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VKE
VKE
VKE - Vukile Property Fund Limited - Fulfilment of conditions precedent and
notice of early distribution
Vukile Property Fund Limited
(Incorporated in the Republic of South Africa)
(Registration number 2002/027194/06)
JSE share code: VKE ISIN: ZAE00056370 NSX share code: VKN
("Vukile" or "the company")
FULFILMENT OF CONDITIONS PRECEDENT AND NOTICE OF EARLY DISTRIBUTION
Holders of Vukile Linked Units ("linked unitholders") are referred to the
circular issued by Vukile on 31 January 2012 ("circular"), the posting of
circular announcement released on SENS the same day and the general meeting
results announcement released on SENS on 29 February 2012 relating to the
acquisition by Vukile of twenty properties from Sanlam Life Insurance
Limited ("Sanlam") (the "acquisition") and the issue and allotment of Vukile
linked units ("linked units") as part consideration for the acquisition in
terms of a vendor placement (the "vendor placement").
Linked unitholders are advised that the following conditions precedent
relating to the acquisition have now been fulfilled:
- the Competition Tribunal and the Minister of Trade and Industry
have granted approval for the acquisition; and
- the city council of Durban has consented in writing to the cession
and assignment of the lease agreements in respect of the Durban
Workshop property to Vukile.
Furthermore, as disclosed in the circular, an early distribution will be
declared during the month of March 2012 to existing linked unitholders for
the six months ended 31 March 2012 ("early distribution"). Linked
unitholders are advised that it is currently anticipated that the early
distribution will be paid during the month of April 2012, which is
approximately two months earlier than is normally the case. This will ensure
that existing linked unitholders participate in the company`s distribution
for the six months ending 31 March 2012 and that the new linked unitholders
will participate from the date of placement in the company`s distribution
for the six month period ending 30 September 2012.
Further announcements relating to the outstanding conditions precedent and
the final timing of the early distribution and placement of the linked units
will be made in due course.
Johannesburg
9 March 2012
Merchant bank and transaction sponsor
RAND MERCHANT BANK (A division of FirstRand Bank Limited)
Date: 09/03/2012 10:00:01 Produced by the JSE SENS Department.
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howsoever arising, from the use of SENS or the use of, or reliance on,
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