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Disclosable event: Significant Litigation Proceedings
SOUTHERN VIEW FINANCE LIMITED
(Incorporated in Bermuda with registration number 47305)
Class A share codes: BSX: SVF.BH JSE: SVF ISIN: BMG829251013
Class B share codes: BSX: SVFB.BH JSE: SVFB ISIN: BMG 829251195
("SVF" or "the Company")
DISCLOSABLE EVENT : SIGNIFICANT LITIGATION PROCEEDINGS
In accordance with item 6.13(2)(viii) of the Bermuda Stock Exchange (“BSX”) listings regulations,
SVF hereby advises that its wholly owned subsidiary, Southern View Finance UK Limited trading
as Capfin (“Capfin”) is currently involved in significant litigation proceedings as detailed below.
Capfin is registered as a credit provider in South Africa in terms of the South African National
Credit Act 34 of 2005 (“NCA”). The South African National Credit Regulator (“NCR”) is
responsible for regulatory oversight of the unsecured lending market in South Africa, the market
in which Capfin conducts business. On 4 February 2015, the NCR applied to the South African
National Consumer Tribunal (“Tribunal”) for the cancellation of Capfin’s registration as a credit
provider on the basis of alleged contraventions by Capfin of the provisions of the NCA and the
regulations issued in terms of the NCA, and Capfin’s licence conditions. Capfin received a
complete copy of the NCR’s application on 6 February 2015. The NCR alleges that Capfin did
not properly conduct an affordability assessment in respect of 25 consumers to whom it advanced
unsecured loans in the period October 2013 to January 2015 and that, in one instance, it
incorrectly disclosed the interest rate applicable to the loan as an annual rate instead of a monthly
rate.
Capfin takes its obligations under the NCA seriously and respects the authority of the NCR. It is,
however, confident that its processes and procedures comply with the provisions of the NCA and
the regulations issued in terms of the NCA. Capfin does not believe that its business model
results in reckless credit being granted to consumers and will demonstrate to the Tribunal that it
does conduct an appropriate affordability assessment in relation to consumers, before loans are
advanced to consumers.
Capfin will endeavor to ensure that the matter is resolved as quickly as possible and, once
resolved, SVF will appraise shareholders of the outcome.
If the NCR’s application to cancel Capfin’s registration as credit provider is successful, it will
constitute significant litigation proceedings as contemplated in the BSX listings regulations.
SVF has a primary listing on the BSX and a secondary listing on the Johannesburg Stock
Exchange’s Alternative Exchange.
17 February 2015
Hamilton / Johannesburg
BSX sponsor: Global Custody and Clearing Limited
JSE sponsor: KPMG Services (Proprietary) Limited
Legal advisor: Edward Nathan Sonnenbergs Inc
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