Change In Function Of Directors
Vividend Income Fund Limited
Incorporated in the Republic of South Africa
(Registration Number 2010/003232/06)
JSE Alpha Code: VIF
(Approved as a REIT by the JSE)
(“Vividend” or “the Company”)
CHANGE IN FUNCTION OF DIRECTORS
In accordance with paragraph 3.59(c) of the Listings Requirements
of the JSE Limited, the Board hereby notifies Vividend linked
unitholders (“Vividend Linked Unitholders”) of the following
changes to the functions of directors serving on the Board, with
effect from 1 June 2014:
• Mr Ari Jacobson’s directorate designation will change from
chief executive officer of the Company to non-executive
• Mr Robert Amoils’s directorate designation will change from
financial director of the Company to non-executive director.
As a result of the acquisition by Arrowhead Properties Limited
(“Arrowhead”) of the Vividend Management Group Proprietary Limited
(“Vividend Manco”), as announced on SENS on 24 February 2014, the
functions of the chief executive officer and financial director of
Vividend have become limited and of a regulatory nature, as same
are fulfilled by the Vividend Manco.
Vividend Linked Unitholders are referred to the joint announcement
by Vividend and Arrowhead on 1 April 2014 on SENS (“the
Announcement”) regarding the firm intention of Arrowhead to make
an offer to acquire all the issued linked units in Vividend, not
already held by Arrowhead:
• by means of one or more indivisibly linked schemes of
arrangement (the “Schemes”) in terms of section 114 of the
Companies Act 71 of 2008, as amended, (the "Companies Act");
• if certain of the conditions to which the Schemes are subject
are not fulfilled, or where applicable waived, as described
more fully in the Announcement, by means of a voluntary
general offer extended to all Vividend Linked Unitholders
(the "General Offer").
The circular in respect of the Schemes and the General Offer were
dispatched today, Monday, 2 June 2014, and include a resolution
for the delisting of Vividend in the event that the Schemes are
not implemented (“Delisting Resolution”).
Accordingly, in the event that the Schemes or the Delisting
Resolution is approved by Vividend Linked Unitholders, Vividend
will be delisted from the JSE. In the event that the Schemes or
the Delisting Resolution are not passed by Vividend Linked
Unitholders, then the Board will immediately begin a process to
appoint a new chief executive officer and financial director. It
is not anticipated that the chief executive officer or financial
director will have any regulatory functions to fulfil prior to the
date of the general meeting to vote on the Schemes or the
Delisting Resolution, which will be on Wednesday, 2 July 2014.
3 June 2014
Date: 03/06/2014 09:36:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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