Redefine International: Stake in Cromwell cut to 10%

REDEFINE International had disposed of 54.24 million shares in its Australian Stock Exchange-listed associate company, Cromwell Property Group, for A$54.48 million (R541.6m), it said yesterday. Redefine International, which has a primary listing on the London Stock Exchange and a secondary listing on the JSE, holds its shareholding in Cromwell through Redefine Australian Investments. Following the transaction, its stake will be reduced to 9.99 percent from 13.13 percent. The Cromwell shares were sold on the Australian Stock Exchange at a 0.8 percent premium on the 30-day volume-weighted average price. The transaction reflected a £2.01m (R35.5m) surplus on the valuation at the end of February, with the proceeds used to further strengthen the firm’s cash position and for general investment. Redefine International chief executive Mike Watters said yesterday that the company had achieved excellent returns from its investment in Cromwell and remained a committed shareholder. He said the sale was is in line with the company’s objective of recycling capital across its diversified portfolio, enabling it to “take advantage of a number of new and exciting UK- and European-based investment opportunities which support our income focused strategy”. – Roy Cokayne