BSI Steel Limited - NOTICE OF ASSISTANCE IN TERMS OF SECTION 45 OF THE ACT

BSI Steel Limited
(Incorporated in the Republic of South Africa)
(Registration number 2001/023164/06)
Share code: BSS     ISIN: ZAE000125134
(a''BSIa'' or a''the Companya'')



NOTICE OF PROVISION OF DIRECT OR INDIRECT FINANCIAL

ASSISTANCE IN TERMS OF SECTION 45 OF THE COMPANIES ACT NO
71 OF 2008


Shareholders of BSI are referred to the special

resolution tabled and approved at the Annual General

Meeting held on 23 September 2011, authorising directors

in terms of Section 45 of the Companies Act, 2008 (Act 71

of 2008) (a''the Acta'') to provide direct or indirect

financial assistance to any company or corporation which

is related or inter-related to the Company. In terms of

Section 45 (2) of the Act, the Board has authorised the

Company to bind itself as a surety and co-principal

debtor, in the normal course of business, for the banking
facilities of:
Shearcut (Pty) Ltd: R23.0 million


Red Chip Investments (Pty) Ltd: R12.406 million


Brown Macfarlane Africa (Pty) Ltd): R20.0 million


BSI Specialized Steels (Pty) Ltd: R10.0 million


The Board has confirmed that, after considering the

reasonably foreseeable financial circumstances of the

Company, it is satisfied that, immediately after it

provided 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 surety extended for the banking facilities described

above exceeds 1/10th of 1% of the Companya''s net worth as

at the approval date of the provision of the surety.


Johannesburg
9 July 2012


Designated Advisor:
Sasfin Capital
(A division of Sasfin Bank Limited)

Date: 09/07/2012 01:45:00 Supplied by www.sharenet.co.za                     
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