Vukile Bid Clears Competition Hurdle
Vukile Property Fund Limited
(Incorporated in the Republic of South Africa)
Registration number 2002/027194/06
JSE code: VKE ISIN: ZAE000056370
(`Vukile`)
VUKILE BID CLEARS COMPETITION HURDLE
Johannesburg, 22 November 2004 - Listed property fund Vukile announced today
that it had obtained unconditional approval from the Competition Tribunal for
its offer to acquire the entire issued capital of MICC.
This was one of the conditions precedent for Vukile`s offer to acquire all the
linked units in MICC for a consideration of 126 new Vukile linked units for
every 100 MICC linked units. The remaining conditions are the approvals
required from the JSE Securities Exchange, the Securities Regulation Panel and
Vukile`s unitholders.
Vukile chief executive Gerhard van Zyl said the go-ahead from the Competition
Tribunal brought the deal designed to create a major new property company one
step closer.
`If the offer succeeds, the proposed merger between Vukile and MICC will produce
a business with assets of more than R2.7 billion and a market capitalisation of
R1.4 billion, which will be able to compete effectively for quality assets and
attract a broad spread of institutional investors. There are also significant
synergistic and cost saving benefits inherent in the transaction,` van Zyl said.
For further information call
Gerhard van Zyl on 011-288-1000
Issued by du Plessis Associates on behalf of Vukile Property Fund Limited.
dPA contact Kathy du Plessis Tel : +27 11 728 4701, Fax: +27 11 728 2547,
Mobile: 083 266 5847 or e-mail: vukile@dpapr.com
Date: 22/11/2004 08:01:04 AM
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