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Notification in terms of section 45(5) of the Companies Act 71 of 2008

VUKILE PROPERTY FUND LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 2002/027194/06)
Company code: VKEI
(Granted REIT status with the JSE)
("Vukile")


NOTIFICATION IN TERMS OF SECTION 45(5) OF THE COMPANIES ACT 71 OF 2008


Notice is hereby given that, in terms of the provisions of section 45(5)(a) of the Companies Act 71 of 2008
(the "Companies Act"), and pursuant to the special resolution passed at the annual general meeting of Vukile
held on 1 September 2022, authorising the board of directors of the company (the "board") to provide direct
or indirect financial assistance to any related or inter-related company, the board has adopted a resolution on
27 May 2024, in terms of section 45(3)(b) of the Companies Act, which resolution authorises Vukile to provide
financial assistance to Castellana Properties SOCIMI ("Castellana"), a subsidiary of Vukile, through a
shareholder loan amounting to EUR60 million.

The shareholder loan will assist Castellana with the partial repayment of existing debt with Aareal Bank AG,
and comprise the following salient terms:

-      EUR60 million bearing interest at a rate of 5.75% per annum. The shareholder loan is expected to be
       converted to equity by no later than 31 July 2024.

As previously communicated to shareholders, the terms regarding the refinancing of Castellana's Aareal loan
have been finalised, and the debt refinance is expected to be implemented by Q3 2024 (more than 12 months
prior to maturity). Since the shareholder loan will be used to repay existing debt, it will not impact group LTV
and is rather an approach to best optimise funding and overall group bank exposure.

The shareholder loan to Castellana as described above constitutes financial assistance in terms of section 45(1)
of the Companies Act, the total value of which exceeds one tenth of one per cent of Vukile's net worth at the
time of the adoption of the board resolution.

In accordance with section 45 of the Companies Act, the board is satisfied and acknowledges that:

(i)    immediately after providing such financial assistance, Vukile would have satisfied the solvency and
       liquidity test as provided for in section 4 of the Companies Act; and
(ii)   the terms under which such financial assistance has been given are fair and reasonable to Vukile.

7 June 2024


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

Date: 07-06-2024 02:10:00
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The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
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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.

Namibian Stock Exchange Contacts

Tiaan Bazuin – Chief Executive Officer
Alexandrea Ullrich – Chief Financial Officer
Johene Saal – Chief Information Officer
Namene Shejavali-Lungu – Chief Regulatory Officer
 
Namibian Stock Exchange
4 Robert Mugabe Avenue
Entrance from Dr. Theo-Ben Gurirab Street
P.O.Box 2401
Windhoek
Namibia
Tel: +264 61 227 647
Fax: +264 61 248 531
E-mail: info@nsx.com.na

Transfer Secretaries Contacts

Alexandrea Ullrich – Manager
Adelheid Scholtz – Senior Administrator
Carol-Ann Meintjies – Administrator
Annetjie Diergaardt – Administrator
 
Transfer Secretaries
4 Robert Mugabe Avenue
Entrance from Dr. Theo-Ben Gurirab Street
P.O.Box 2401
Windhoek
Namibia
Tel: +264 61 227 647
Fax: +264 61 248 531
E-mail: ts@nsx.com.na
© 2024 Namibian Stock Exchange
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