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Redefine buys shopping centres in Germany

Johannesburg - Redefine International [JSE:RIN] completed the acquisition of three shopping centres in Germany, the company announced on Monday.

The latest announcement followed on the announcement on August 14 2013 regarding the proposed acquisition of three prime shopping centres in Berlin, Hamburg and Ingolstadt.

The transaction was compleded on August 30.

The consideration in respect of the Hamburg and Ingolstadt assets has been confirmed on completion as €19.3m in cash and 12 606,061 new ordinary shares of 8 pence each in Redefine International.

It has also now been confirmed that the consideration for the Berlin asset to be settled on December 6 2013 will be made up by way of an issue of approximately 19 635,340 new ordinary shares of 8p each in Redefine International.

The precise number being determined pursuant to the Sterling: Euro exchange rate on November 29 2013 at an effective issue price of 40.0 pence per share and €12.1 million in cash. The Berlin Consideration Shares are expected to be issued and admitted to trading after the final dividend for the year ended August 31 2013 has been declared and paid, and as such will not rank for such dividend.

The total consideration payable in respect of the transaction will therefore comprise approximately 32 241,401 new ordinary shares of 8p each in Redefine International at an effective issue price of 40p per share and €31.4m in cash, with the consideration for the Berlin asset being deferred to December 6 2013.

An application has been made for the Hamburg and Ingolstadt consideration shares to be admitted to the premium segment of the official list of the United Kingdom Listing Authority and to trading on the London Stock Exchange's main market for listed securities.

It is expected that such admission will occur on September 3 2013 and these shares will rank pari passu in all respects with the company's existing ordinary shares in issue.

Following admission of the Hamburg and Ingolstadt consideration shares and the 40m placing shares announced on August 23 2013, which is expected to occur on September 3 2013, the total number of voting rights in the company will be 1 020 569 818. No ordinary shares are held in treasury.

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