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Redefine raises £127.5m through share offer

11 Oct 2012

Redefine International has raised £127.5m from existing shareholders and new institutional investors‚ with an offer at an issue price of 26 pence per new ordinary share. The offer closed last Wedensday.

Qualifying shareholders took up 96.35% of the shares offered and the remaining shares have been allocated to the institutional and other investors with whom they had been conditionally placed by Redefine International Investment Fund Management Limited‚ Peel Hunt and Investec.

The placing and offer remain conditional on approval by shareholders at the Extraordinary General Meeting to be held on 8 October.

Trading of the new ordinary shares on the London Stock Exchange's main market is scheduled for 9 October‚ subject to the outcome of the shareholder's meeting.

Commenting on the results Greg Clarke‚ chairman of Redefine International‚ said that the company was pleased that the placing and offer had received such strong support‚ as a result of which‚ Redefine International raised substantially more than the initial target of £100m.

"This puts the company in a strong position to reduce leverage and take advantage of attractive opportunities. We confidently look forward to the next phase of the company's growth and deliver consistent income returns, creating value for shareholders‚" said Clarke.

Source: I-Net Bridge

For more than two decades, I-Net Bridge has been one of South Africa’s preferred electronic providers of innovative solutions, data of the highest calibre, reliable platforms and excellent supporting systems. Our products include workstations, web applications and data feeds packaged with in-depth news and powerful analytical tools empowering clients to make meaningful decisions.

We pride ourselves on our wide variety of in-house skills, encompassing multiple platforms and applications. These skills enable us to not only function as a first class facility, but also design, implement and support all our client needs at a level that confirms I-Net Bridge a leader in its field.

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