The odd-lot offer came as a direct result of Corpcapital Limited distributing 50,000,000 Redefine linked units to Corpcapital shareholders in February 2004 which resulted in the number of Redefine linked unitholders increasing from 2,795 (as at the end of January 2004) to 8,886 (as at 12 August 2004).

This represented an increase of 6,091 Redefine linked unitholders (218%), most of which received less than 100 linked units.

As a result, Redefine Income Fund implemented the odd-lot offer which was compulsory to linked unitholders holding 99 linked units or less, and voluntary to those who hold between 100 and 1,000 linked units.

The odd-lot offer results saw 565 linked unitholders elect to increase their odd-lot holdings at 285,5 cents per linked unit, resulting in a cash inflow of approximately R950,000, while 5,420 linked unitholders either elected to sell their odd-lot holdings or such odd-lot holdings were acquired by Redefine at 314,0 cents per linked unit, resulting in a cash outflow of approximately R674,000. 425 linked unitholders elected to retain their odd-lot holdings.

"The odd-lot offer has enabled Redefine to decrease the substantial recurring costs of administration, estimated at R621,000 per annum, resulting from having approximately 6,400 unitholders holding less than 1,000 linked units each, on the register," said Redefine Income Fund CEO, Brian Azizollahoff.

Redefine's odd-lot offer has achieved the objective of reducing the number of small unitholders which has been successfully completed at no cost to Redefine as the cash flow from the issue of take up units exceeds that of those purchased from unitholders.