CURRO HOLDINGS LIMITED - Voluntary announcement and notice: Curro Meridian Schools venture increased funding for expansion

Voluntary announcement and notice: Curro Meridian Schools venture increased funding for expansion

Curro Holdings Limited
Incorporated in the Republic of South Africa
(Registration number: 1998/025801/06)
JSE Share Code: COH
ISIN: ZAE000156253
(“Curro” or “the Company”)

VOLUNTARY ANNOUNCEMENT AND NOTICE: CURRO MERIDIAN SCHOOLS VENTURE
INCREASED FUNDING FOR EXPANSION

As previously announced, Curro concluded a joint venture in 2012 with the
Schools and Education Investment Impact Fund of South Africa (Seiifsa) and
Old Mutual Investment Group of South Africa, the initial capital
investment by investors of the venture being R440 million, with Curro’s
portion being R44 million.

Through this joint venture additional funding of about R188 million is
being provided for further expansions at the Meridian schools, the
properties which are owned by Campus and Property Management Company (Pty)
Ltd (CAPMAC), a subsidiary of Curro. Curro’s portion of the additional
funding in terms of the joint venture is R18.4 million.

The following disclosure constitutes the obligatory notification to
shareholders in terms of the Companies Act, 71 of 2008, as amended which
requires that the Company inform shareholders when financial assistance is
granted to a related or inter-related entity to the Company:

Furthermore notice is hereby given in terms of section 45(5)(a) of the
Companies Act, 71 of 2008, as amended (“the Companies Act”), that the
board of directors of Curro (“the Board”), at a meeting held on 26 May
2014, authorised the Company to provide financial assistance (the afore-
mentioned funding) to CAPMAC, amounting to R18.4 million pursuant to the
authority granted to the Board by shareholders at the annual general
meeting of the Company, held on 20 June 2013, to allow for the aforesaid
construction of schools or additions thereto.

The Board prior to authorising the aforementioned financial assistance
considered and satisfied itself, in terms of section 45 of the Companies
Act, that:

1.      immediately after providing the financial assistance, the Company
        would satisfy the solvency and liquidity test as contemplated in
        section 4 of the Companies Act;

2.      there has been due compliance with the Company’s memorandum of
        incorporation and with the Companies Act; and

3.      the terms of the financial assistance are fair and reasonable in
        relation to the Company.

     By order of the Board

Durbanville
3 June 2014
Sponsor
PSG Capital

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