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Redefine's German acquisitions ratified

4 Sep 2013

Redefine International‚ the London-listed subsidiary of JSE-listed Redefine Properties International‚ said on Monday, 2 September 2013, its acquisition of three shopping centres in Germany was completed on 30 August.

The company bought three shopping centres in Berlin‚ Hamburg and Ingolstadt.

Redefine International said the payment for the Hamburg and Ingolstadt properties had been confirmed as €19.3m in cash and 12‚606‚061 new Redefine International ordinary shares of 8p each.

"It has also now been confirmed that the payment for the Berlin property, which is to be settled on 6 December‚ will be made up of the issue of about 19‚635‚340 new ordinary shares of 8p each in Redefine International - at an effective issue price of 40p per share - and €12.1m in cash," the company said.

It said the precise number of shares would be determined by the pound-euro exchange rate on 29 November.

The shares for the Berlin shopping centre were expected to be issued and admitted to trading after the final dividend for the year ended August had been declared and paid and as such would not qualify for a dividend payment.

"Following admission of the Hamburg and Ingolstadt shares and the 40m share placing announced on August 23‚ which is expected to occur on 3 September‚ the total number of voting rights in the company will be 1‚020‚569‚818," Redefine said.

Source: I-Net Bridge

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