13th Sep 2013 10:11
LONDON (Alliance News) - Property-investment company Redefine International PLC said Friday that Aviva Commercial Finance Limited has exercised its put option over a GBP13 million 6% convertible loan instrument.
Redefine International said it settled the loan Friday by issuing 36.6 million shares at an issue price of 41.925 pence per share. The loan instrument was issued to Aviva in September 2010.
The company said that it had applied for the settlement shares to be traded on the London Stock Exchange's main market, and expected admission to occur on September 17.
Following admission, the total number of voting rights in the company will be 1.1 billion.
Redefine said Aviva exercised the put option in respect of Redefine Properties Limited, whose resulting direct shareholding in Redefine International of 36.6 million shares represents 3.6% of the company. Redefine Properties Limited also owns 47.8% of Redefine Properties International Limited, which in turn holds 61.8% of Redefine International PLC, giving the vehicle a total direct and indirect interest of 33%.
Shares in Redefine International were trading down 0.12 pence, or 0.3%, Friday morning at 43.25p.
By Philip Nye; [email protected];
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