RIN - Redefine Properties International Limited - Confirmation of underwriting

RIN - Redefine Properties International Limited - Confirmation of underwriting  
of Cromwell capital raising                                                     
Redefine Properties International 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   
P.L.C. (formerly Wichford P.L.C.), the London Stock Exchange-listed subsidiary  
of RIN, on the Regulatory News Service ("RNS") of the London Stock Exchange on  
Friday, 16 December 2011.                                                       
"REDEFINE INTERNATIONAL P.L.C.                                                  
("Redefine International" or the "Company")                                     
CONFIRMATION OF UNDERWRITING OF CROMWELL CAPITAL RAISING                        
Shareholders are referred to the announcement dated 22 November 2011, in terms  
of which it was advised that the Company had, through its 100% held subsidiary, 
Redefine Australian Investments Limited ("RAIL"), entered into an underwriting  
agreement to partially underwrite a capital raising by the Cromwell Property    
Group ("Cromwell") up to a maximum amount of AUD35 million (GBP22.6             
million)("underwriting commitment"), which includes RAIL`s entitlement of       
AUD24.8 million (GBP16.0 million) (the "Transaction").                          
Redefine International is pleased to advise that Cromwell has today confirmed   
that the Company`s underwriting commitment amounts to AUD35,000,000 equating to 
51,470,588 stapled securities ("new Cromwell securities"). AUD9,424,997         
(GBP6,098,348) of the underwriting commitment has been funded through an        
existing facility with Investec Bank (Australia) Limited and the balance has    
been funded from available cash resources. Redefine International has received a
fee of AUD875,000 (GBP566,160) in consideration for providing its underwriting  
commitment.                                                                     
The Company now holds a 24.32% interest in Cromwell. The new Cromwell securities
will be admitted to trading on the ASX on 21 December 2011 and will entitle     
holders to a pro-rata share of the distributions from Cromwell for the quarter  
ending 31 December 2011. Except for this pro-rata distribution, the new Cromwell
securities will rank pari passu with existing Cromwell stapled securities in    
issue.                                                                          
The Transaction is in line with Redefine International`s objective of increasing
its presence in the Australian property market and is expected to be earnings   
enhancing for shareholders in the medium to long term.                          
The Transaction is expected to secure RAIL`s position as the largest stapled    
security holder in Cromwell, and ensures Redefine International can maintain a  
significant influence on the affairs of Cromwell going forward.                 
Further enquiries:                                                              
                                                                                
Redefine International Property Management Ltd                                  
Investment Adviser                                                              
                                                                                
Michael Watters, Stephen Oakenfull              Tel: +44 (0) 20 7811 0100       


Peel Hunt                                                                       
Joint Corporate Broker                                                          
Capel Irwin, Matthew Armitt, Hugh Preston       Tel: +44 (0) 20 7418 8900       


Evolution Securities                                                            
Joint Corporate Broker                                                          
                                                                                
Chris Sim, Jeremy Ellis                         Tel: +44 (0) 20 7071 4300       
                                                                                
FTI Consulting                                                                  
Public Relations Adviser                                                        
Stephanie Highett, Dido Laurimore               Tel: +44 (0) 20 7831 3113"      
19 December 2011                                                                
Sponsor to Redefine Properties International Limited                            
Java Capital                                                                    
Date: 19/12/2011 09:00:39 Supplied by www.sharenet.co.za                     
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