Vukile re-rating enhances its MICC offer

Posted On Wednesday, 15 December 2004 02:00 Published by eProp Commercial Property News
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Following the recent publication of its maiden interim results, the upward re-rating of  property loan stock company Vukile's (VKE) units has had a positive impact on its offer for MICC, the company said.

Gerhard van ZylThe latest Vukile unit price (close of business on 13 December 2004) of 596 cents values its offer at 751 cents (cum div) or an anticipated ex div offer price of 713 cents.

This is better than rival bidder ApexHi's share offer value of 707 cents or their cash/share offer of 674 cents.

In addition, the 624 cents (per MICC linked unit) net asset value that will be attributed MICC unit-holders who accept the Vukile share offer is 43,8% better than the net asset value of ApexHi's share offer (434 cents) and 16,3% better than Apex Hi's share/cash offer (537 cents).

"Considering that ApexHi is currently trading at a premium of some 63% to its net asset value while Vukile is at a premium of only 22% to its own net asset value, we think it is clear that Vukile offers MICC unit-holders much greater scope for capital appreciation," Vukile chief executive Gerhard van Zyl said.


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