Vukile Property Fund Limited - Vukile re-rating enhances its MICC offer
Vukile Property Fund Limited
(Incorporated in the Republic of South Africa)
(Registration number 2002/027194/06)
JSE code: VKE
ISIN: ZAE000056370
For further information call Gerhard van Zyl on 011 288 1002
VUKILE RE-RATING ENHANCES ITS MICC OFFER
Johannesburg, 14 December 2004 - Following the recent publication of its maiden
interim results, the upward re-rating of property loan stock company Vukile`s
units has had a positive impact on its offer for MICC.
The latest Vukile unit price (close of business on 13 December 2004) of 596
cents values its offer at 751 cents (cum div) or an anticipated ex div offer
price of 713 cents. This is better than rival bidder ApexHi`s share offer value
of 707 cents or their cash/share offer of 674 cents.
In addition, the 624 cents (per MICC linked unit) net asset value that will be
attributed MICC unitholders who accept the Vukile share offer is 43,8% better
than the net asset value of ApexHi`s share offer (434 cents) and 16,3% better
than Apex Hi`s share/cash offer (537 cents).
`Considering that ApexHi is currently trading at a premium of some 63% to its
net asset value while Vukile is at a premium of only 22% to its own net asset
value, we think it is clear that Vukile offers MICC unitholders much greater
scope for capital appreciation,` Vukile chief executive Gerhard van Zyl said.
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
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