| Thu 26 Nov 2009, 7:05 | | VKN - Vukile Property Fund Limited - Circular relating to the Business |
|
VKE
VKE
VKN - Vukile Property Fund Limited - Circular relating to the Business
Acquisition posted
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")
Circular relating to the Business Acquisition posted
Notice of general meeting
Vukile unitholders are referred to the announcements, dated 11 June 2009 and 29
October 2009, in which they were advised that Vukile, Sanlam Properties (Pty)
Limited ("Sanlam Properties"), Sanlam Limited and Sanlam Life Insurance Limited
("Sanlam Life") had signed agreements relating to, inter alia:
- the proposed acquisition by Vukile of the property asset management
business of Sanlam Properties directly related to the property asset
management of the Sanlam Life property portfolio, constituted by the IT
infrastructure and software, furniture and equipment and the take-on of
those employees directly related to said asset management function of the
Sanlam Life property portfolio, from Sanlam Properties as a going concern
("the Business Acquisition");
- a call option to be granted by Sanlam Life to Vukile to acquire certain
properties valued at approximately ZAR500 million from Sanlam Life; and
- a right of first refusal to be granted by Sanlam Life to Vukile in respect
of the majority of the remainder of Sanlam Life`s property portfolio,
collectively, "the Transaction".
The circular setting out the details of the Transaction, and incorporating a
notice of general meeting whereby approval from the requisite majority of Vukile
unitholders to the resolutions required to implement the Transaction will be
sought, has been posted to Vukile unitholders today and is available on Vukile`s
website (www.vukileprops.co.za). The general meeting to approve the Transaction
will be held at Vukile`s registered office (2nd Floor, Meersig Building 1,
Constantia Boulevard, Constantia Kloof, Gauteng, 1709) on Friday, 18 December
2009, at 10:00.
Roodepoort
26 November 2009
Investment bank, corporate adviser and transaction sponsor
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: 26/11/2009 07:05:13 Produced by the JSE SENS Department.
The SENS service is an information dissemination service administered by the
JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or
implicitly, represent, warrant or in any way guarantee the truth, accuracy or
completeness of the information published on SENS. The JSE, their officers,
employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature,
howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
