JSE Limited SENS announcements

Notice of provision of direct or indirect financial assistance in terms of section 45 of the Companies Act

07 August 2017

Pursuant to the notice released on SENS dated 15 March 2017 relating to the provision of direct or indirect financial assistance in terms of Section 45 of the Companies Act, shareholders are advised that Mpact has re-financed R950m of its existing debt, which was due to mature on 22 December 2017, for another 4 years commencing on 1 December 2017.

The Board of Directors (“the Board”) of the Company adopted a resolution on 4 August 2017, authorising the Company to provide direct or indirect financial assistance pursuant to the Suretyship and as envisaged in section 45 of the Act and in terms of the requisite authority obtained at the 2017 AGM.

The Board has confirmed that, after considering the reasonably foreseeable financial circumstances of the Company, it is satisfied that, immediately after providing such financial assistance, the Company would satisfy the solvency and liquidity test, as contemplated in terms of section 4 of the Act and that the terms under which such financial assistance was given were fair and reasonable to the Company. Shareholders are advised that the guarantees provided for the subsidiaries in terms of the Suretyship exceed one tenth of 1% of the Company’s net worth as at the approval date of the provision of the guarantee.

Melrose Arch
7 August 2017

RAND MERCHANT BANK (A division of FirstRand Bank Limited)