VKE - Vukile Property Fund Limited - Update regarding the call option granted by
VKE
VKE
VKE - Vukile Property Fund Limited - Update regarding the call option granted by
Sanlam Life Insurance Limited ("Sanlam Life") to Vukile
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")
UPDATE REGARDING THE CALL OPTION GRANTED BY SANLAM LIFE INSURANCE LIMITED
("SANLAM LIFE") TO VUKILE
Vukile linked unitholders are referred to the circular dated 26 November 2009 in
which details of the call option ("the Call Option") agreement entered into
between Sanlam Life and Vukile ("the Agreement") to acquire certain properties
valued at approximately R500 million were provided.
As referred to in the commentary to the interim results published on 22 November
2010, the Call Option expires on 31 December 2010. Accordingly, in terms of the
provisions of the Agreement, Vukile has exercised the option by delivering a
written notice ("the First Option Exercise Notice") to Sanlam Life today,
specifying that Vukile is interested in acquiring the properties which are the
subject of the Agreement ("the Option Assets").
Further to the First Option Exercise Notice, Sanlam Life is to provide Vukile
with a value for the Option Assets based on their internal valuation
methodologies and the value provided by an independent valuer ("the Valuation"),
which Valuation will be the proposed purchase consideration for the Option
Assets. Upon receipt and assessment of the Valuation, Vukile may, at its sole
discretion, elect to continue with the exercise of the Call Option by delivering
a second option exercise notice to Sanlam Life, at which stage Vukile will be
entitled to acquire the Option Assets.
Linked unitholders will be informed of further developments pertaining to the
Call Option in due course.
Johannesburg
31 December 2010
JSE sponsor: Barnard Jacobs Mellet Corporate Finance (Proprietary) Limited
NSX sponsor: IJG Securities (Proprietary) Limited
Date: 31/12/2010 09:00:06 Produced by the JSE SENS Department.
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