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VUKILE PROPERTY FUND LIMITED - Vukiles acquisition of the Synergy management company and Synergy board changes

Release Date: 05/05/2015 17:15
Code(s): VKE SGA SGB     PDF:  
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Vukile’s acquisition of the Synergy management company and Synergy board changes

VUKILE PROPERTY FUND LIMITED                                SYNERGY INCOME FUND LIMITED
(Incorporated in the Republic of South Africa)              (Incorporated in the Republic of South Africa)
(Registration number 2002/027194/06)                        (Registration number 2007/032604/06)
ISIN: ZAE000056370                                          JSE share code: SGA ISIN: ZAE000161550
JSE share code: VKE NSX share code: VKN                     JSE share code: SGB ISIN: ZAE000162293
(“Vukile”)                                                  (“Synergy”)


VUKILE’S ACQUISITION OF THE SYNERGY MANAGEMENT COMPANY AND SYNERGY BOARD CHANGES


Further to the joint announcement issued on 10 March 2015, security holders of both Vukile and Synergy are informed
that all conditions to the agreement between Vukile and the shareholders of Capital Land Asset Management
Proprietary Limited, being the asset and property manager of Synergy (the “Synergy Manco”) have been fulfilled.
Vukile has accordingly completed its acquisition, with effect from 1 May 2015, of 100% of the equity in the Synergy
Manco (the “Manco acquisition”). The existing management arrangements between Synergy and the Synergy Manco
will not be affected by the Manco acquisition and the Synergy Manco will continue to render its asset and property
management services to Synergy in terms of the existing management agreement.

Pursuant to the Manco acquisition becoming unconditional:

-      William Brooks, Synergy’s CEO, has resigned as a director of Synergy with effect from 1 May 2015;
-      Sedise Moseneke, an executive director of Vukile, has been appointed as interim CEO of Synergy; and
-      Anton Raubenheimer, Synergy’s FD, will resign as a director of Synergy on finalisation of Synergy’s financial
       statements for the period ending 31 March 2015.

A further announcement will be made on finalisation of the permanent CEO and replacement FD appointments.


5 May 2015


JSE sponsor and corporate adviser to Vukile and Synergy                         NSX sponsor to Vukile
Java Capital                                                                    IJG Securities (Pty) Ltd

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