29 May 2013 07:01
29 May 2013
REDEFINE INTERNATIONAL P.L.C.
("Redefine International" or the "Company")
Cromwell Capital Raising
Further to the announcement released by the Company on 22 May 2013, Redefine International announces that its associate company,the Cromwell Property Group ("Cromwell"), has released details of an AUD250 million capital raising, to partially fund the AUD405 million acquisition of the NSW State Government Portfolio and to repay existing debt (the "Capital Raising").
The Capital Raising comprises the issue of up to 250 million new securities at AUD1.00 per security, through a placement offered to institutional investors (the "Placement"); a 1 for 12 pro rata offer to existing institutional security holders (the "Institutional Entitlement Offer"); and a 1 for 12 pro rata offer to eligible retail security holders (the "Retail Entitlement Offer").
On 27 May 2013, Cromwell confirmed the completion of the Placement and the Institutional Entitlement Offer which successfully raised approximately AUD193 million. The AUD57 million, fully underwritten Retail Entitlement Offer, will be open from 31 May 2013 to 17 June 2013.
Although fully supportive of the transaction, Redefine International did not elect to participate in the Capital Raising and its holding in Cromwell will consequently reduce from 16.1% to 13.7% following the issue of the new securities.
Full details of the Cromwell Capital Raising can be found at http://www.cromwell.com.au/aboutcromwell/newsroom/.
Further enquiries:
Redefine International Property Management Limited Investment Adviser |
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Michael Watters, Stephen Oakenfull | Tel: +44 (0) 20 7811 0100 |
FTI Consulting Public Relations Adviser |
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Stephanie Highett, Dido Laurimore, Faye Walters | Tel: +44 (0) 20 7831 3113 |