RIN - Redefine Properties International Limited - Issue of equity

RIN - Redefine Properties International Limited - Issue of equity               
Redefine Properties International Limited                                       
(formerly Kalpafon Limited)                                                     
(Incorporated in the Republic of South Africa)                                  
(Registration number 2010/009284/06)                                            
JSE share code: RIN     ISIN Code:   ZAE000149282                               
("RIN")                                                                         
Set out below is an announcement which was released by Redefine International   
plc, the AIM-listed subsidiary of RIN, on the Regulatory News Service ("RNS") of
the London Stock Exchange on Tuesday, 26 April 2011.                            
Redefine International plc                                                      
("Redefine International" or "the Company")                                     
ISSUE OF EQUITY                                                                 
On 7 April 2011 Redefine International, the AIM listed property investment and  
development company advised that the Company had concluded an agreement with    
Corovest Offshore Limited, in terms of which Redefine International had agreed  
to acquire all the issued shares in St Georges Harrow Limited for a purchase    
price of GBP25 million.                                                         
Redefine International further advised that the Company intended to fund the    
purchase price of GBP25 million, through a combination of internal resources, a 
capital raising by the Company in the AIM market and the issue of linked units  
on the Johannesburg Stock Exchange by Redefine Properties International Limited 
("RIN") the Company`s holding company.                                          
In this regard Redefine International will issue a total of 39,283,188 new      
Redefine International shares at an average price of GBP0.52 per share (the "New
Shares").  An application has been made for the New Shares to be admitted to    
trading on AIM and it is expected that such admission will occur on or around 27
April 2011.  These New Shares will rank pari passu in all respects with the     
existing ordinary shares in issue.                                              
RIN has undertaken to subscribe for 35,731,000 New Shares and on or about 28    
April 2011 will issue 35,731,000 new linked units at a price of R5.80 per linked
unit. Subject to receiving the approval of the South Africa Reserve Bank the    
proceeds of the issue will be used to acquire the 35,731,000 New Shares as      
referred to above                                                               
Post the issue and subscription for the New Shares, RIN will hold 372,305,640   
shares in the Company (82.34%).                                                 
The issue of New Shares to RIN will constitute a related party transaction under
AIM Rule 13. In accordance with AIM Rule 13 the Directors of Redefine           
International, having consulted with Singer Capital Markets, the Company`s      
nominated adviser for the purposes of the AIM Rules, consider that the issue of 
New Shares to RIN are fair and reasonable insofar as its shareholders are       
concerned.                                                                      
In accordance with Rule 2.10 of the Takeover Code in the UK, Redefine           
International confirms that, once the New Shares have been admitted to trading  
on the AIM market of the London Stock Exchange, there will be 452,182,183       
ordinary shares of 1 pence each in issue under International Securities Number  
GB00B13PT348.                                                                   
For further information, please contact:                                        
Redefine International plc                  +27 (0)21 683 3829                  
Gavin Tipper - Chairman                                                         
Nominated Adviser and Broker to Redefine                                        
International plc                           +44 (0)203 205 7500                 
Singer Capital Markets                                                          
Jeff Keating                                                                    
Redefine International Fund Managers                                            
Limited                                     +1 (284) 494 9820                   
Miles Walton                                                                    
Redefine International Management Limited   +44 (0) 207 811 0100                
Mike Watters                                                                    


                                                                                
28 April 2011                                                                   
Sponsor to Redefine Properties International Limited                            
Java Capital                                                                    
Date: 28/04/2011 07:05:08 Supplied by www.sharenet.co.za                     
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