TUHF LIMITED - Update Regarding Availability of Annual Financial Statements for the Year ended 31 March 2020 and Financial Covenant

Update Regarding Availability of Annual Financial Statements for the Year ended 31 March 2020 and Financial Covenant

TUHF Limited
Incorporated in the Republic of South Africa
(Registration number 2007/025898/06)
Stock Code: TUHF02
ISIN Code: ZAG000165689
(“TUHF” or “the Issuer”)


UPDATE REGARDING AVAILABILITY OF ANNUAL FINANCIAL STATEMENTS FOR THE YEAR
ENDED 31 MARCH 2020 AND FINANCIAL COVENANTS NOTIFICATION


Further to the “Availability of Annual Financial Statements for the year ended 31 March 2020”
announcement released on SENS on 30 September 2020, in accordance with paragraph 6.17(b) of the
JSE Debt Listings Requirements noteholders are advised that, in respect of the audited financial
statements of TUHF for the year ended 31 March 2020 (“AFS”), the unqualified audit report of
PricewaterhouseCoopers Inc. (“PWC”), the Issuer’s registered auditors, contains a ‘material uncertainty
relating to going concern’ paragraph. However, PWC’s opinion is not modified in respect of this matter.
The audit report is available for inspection at the registered office of the Issuer and on the Issuer’s
website, http://www.tuhf.co.za/investor-relations/#annual-financial-statements.

In addition, Noteholders are hereby advised that, for the quarterly period ended 30 March 2020
(“Quarter”), the financial covenant requirements applicable to the TUHF02 Notes, as set out in Annexure
"A" of the Applicable Pricing Supplement relating to the TUHF02 Notes, have been calculated and meet
the required levels pertaining to the Security Pool Financial Covenants and the TUHF Group Financial
Covenants, save for:

    - the total loans in arrears as a percentage of the loan book covenant level of 10% (“Loans in
      arrears Covenant”) in respect of the TUHF Group Financial Covenants only,

as set out in the ‘Borrowing powers’ paragraph of the Directors’ Report contained in TUHF’s AFS.

At the end of the Quarter, the actual Loans in arrears Covenant was 10.97%, breaching the covenant
level by 0.97%.

Noteholders are further advised that TUHF has received condonation from the relevant funders
regarding the aforementioned covenant breach following year end.


Johannesburg
30 October 2020


Debt Sponsor
Merchantec Capital

Date: 30-10-2020 05:20:00
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