2 February 2006

Cliffe Dekker sole legal advisor in R439m Vukile BEEShareCo deal

Cliffe Dekker is proud to have been the sole legal advisor appointed to the funding and structuring of the Vukile BEEShareCo.

The R439m deal facilitated by the sale of 67,4-million Vukile linked units by Vukile majority unitholder, life assurer Sanlam, was announced at a press conference in Johannesburg on 31 January. The 25% BEE shareholding in a large listed property fund is an industry first and has resulted in Vukile immediately achieving the draft property sector empowerment charter’s target of 25% black ownership within five years.

According to Joz Coetzer, a director and head of the firm’s banking and finance department, Cliffe Dekker, acting for Sanlam Properties set up the company and drafted all the documentation, which included the shareholders agreements, share sale, funding and security documentation. “The combination of Cliffe Dekker's financing and corporate legal expertise simplified a transaction which could potentially have been very complex under circumstances where time was of the essence”, said Coetzer.

For further information, please contact Joz Coetzer.

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