TIDMRDI TIDMRDF
RNS Number : 8166M
Wichford plc
23 August 2011
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN
PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO THE SAME WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH
JURISDICTION
FOR IMMEDIATE RELEASE
23 August 2011
Wichford P.L.C. (to be renamed "Redefine International P.L.C.")
("Wichford" or the "Company")
Admission to the Official List of the UK Listing Authority
First Day of Dealing on the London Stock Exchange's main market
for listed securities
Admission
The Directors of Wichford, the Isle of Man domiciled,
income-focused property company, announce the Company's admission
of 543,890,859 Ordinary Shares of 7.2 pence each to the Premium
Segment of the Official List of the UK Listing Authority and to
trading on the London Stock Exchange's Main Market for listed
securities, following completion of the reverse takeover of
Redefine International plc ("Redefine").
Wichford owns a diversified investment property portfolio. Its
principal investments comprise office, shopping centres and hotel
property as well as real estate property funds, in the UK, Western
Europe and Australia. Further information about the Company can be
found on the Company's website, www.wichford.com.
Change of Directors
The Company is pleased to confirm the appointment of Gavin
Tipper, Michael Farrow, Stewart Shaw-Taylor, Marc Wainer and
Michael Watters to the board of directors of the Company. Michael
Farrow has confirmed today his retirement from the board of
directors of Redefine Properties International Limited and that he
is therefore considered by the board of directors of the Company to
be independent.
In addition, as stated in the prospectus issued by the Company
in relation to the Offer on 13 July 2011, David Harrel and Mark
Sheardown have retired from the board of directors. The Company
thanks each of them for their advice, counsel and service to the
Company during their time on the board.
Change of financial year end
The Company's financial year end has been changed to 31 August.
As a result, the next annual report and accounts of the Company
will be in respect of the period ending 31 August 2011.
Change of name
Redefine has made application to London Stock Exchange plc for
the cancellation of admission to trading on AIM of the entire
issued share capital of Redefine. Such cancellation is expected to
become effective at 8:00 a.m. on 8 September 2011, at which point
the Company's name will be changed to Redefine International P.L.C.
and its ticker will be RDI.
Compulsory acquisition of Redefine Shares
A compulsory acquisition of all Redefine Shares not otherwise
acquired by the Company by 22 August 2011 under the Offer is
intended to commence after 23 August 2011, such that non-accepting
minority Redefine Shareholders will be compelled under Jersey law
to sell their Redefine Shares to the Company on the same terms as
the Offer. Following completion of this process, which is expected
by 4 October 2011, Redefine will become a wholly-owned subsidiary
of the Company.
CREST stock accounts will be credited in respect of the Ordinary
Shares at 8:00 a.m. today and definitive share certificates for
Ordinary Shares in certificated form will be dispatched on or
around 10 September 2011.
Trading in the Company's Ordinary Shares on the London Stock
Exchange will commence this morning. The TIDM is RDI, the ISIN is
IM00B4JZYL28, and the SEDOL is B4JZYL2.
Terms used but not defined in this announcement shall have the
meaning given to them in the Offer Document published by the
Company on 13 July 2011.
A copy of this announcement is available at www.wichford.com
The content of the website referred to in this announcement is
not incorporated into and does not form part of this
announcement.
Philippe de Nicolay, Chairman, commented: "This is the
successful conclusion of a significant transaction which delivers a
large income focussed property company with a good quality
portfolio diversified across geography and sector, with a resilient
tenant base. Global macro-economic conditions continue to be
extremely volatile but, against this climate, and with a strong and
committed long-term shareholder and experienced management team,
the Company is well-positioned to benefit from its enlarged
platform and capital base."
Further enquiries:
Wichford
Philippe de Nicolay, Chairman Tel: +55 (11) 9636 7979
Wichford 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
Financial Dynamics
Public Relations Adviser
Stephanie Highett, Dido Laurimore Tel: +44 (0) 20 7831 3113
Notes to editors:
Investment objective and strategy
The Company's strategy is to build a large, more liquid company
focused on diversified, income producing investment properties. The
Directors believe that the Company will be well placed to deliver
attractive cash returns for investors and growth over the long
term.
The Company owns a property portfolio well diversified by sector
and geography, and includes office properties, shopping centres and
hotels.
Each of the markets in which the Company operates provides the
opportunity to participate in stable and secure income streams with
attractive opportunities to grow rental income over time. Each
market is also expected to provide opportunities to recycle the
Company's capital over time, both through acquisitions and
disposals to create value for Shareholders.
The income stream from the property portfolio is complemented by
a 22.2 per cent. interest in Cromwell, (an ASX listed property
trust with a large exposure to government-let commercial real
estate in Australia, with a market capitalisation of approximately
AUD 622.26 million (equivalent to GBP393.61 million) on 22 August
2011, being the last practicable date prior this announcement.
The Company will seek to grow income for its investors both
through the pursuit of active asset management opportunities within
its existing portfolio, including asset repositioning and ancillary
development, and through the yield enhancing acquisition and
disposal of assets, where the Company will act opportunistically
and will have the flexibility to execute transactions quickly.
This potential growth will be further enhanced by the expected
reduction to the combined expenses as a result of the elimination
of certain public company costs. The capital structure of the
Company is provided by the existing financing, much of which is
long term in nature and the capital commitment of the major
shareholder creates a platform to pursue these growth
opportunities.
Competitive strengths
The Company's UK office assets have defensive characteristics,
most benefiting from long term, inflation linked leases and are
currently strongly cash generative. The UK shopping centres owned
by the Company are occupied by high quality tenants, including
retailers such as Debenhams, Marks & Spencer, H&M and Next,
with each centre able to operate as a stand-alone business.
Further, the hotel portfolio generates attractive margins and has
high occupancy rates. Similarly, the commercial properties owned by
the Company in Western Europe benefit from stable income streams,
again with long dated, typically index-linked leases with tenants
of good credit quality.
Directors
The directors are Philippe de Nicolay (also Chairman, who will
retire when a suitable replacement is found), Ita McArdle, Richard
Melhuish, Mark Taylor, Gavin Tipper, Michael Farrow, Marc Wainer,
Stewart Shaw-Taylor and Michael Watters. All the Directors are
non-executive directors. Gavin Tipper, Michael Watters and Marc
Wainer are not considered independent directors.
Investment Adviser
The Company is managed by the Investment Adviser, WPML, which is
a fully resourced and experienced investment adviser, with the
majority of property management, development and investment skills
contained in-house. The Investment Adviser has a high level of
familiarity with the property portfolios of both the Company and
Redefine.
Disclaimer
N M Rothschild & Sons Limited ("Rothschild"), which is
authorised and regulated in the United Kingdom by The Financial
Services Authority is acting exclusively for the Company and no-one
else in connection with the Offer and accordingly will not be
responsible to anyone other than the Company for providing the
protections afforded to clients of Rothschild nor for providing
advice in relation to the matters described in this
announcement.
Evolution Securities Limited ("Evolution"), which is authorised
and regulated in the United Kingdom by The Financial Services
Authority is acting exclusively for the Company and no-one else in
connection with the Offer and accordingly will not be responsible
to anyone other than the Company for providing the protections
afforded to clients of Evolution nor for providing advice in
relation to the matters described in this announcement.
Peel Hunt LLP ("Peel Hunt"), which is authorised and regulated
in the United Kingdom by The Financial Services Authority is acting
exclusively for the Company and no-one else in connection with the
Offer and accordingly will not be responsible to anyone other than
the Company for providing the protections afforded to clients of
Peel Hunt nor for providing advice in relation to the matters
described in this announcement.
Deutsche Bank AG is authorised under German Banking Law
(competent authority: BaFin - Federal Financial Supervisory
Authority) and authorised and subject to limited regulation in the
United Kingdom by The Financial Services Authority. Details about
the extent of Deutsche Bank AG's authorisation and regulation by
The Financial Services Authority are available on request. Deutsche
Bank AG, London Branch is acting as financial adviser to Redefine
and no one else in connection with the Offer and will not be
responsible to anyone other than Redefine for providing the
protections afforded to clients of Deutsche Bank AG, London Branch
nor for providing advice in relation to any matter referred to
herein.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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