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VPF - Vunani Property Investment Fund Limited - Results of the private placement and fulfillment of conditions to listing Vunani Property Investment Fund Limited (Registration number: 2005/019302/06) (formerly Vunani Property Investment Fund (Proprietary) Limited) ISIN: ZAE000157459 JSE code: VPF ("VPIF" or "the Company" or "the fund") RESULTS OF THE PRIVATE PLACEMENT AND FULFILLMENT OF CONDITIONS TO LISTING Reference is made to the pre-listing statement issued by VPIF dated 5 July 2011 and the abridged pre-listing statement published on SENS on 18 July 2011, relating to the private placing, for acceptance only by eligible investors, by way of an offer to subscribe for a maximum of 66 334 357 new VPIF units and an offer for sale of 22 232 113 VPIF units. The private placement was well subscribed, resulting in the bookrunners placing 88 267 788 VPIF linked units at a placing price of 705 cents (R622 million). Of the linked units placed, 63 594 081 (R448 million) new units will be issued by the company with the balance being sold on behalf of Vunani Properties (Proprietary) Limited and Hyprop Limited. The conditions to which the listing was subject, namely: * VPIF obtaining a spread of unit holders acceptable to the JSE Limited ("JSE"); * the approval by Vunani Limited shareholders of the listing of VPIF; * the minimum subscription being received; and * the registration of transfer of the Athol Ridge property to VPIF; have been fulfilled. Accordingly, the listing of VPIF on the Main Board of the exchange operated by the JSE in the "Real Estate - Real Estate Holdings and Development" sector of the JSE List, in terms of the FTSE classification, will take effect from the commencement of trade on Thursday, 11 August 2011. Sandton 5 August 2011 Corporate Adviser, Joint Sponsor and Joint Bookrunner Vunani Corporate Finance (trading as a division of Vunani Capital (Proprietary) Limited) Investment Bank and Joint Bookrunner Investec Corporate Finance (trading as a division of Investec Bank Limited) Independent Lead Sponsor Grindrod Bank Limited Independent reporting accountants and auditors KPMG Incorporated Legal adviser Edward Nathan Sonnenbergs Incorporated Independent valuer Mills Fitchet Magnus Pennny (Proprietary) Limited Date: 05/08/2011 14:52:01 Supplied by www.sharenet.co.za Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited (`JSE`). The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on, information disseminated through SENS.
