine International on the JSE, Ciref intends to undertake a capital raising to allow it to further develop its business.

As a result of the listing of Redefine International on the JSE, Ciref's Board has taken a decision to implement a change of name for Ciref to Redefine International Plc with effect from 1 July 2010 (approved by shareholders on 18 December 2009).

"It is currently anticipated that the listing of Redefine International on the JSE and the associated capital raising will be completed by the end of August 2010," says Wainer.

Further details of the listing and the proposed capital raisings will be announced in due course.

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