| Mon 28 Sep 2009, 12:00 | | VKE - Vukile Property Fund Limited - Internalisation of the asset management |
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VKE
VKE
VKE - Vukile Property Fund Limited - Internalisation of the asset management
function
Vukile Property Fund Limited
(Incorporated in the Republic of South Africa)
(Registration number 2002/027194/06)
JSE code: VKE NSX code: VKN
ISIN: ZAE000056370
("Vukile")
Internalisation of the asset management function
and
Update on the proposed acquisition by Vukile of the property asset management
business of Sanlam Properties (Proprietary) Limited ("Sanlam Properties") as a
going concern, call option to acquire certain properties from Sanlam Life
Insurance Limited ("Sanlam Life") and right of first refusal in respect of the
remainder of Sanlam Life`s property portfolio ("the Transaction")
1 Internalisation of the asset management function
Vukile unitholders ("Unitholders") are referred to the announcement dated
11 June 2009 advising them of, inter alia, the board of directors` ("the
Board") decision to internalise the asset management function currently
performed by Sanlam Properties in respect of Vukile`s property portfolio.
Unitholders are reminded that, at the general meeting held on 27 March
2009, the extension of the asset management contract with Sanlam Properties
to 30 September 2009 was approved.
As a result of the Board`s aforementioned decision and the imminent expiry
of the asset management contract, Unitholders are advised that Vukile will,
from 1 October 2009, perform its asset management function in-house.
2 Update on the Transaction
Pursuant to the announcement dated 11 June 2009, containing details of the
Transaction, Unitholders are advised that the formal agreements to give
effect to the Transaction are in the process of being concluded, following
which a circular to Unitholders will be posted and a general meeting of
Unitholders will be convened to consider and approve the resolutions
required to give effect to the Transaction.
Roodepoort
28 September 2009
Investment bank, corporate adviser and transaction sponsor to Vukile
Nedbank Capital, a division of Nedbank Limited
Attorneys to Vukile
Webber Wentzel
JSE sponsor to Vukile
Barnard Jacobs Mellet Corporate Finance (Proprietary) Limited
NSX sponsor to Vukile
IJG Securities (Proprietary) Limited
Date: 28/09/2009 12:00:02 Produced by the JSE SENS Department.
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