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Redefine launches American Depository Receipt Programme
REDEFINE PROPERTIES LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1999/018591/06)
JSE share code: RDF ISIN: ZAE000143178
(Approved as a REIT by the JSE)
(“Redefine” or the “company”)
REDEFINE LAUNCHES AMERICAN DEPOSITORY RECEIPT PROGRAMME
Redefine unitholders are advised that Redefine launched its American Depository Receipt (“ADR”)
programme launched today. Redefine is the first property company in South Africa to launch an ADR
programme on the over-the-counter market in the United States (“US”), through a sponsored ADR
programme with Bank of New York Mellon (“BNY Mellon”).
Each depository receipt in the ADR programme represents ten ordinary shares in Redefine and trades under
the symbol “REDPY”.
Redefine has a growing international ownership base, which over the past 5 years has grown to just over
15% of the total shareholder base with US investors representing just under half of these international
investors which, by country, is the second largest investor base.
By establishing the ADR programme, Redefine hopes to make investing in Redefine accessible to more
international investors, particularly to US investors. Redefine also believes that the ADR programme will
provide the company with a better understanding of the international investor market.
Redefine was granted REIT status, an internationally recognisable tax dispensation for investment property
companies, with effect from 1 September 2013. The introduction of the REIT structure provides investors,
both domestic and international with a common understanding of the nature of the vehicle in which they are
investing and removes some of the ambiguity that existed with property loan stock companies.
Says Andrew Konig, Financial Director of Redefine, “The REIT structure is an international benchmark for
property ownership in a listed environment and is widely recognised as the worldwide industry standard.
The ADR programme is therefore an ideal platform to reach the anticipated growth in international interest
and encourage international investment in Redefine. Redefine offers US investors sustained and growing
income at an attractive income yield with a good prospect of capital appreciation, which is underpinned by
diversified quality property assets managed by proven operators.”
6 September 2013
Sponsor
Java Capital
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