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Redefine is committed to the upliftment of previously
disadvantaged South Africans through black economic empowerment
(BEE) programmes.
In the property industry, transformation is guided by
the Department of Trade and Industry’s (DTI) Codes of
Good Practice as well as the Property Sector Transformation
Charter (Property Charter), which promotes broad-based
black economic empowerment (B-BBEE) and brings about meaningful
changes in ownership, control, skills development, employment
equity, procurement, enterprise development and corporate
social investment.
To demonstrate the company’s commitment to increasing
its BEE ownership, Redefine concluded a BEE transaction
in October 2007 which resulted in just under 10% of the
issued units in Redefine being issued to BEE parties.
This investment has subsequently been diluted to 2,97%
due to the significant increase in the number of Redefine
linked units in issue.
The BEE parties comprise strategic economic partners,
which have synergies with Redefine as they are active
in the property sector, and B-BBEE partners involved in
community development and upliftment of previously disadvantaged
South Africans.
The BEE participants are entitled to all voting rights,
but are not entitled to dispose of the BEE units for a
period of seven years from issue.
As a listed company, the owners of the company are the
registered unitholders on the company’s share register.
Redefine recently commissioned a report by Vaco Stakeholder
Intelligence, which reflected an effective B-BBEE ownership
percentage of 13,86%, summarised as follows:
| |
Shareholder
base |
Issued share
capital |
% |
| As at 27 August 2010 |
20 903 |
2 690 172 102 |
100 |
| |
Number of
|
|
|
| BEE shareholders |
shareholdings |
Number of
shares |
% |
| Black empowerment |
5 |
170 780 156 |
6,35 |
| |
Clearwater Property Holdings |
3 |
82 984 125 |
3,08 |
| |
ApexHi BEE Trust |
1 |
7 796 031 |
0,29 |
| |
Cape Gannet Properties |
1 |
80 000 000 |
2,97 |
| |
|
BEE beneficiaries |
|
|
|
| |
|
Clearwater Capital |
|
8 000 000 |
|
| |
|
Ngatana Property Investments |
|
20 000 000 |
|
| |
|
Mtshobela Capital Holdings |
|
8 000 000 |
|
| |
|
Vunani Group |
|
8 000 000 |
|
| |
|
Loato Properties |
|
4 000 000 |
|
| |
|
B-BBEE
beneficiaries |
|
|
|
| |
|
Phutanang Youth Trust |
|
8 000 000 |
|
| |
|
The African Lotus Education and Development Trust |
|
8 000 000 |
|
| |
|
MaAfrika Tikkun |
|
8 000 000 |
|
| |
|
Basadi Bapono |
|
8 000 000 |
|
| |
|
|
|
|
|
| |
|
|
|
|
|
| Black investment companies |
15 |
8 201 475 |
0,30 |
| Black insurance companies |
29 |
41 639 115 |
1,55 |
| Black investment
banks |
4 |
2 265
423 |
0,08 |
| Total
|
53 |
222
886 170 |
8,29 |
| Total issued share capital |
|
2 690 172 102 |
|
| Excluded mandated
investments* |
|
1 076 068 841 |
|
| Treasury shares |
|
5 866 500 |
|
| Adjusted
issued share capital* |
|
1
608 236 761 |
|
| Effective
B-BBEE shareholding in Redefine |
|
|
13,86 |
| * |
As per the Codes of Good Practice with regard
to ownership,
certain shareholder types can be excluded from the
calculations.
Mandated investments account for 1 622 204 963 units.
The maximum
percentage of the ownership that may be excluded is
40%. As a result, 1
076 068 841 shares were excluded from the issued share
capital to
establish the ? nal unitholding. |
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