VKE - Vukile - Acquisition of Grade A Office Compl
VKE
VKE
VKE - Vukile - Acquisition of Grade "A" Office Complex
Vukile Property Fund Limited
(Incorporated in the Republic of South Africa)
Registration number 2002/027194/06
JSE code: VKE & ISIN: ZAE000056370
("Vukile")
ACQUISITION OF GRADE "A" OFFICE COMPLEX
Introduction
Unitholders were advised in an announcement dated 3 April 2007 that Vukile has
entered into an agreement for the acquisition of a 4 369 m2 "A" grade office
complex located on Erf 2446 (West Street) in Houghton ("the acquisition") from
African Life Assurance Company Limited ("the seller"), a subsidiary of Sanlam
Limited.
Small related party transaction
As the seller forms part of the group which holds more than 10% of the issued
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") was appointed as the independent professional expert
and in its opinion the terms and conditions of the acquisition are fair and
reasonable to unitholders. Copies of Bridge Capital`s opinion will lie open for
inspection at the company`s registered office for a period of 28 days from the
date of this announcement.
Johannesburg
25 April 2007
Sponsor and independent professional expert:
Bridge Capital Advisors (Pty) Limited
Date: 25/04/2007 15:34:01 Produced by the JSE SENS Department.
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