Redefine shares rise despite cut to dividend
UK-focused property group says the UK economy has proved more resilient than expected since the Brexit vote
Redefine International’s share price rose 5% to R6.60 on Wednesday despite it cutting its interim dividend by 20%. The UK-focused property group declared a 1.3 pence dividend for the six months to end-February, down from 1.625p in the matching period. Redefine International was among the biggest casualties of the UK’s Brexit vote, with its share price halving from R10.41 in May to R5.62 before President Jacob Zuma recalled former finance minister Pravin Gordhan from an investors roadshow in the UK on March 27. The recall caused the rand to weaken sharply, helping the British property owner to rebound. The group’s total rental income grew 13% to £50.8m, with its European properties outside the UK, mainly in Germany, showing the fastest growth of 15% to £9.4m.
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