Redefine International associate unveils details of capital raising

Property investment firm Redefine International has reported that its associate company, the Cromwell Property Group, has released details of a 250m Australian dollars (AUD) capital raising to partially fund the AUD405m acquisition of the New South Wales State Government Portfolio and to repay existing debt.

Property investment firm Redefine International has reported that its associate company, the Cromwell Property Group, has released details of a 250m Australian dollars (AUD) capital raising to partially fund the AUD405m acquisition of the New South Wales State Government Portfolio and to repay existing debt.

The capital raising comprises the issue of up to 250m new securities at AUD1.00 each, through a placement offered to institutional investors; a one for 12 pro rata offer to existing institutional security holders and a one for 12 pro rata offer to eligible retail security holders.

On Monday, Cromwell confirmed the completion of the placement and the institutional entitlement offer which successfully raised approximately AUD193m. The AUD57m, fully underwritten Retail Entitlement Offer, will be open from May 31st to June 17th.

Although fully supportive of the transaction, Redefine International said that it did not elect to participate in the capital raising and its holding in Cromwell would consequently reduce from 16.1% to 13.7% following the issue of the new securities.

Redefine's share price was up 0.62% to 40.25p at 10.52 on Wednesday.

MF

Most Popular

The MoneyWeek Podcast: Asia, financial repression and the nature of capitalism
Economy

The MoneyWeek Podcast: Asia, financial repression and the nature of capitalism

Russell Napier talks to Merryn about financial repression – or "stealing money from old people slowly" – plus how Asian capitalism is taking over in t…
16 Jul 2021
Three companies that are reaping the rewards of investment
Share tips

Three companies that are reaping the rewards of investment

Professional investor Edward Wielechowski of the Odyssean Investment Trust highlights three stocks that have have invested well – and are able to deal…
19 Jul 2021
The future belongs to emerging markets – three EM stocks to buy now
Share tips

The future belongs to emerging markets – three EM stocks to buy now

Professional investor Carlos von Hardenberg of Mobius Capital Partners picks three of his favourite emerging-market stocks.
5 Jul 2021