Benefit now, pay later - Redefine has been praised for tagging a 15% discount on its recently announced R548m black economic empowerment (BEE) transaction

October 26, 2007
Listed property fund Redefine has been praised for tagging a 15% discount on its recently announced R548m black economic empowerment (BEE) transaction. The discount gives the impression of a cheap transaction - until one takes a closer look.
Preliminary details show extraordinary rights for financiers Rand Merchant Bank (RMB) and Standard Bank, and to Redefine itself. These include overhanging profit-sharing rights and a significant portion of the upside during and beyond the life of the transaction.

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