| Thu 21 Apr 2011, 7:59 | | VIF - Vividend - Fulfilment Of Conditions Precedent On Property Acquisitions |
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VIF
VIF
VIF - Vividend - Fulfilment Of Conditions Precedent On Property Acquisitions
Vividend Income Fund Limited
Previously known as Business Venture Investments No 1381 (Proprietary) Limited
Incorporated in the Republic of South Africa
(Registration Number 2010/003232/06)
JSE Alpha Code: VIF
ISIN: ZAE000150918
("Vividend" or "the Company")
FULFILMENT OF CONDITIONS PRECEDENT ON PROPERTY ACQUISITIONS
1. THE CHURCH STREET (PIETERMARITZBURG) ACQUISITION
Linked unitholders of the Company are referred to the SENS announcement
issued by the Company on 31 March 2011, wherein linked unitholders were
advised that Vividend had entered into an agreement with R & A Admin CC to
acquire the property and letting enterprise, commonly known as "Edgars
Church Street" ("The Church Street (Pietermaritzburg) Property"), located
on portions 3 and 4 of Erf 2421 and portions 4, 5 and 6 of Erf 2422
Pietermaritzburg, KwaZulu-Natal ("The Church Street (Pietermaritzburg)
Acquisition"), for R38 400 000 (thirty eight million four hundred thousand
Rand).
Linked unitholders are hereby advised that the outstanding condition
precedent of The Church Street (Pietermaritzburg) Acquisition has been duly
fulfilled. Vividend will acquire ownership and possession of The Church
Street (Pietermaritzburg) Property with effect from the date of transfer
into the name of Vividend.
2. THE BEAUFORT WEST ACQUISITION
Linked unitholders of the Company are referred to the SENS announcement
issued by the Company on 31 March 2011 wherein linked unitholders were
advised that Vividend had entered into an agreement with Beaufort West
Shopping Centre (Proprietary) Limited to acquire the property and letting
enterprise, commonly known as the Beaufort West Shopping Centre ("the
Beaufort West Property"), situated on Erf 7401 Beaufort West in the
Province of Western Cape ("The Beaufort West Acquisition"), for R40 216 000
(forty million two hundred and sixteen thousand Rand).
Linked unitholders are hereby advised that the outstanding conditions
precedent of the Beaufort West Acquisition have been duly fulfilled.
Vividend will acquire ownership and possession of The Beaufort West
Property with effect from the date of transfer into the name of Vividend.
Linked unitholders are further advised that the Annualised Yield on the
Beaufort West Acquisition has been revised upward to 11.34% for the 4
months ending 31 August 2011 and 11.57% for the 12 months ending 31 August
2012 as a result of a downward adjustment of the purchase consideration, to
R39 000 000 (thirty nine million Rand), arising from further negotiation
with Beaufort West Shopping Centre (Proprietary) Limited
3. THE RYNFIELD ACQUISITION
Linked unitholders of the Company are referred to the SENS announcement
issued by the company on 23 February 2011 wherein linked unitholders were
advised that Vividend had entered into an agreement with Founders Seven
(Proprietary) Limited to acquire the property and letting enterprise,
commonly known as the Rynfield Shopping Centre" ("the Rynfield Property"),
situated at the junction of Pretoria Street and Rickard Street, Benoni,
Gauteng ("the Rynfield Acquisition"), for R31 500 000 (thirty one million
five hundred thousand Rand).
Linked unitholders are hereby advised that the outstanding conditions
precedent of the Rynfield Acquisition have been duly fulfilled. Vividend
will acquire ownership and possession of the Rynfield Property with effect
from the date of transfer into the name of Vividend.
Cape Town
21 April 2011
Sponsor
PSG Capital (Pty) Limited
Date: 21/04/2011 07:59:01 Produced by the JSE SENS Department.
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