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REDEFINE:  995   0 (0.00%)  26/04/2019 00:00

Redefine Properties Says Should Edcon Restructure Be Successful, Co's Equity Contribution Will Amount To R54,6 Mln

March 1 (Reuters) - Redefine Properties Ltd:

* EDCON UPDATE

* INFORMED THAT BINDING AGREEMENTS HAVE BEEN CONCLUDED WITH ALL RELEVANT STAKEHOLDERS TO RESTRUCTURE AND RECAPITALISE EDCON

* WILL RECEIVE 100% OF ITS RENTAL DUE FROM EDCON ON 56 788 SQM, REPRESENTING IN FORCE LEASES FOR PROFITABLE EDCON STORES

* SHOULD RESTRUCTURE BE SUCCESSFULLY IMPLEMENTED, REDEFINE'S EQUITY CONTRIBUTION WILL AMOUNT TO R54,6 MILLION

* HAS ALSO AGREED TO RENTAL REDUCTIONS UP TO MAXIMUM AMOUNT OF R13,8 MILLION OVER A TWO-YEAR PERIOD, IN RESPECT OF LEASES TOTALING 21 972 SQM

* MAINTAINS PREVIOUS DISTRIBUTION GUIDANCE OF GROWTH OF 4% TO 5% PER SHARE ON PRIOR YEAR Source text for Eikon: Further company coverage:

2019-03-01 17:24:44

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