| Tue 19 Apr 2011, 13:37 | | VKE - Vukile Property Fund Limited - Further update regarding the call option |
|
VKE
VKE
VKE - Vukile Property Fund Limited - Further 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")
FURTHER UPDATE REGARDING THE CALL OPTION GRANTED BY SANLAM LIFE INSURANCE
LIMITED ("SANLAM LIFE") TO VUKILE
1 Background
Vukile linked unitholders ("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.
The Company informed linked unitholders in an update announcement dated 31
December 2010, that in terms of the provisions of the Agreement, Vukile had
exercised the option by delivering a written notice ("the First Notice") to
Sanlam Life on 31 December 2010, specifying that Vukile was interested in
acquiring the properties which are the subject of the Agreement ("the Option
Assets").
Further to the First Notice, Sanlam Life was 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 would be
the proposed purchase consideration for the Option Assets. Upon receipt and
assessment of the Valuation, Vukile would, at its sole discretion, be entitled
to elect to continue with the exercise of the Call Option by delivering a second
option exercise notice to Sanlam Life, at which stage Vukile would be entitled
to acquire the Option Assets.
2 Lapsing of the Call Option
Linked Unitholders are advised that Vukile has, in terms of the provisions of
the Agreement, received and assessed the Valuation and has, based on the value
ascribed to the Option Assets, elected not to continue with the exercise of the
Call Option. Consequently, the Call Option has lapsed and is no longer of any
force or effect and Vukile will not acquire the Option Assets.
Johannesburg
19 April 2011
JSE sponsor: One Capital
NSX sponsor: IJG Securities (Proprietary) Limited
Date: 19/04/2011 13:37:11 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.
