Redefine Properties concludes successful R1,36 billion equity raise

Posted On Wednesday, 01 October 2014 16:32 Published by
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Redefine Properties has increased its R1 billion equity raise to R1.36 billion in light of strong demand.

Andrew Konig

The capital raising took place through an accelerated bookbuild that opened this morning. As a result, Redefine has placed approximately 148.4 million shares at a price of R9.50 per share.

Chief Executive Officer, Andrew Konig commented, "We are very pleased with the level of support received from our shareholders, which is reflective of the market's confidence in Redefine. The proceeds of the placement will be used to fund part of the R2.7 billion Macsteel acquisition. We have sufficient gearing capacity to fund the remainder.

"The Macsteel transaction will transform Redefine's industrial portfolio and is in line with our strategy to grow and diversify our portfolio."

Java Capital was appointed the sole bookrunner. Subject to approval by the JSE, listing and trading of the new shares is expected to commence at 09:00 on Friday, 10 October 2014.

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