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Renewal of loan funding agreement with Afrasia Special Opportunities Fund (Pty) Ltd
HUGE GROUP LIMITED
(Registration number 2006/023587/06)
Share code: HUG ISIN: ZAE000102042
(“Huge” or “the Group” or “the Company”)
RENEWAL OF LOAN FUNDING AGREEMENT WITH AFRASIA SPECIAL
OPPORTUNITIES FUND (PTY) LTD
Shareholders are referred to the announcement released on SENS on
28 October 2014 wherein the Company announced that it had entered
into a loan funding agreement with Afrasia Special Opportunities
Fund (Pty) Ltd (ASOF) for the provision of short term funding in
the amount of R20 million, for a period of 12 months (the ASOF
Funding).
The Board of Directors of Huge is pleased to announce that the ASOF
Funding has been extended for a further 12 month period, subject to
interest at a rate of prime plus 9% per annum and repayable in one
lump sum on 30 November 2016.
The Board of Directors of the Company has taken into account the
rapid growth being experienced by the Company and the various
sources of capital that are available to it in order to fund this
growth.
After careful consideration, the Board is of the view that the cost
of the ASOF Funding will, on a rolling twelve month basis, be
cheaper than the cost of equivalent equity funding.
Johannesburg
19 November 2015
Designated Advisor
Stellar Advisers Proprietary Limited
Date: 19/11/2015 05:12:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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