Notice in terms of section 45 (5) (a) of the Companies Act, 71 of 2008 (the'Act') for the granting of financial assistance
Notice is hereby given in terms of section 45 (5) (a) of the Act that the Board of directors (the “Board”) of the company at a meeting held on 28 May 2013, authorised the company to provide financial assistance to its subsidiary companies in terms of section 45 of the Act, pursuant to
The Board before authorising the company to provide the financial assistance considered and satisfied itself, in terms of section 45 of the Act, that:
- immediately after providing the financial assistance, the company would satisfy the solvency and liquidity test as contemplated in section 4 of the Act;
- there has been due compliance with the requirements of the company’s constitutional documents and with the Act; and
- the terms of the financial assistance are fair and reasonable to the company.
The approved financial assistance include guarantees on behalf of group companies and general facilities and loans to group companies totalling up to R1 095 million. The primary source of the approved financial assistance is the cash proceeds of approximately R1 billion raised by the company in November 2010 during the Initial Public Offering.
The approved financial assistance will continue to be provided to group companies to facilitate contributions mainly toward capital expenditure at the company’s Styldrift Project in Rustenburg.
Macquarie First South Capital (Pty) Limited
For further enquiries, please contact:
Tel: +27 (0)10 590 4519
authority granted to the Board by shareholders at the annual general meeting of the company, held on 3 April 2012.