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VKE
VKE
VKE - Vukile - Termination of the listing of MICC Property Income Fund
Limited ("Micc") acquisition of "A" Grade Office Complex
VUKILE PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2002/027194/06)
Share code: VKE & ISIN: ZAE000056370
("Vukile")
TERMINATION OF THE LISTING OF MICC PROPERTY INCOME FUND LIMITED ("MICC")
ACQUISITION OF "A" GRADE OFFICE COMPLEX
1. Termination of MICC`s listing
Linked unitholders are referred to the announcement dated 14 March 2007
notifying them that Vukile was proceeding with the compulsory acquisition
of all the remaining MICC linked units which it did not already hold. As a
result hereof, MICC`s listing on the JSE Limited and the Nambian Stock
Exchange has been terminated with effect from the commencement of business
on Tuesday, 3 April 2007.
2. Acquisition of "A" Grade Office Complex
Vukile has entered into an agreement ("the agreement") for the acquisition
of a 4 369mSquared "A" Grade office complex located on Erf 2446 (West
Street) in Houghton. ("the property") from African Life Assurance Company
Limited ("the seller"), a subsidiary of Sanlam Limited, details of which
are set out below ("the acquisition").
2.1 Terms of the acquisition
In terms of the agreement governing the acquisition, Vukile has agreed to
acquire the property from the seller for a total capital outlay of R33.9
million subject to the fulfilment of certain suspensive conditions set out
below. The purchase consideration is payable in cash by Vukile to the
seller when transfer of the property to Vukile is registered. The effective
date of the acquisition will be on the date of transfer.
The agreement is subject to the fulfilment of the following suspensive
conditions:
* Competitions Commission approval, to the extent necessary;
* the seller providing Certificates of Identification and Electrical
Compliance Certificates in respect of the property.
2.2 Rationale for the acquisition
Vukile`s investment objective is to acquire good quality properties that
meet its investment criteria, and the property fits these criteria. The
property is well located, fully let to excellent tenants and has longer
term upside potential. The acquisition yield is approximately 9.2%.
2.3 Small related party transaction
As the seller holds more than 10% of the issued share capital of Vukile,
the acquisition is classified as a related party transaction in terms of
the JSE Listings Requirements. Due to the size of the acquisition relative
to Vukile`s market capitalisation on the date the agreement was concluded,
the acquisition is classified as a small related party transaction in terms
of the JSE Listings Requirements.
Small related party transactions do not require unitholder approval,
provided that, inter alia, the company obtains an opinion from an
independent professional expert acceptable to the JSE that the acquisition
is fair and reasonable to unitholders. In this regard, Bridge Capital
Advisors (Pty) Limited ("Bridge Capital") has been appointed as the
independent professional expert and its opinion will be published in due
course.
Johannesburg
3 April 2007
Independent advisor and Sponsor to Vukile: Bridge Capital Advisors (Pty)
Limited
Date: 03/04/2007 14:57:33 Produced by the JSE SENS Department.
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