| Wed 23 Nov 2011, 9:20 | | VIF - Vividend Income Fund Limited - Update regarding The Vusani Acquisition |
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VIF
VIF
VIF - Vividend Income Fund Limited - Update regarding The Vusani Acquisition
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")
UPDATE REGARDING THE VUSANI ACQUISITION
Linked unitholders are referred to the cautionary announcement, relating to the
Vusani Acquisition, dated 10 October 2011 and renewed on 21 November 2011. In
terms of the applicable condition precedent, the Company is required to raise
the appropriate irrevocable undertakings to subscribe for additional equity from
new and/or existing linked unitholders by 28 February 2012 ("the Capital
Raising").
Linked unitholders are hereby informed that it is the intention of the Company
to raise approximately R575 million from new and existing linked unitholders at
a price of R4.80 per linked unit by way of a specific issue of linked units for
cash, a rights offer or a combination of both. Full details of the Capital
Raising will be announced by the Company in due course.
In addition, linked unitholders are hereby advised that Vividend Management
Group (Proprietary) Limited, the asset management company of Vividend ("Asset
Manager"), has agreed to waive all its right to, and entitlement to, the
performance fee, as detailed in Annexure 12 of the Prospectus issued on 1
November 2010, on condition that the Vusani Acquisition (and the associated
Capital Raising) is successfully concluded. The Company has duly accepted this
waiver by the asset management company. Therefore linked unitholders are advised
that, with effect from 1 September 2011 and on condition that the Vusani
Acquisition is successfully concluded, the only fee applicable to the Company in
terms of the asset management agreement with the Asset Manager, will be the
`basic quarterly management fee`, of one quarter of 0.5% of the sum of 1) the
average market capitalisation of the Company over the last 30 trading days of
the applicable quarter and 2) the aggregate borrowings of the Company on the
last day of such quarter.
23 November 2011
Cape Town
Sponsor
PSG Capital (Pty) Limited
Date: 23/11/2011 09:20:18 Produced by the JSE SENS Department.
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