| Thu 27 Mar 2008, 16:30 | | VKE - Vukile Property Fund Limited - Announcement |
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VKE
VKE
VKE - Vukile Property Fund Limited - Announcement
Vukile Property Fund Limited
(Incorporated in the Republic of South Africa)
(Registration number 2002/027194/06)
JSE Share code: VKE & ISIN: ZAE000056370
NSX Share code: VKN
("Vukile" or "the company")
ANNOUNCEMENT
Unitholders of Vukile are referred to note 20 to the Annual Financial Statements
of Vukile for the year ended 31 March 2007 and in particular to the details of
the senior management cash settled long-term bonus scheme.
Senior management of Vukile has, from 1 July 2004, participated in a long-term
incentive bonus scheme which was based on the movement of the company`s linked
unit price.
Due to the accounting treatment of this scheme changes in the company`s linked
unit price influenced the quantum of this liability and therefore the
distribution to unitholders.
Accordingly, the board of directors of Vukile, in line with market trends,
decided to replace 60% of the above scheme with a new retention scheme with
effect from 1 July 2007 ("the retention scheme").
The retention scheme requires a third party to invest the cash value of the
replaced portion to acquire linked units in Vukile.
Only if a participant of the retention scheme is still an employee of Vukile by
June 2010, will the third party release the linked units acquired to such
participant, after deducting tax.
For accounting purposes, the above amount will be amortised in the income
statement equally over a thirty-six month period, commencing on 1 July 2007.
Unitholders are advised that, in terms of the retention scheme, R 13.45 million
has been paid to Sanlam Capital Markets (Pty) Limited (the third party) who
will utilize said amount to acquire Vukile linked units. On Wednesday, 26 March
2008, Sanlam Capital Markets acquired 340 000 Vukile units at R 9.8694 per
linked unit.
Johannesburg
27 March 2008
JSE Sponsor
BJM Corporate Finance (Pty) Limited
NSX Sponsor
IJG Securities (Pty) Limited
Date: 27/03/2008 16:30:01 Produced by the JSE SENS Department.
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