VUKILE PROPERTY FUND LIMITED - Increase in issued share capital

Increase in issued share capital

VUKILE PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2002/027194/06)
JSE share code: VKE NSX share code: VKN
ISIN: ZAE000180865
(Granted REIT status with the JSE)
(“Vukile” or “the company”)


INCREASE IN ISSUED SHARE CAPITAL


Shareholders are referred to the announcements issued by the company on 18 July 2017 relating to a Vukile
equity capital raise effected in terms of an accelerated bookbuild process of which, in terms of the contractual
arrangements governing the Encha equity platform as detailed in the 5 June 2013 circular (the “Encha equity
platform”), R250 million in value of Vukile shares was to be placed with Encha Properties Equity Investments
(RF) (Pty) Ltd (“Encha SPV”)

Prior to the launch of the bookbuild confirmation was received from Encha SPV of its ability to subscribe for
R250 million of Vukile shares at the pricing determined in terms of the agreement regulating the Encha equity
platform. In light of strong demand, the amount of capital raised was increased from R500 million to
R900 million of which R578.75 million was raised pursuant to the accelerated bookbuild process at R18.80
per share, R71.25 million was raised by way of placement with management at R18.80 per share and
R250 million was allocated for placement with the Encha SPV at R18.53 per share in terms of the Encha
equity funding platform arrangements.

The company was notified yesterday afternoon that Encha SPV, due to circumstances beyond its control and
not envisaged at the time of the bookbuild, was not in a position to proceed with the subscription for the shares
allocated to Encha SPV under the Encha equity platform. In consequence the company has withdrawn the
listing application in respect of the 13 491 635 shares (which were to be issued at R18.53 per share) allocated
to Encha SPV. The share capital of the company will accordingly be increased by 34 574 468 shares (issued
at R18.80 per share) and not the 48 066 103 shares referred to in the Results of Accelerated Bookbuild
announcement issued on Tuesday, 18 July 2017.

27 July 2017


JSE sponsor                                         NSX sponsor
Java Capital                                        IJG Securities (Pty) Ltd

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