The proceeds of the issue will be used to fund RIN’s share of the recently announced RI PLC capital raising. RI PLC, the London listed income focused diversified property investment company, is proceeding with a capital raise of approximately £100m.

The RIN offer to unitholders, registered on 21 September 2012, has been priced at R4.60 per new RIN linked unit which represents a discount of 3.29% to the 30 day volume weighted average price prior to 29 August 2012, the date that the issue price was set. RIN linked unitholders will be entitled to subscribe for 52.50 new RIN linked units for every 100 linked units held.

RIN linked unitholders will be entitled to apply for excess linked units not taken up by other RIN linked unitholders.

Commenting on the announcement, Mike Watters, CEO of RIN says, “The announcement of the terms of the pro rata issue of units for cash is the culmination of a process which began with the reverse acquisition by Redefine International of Wichford P.L.C. in August 2011. The capital raise, which is fully supported by our major shareholder, Redefine Properties Limited, will significantly enhance the sustainability of distributable earnings going forward and strengthen our balance sheet and enable us to address the short term debt maturities that we inherited from Wichford.”

The new RIN linked units resulting from the capital raise, which will not rank for the dividend for the 6 months to 31 August 2012, are expected to be listed on the JSE on 3 October 2012.