REDINK RENTAL (RF) LIMITED - Publication of Investor Update - RED162

Publication of Investor Update - RED162

REDINK RENTALS (RF) LIMITED
Publication of Investor Update
(Incorporated in South Africa with limited liability under registration number
2015/090404/06)

(“Redink Rentals” or “Issuer”)

Date: 23 November 2022

RED162 - ZAG000182023

Transaction No.16 – Tower Investments (Smart Tread Financing Agreement): Update
on Borrower Default


Following the SENS announcement of 10 November 2022, to which Redink Rentals
provided a further update to noteholders on the occurrence of a Borrower Default
(as defined) in relation to Transaction No.16 – Tower Investments (Smart Tread
Financing Agreement), by way of making available an Investor Report Update on
the Issuer’s website, holders are herewith advised that the Borrower (being Smart
Tread Trading (Pty) Ltd, a 100% subsidiary of Enhanced Trade Services (Pty) Ltd)
has made available its 31 October 2022 management accounts (which are unaudited,
unreviewed and not prepared in accordance with IFRS) on the Issuer’s website.


The above information, latest reports and investor information in relation to
this transaction is available at the following link:


http://www.redinkrentals.co.za/wp-content/uploads/16.-RED16-20221031-STT-Manaccs.pdf

and

https://www.redinkrentals.co.za/reports


Noteholders attention is drawn to the following events as previously reported
on:
   •   Following the lodgement a claim under the Guarantee that was acknowledged
       by the Guarantor, Lombard Insurance Company Limited (“Lombard”), on the 2
       September 2022, the Issuer received from Lombard a Notice of Repudiation
       for Payment under the Guarantee whilst the Issuer was waiting for the
       expiration of the stipulated period of 90 days as provided for in the
       Guarantee, after which the Issuer would have been in a position to call
       for performance under the Guarantee in terms of which Lombard is required
       to make on the receipt of the claim.
   •   To date, the Borrower has yet to submit its Annual Financial Statement by
       the then deadline of the 30th September 2022, as required in terms of the
       Credit Agreement.


Accordingly, noteholders and potential investors are advised to exercise caution
when dealing in the RED162 Notes issued under Transaction No. 16.
A further update will be made following developments and as circumstances demand.


Capitalised terms and expressions used in this notice and not otherwise defined
herein, shall have the meanings ascribed to such terms and expressions in the
programme memorandum issued by the Issuer in relation to the Programme dated 29
May 2015 (the “Programme Memorandum”), and the Applicable Pricing Supplement in
relation to Transaction No. 16 – Tower Investments (Smart Tread Financing
Agreement).


Further information on the Programme please contact:




Redinc Capital
Charlize Wiederkehr
Tel: +27 10 822 7993
Email: charlize@red-inc.co.za




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Date: 23-11-2022 12:37:00
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