CURRO HOLDINGS LIMITED - Expansion of the Teacher College in Kwazulu-Natal and Notice in terms of section 45 (5) of the Companies Act

Expansion of the Teacher College in Kwazulu-Natal and Notice in terms of section 45 (5) of the Companies Act

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: EXPANSION OF THE TEACHER COLLEGE IN
KWAZULU-NATAL AND NOTICE IN TERMS OF SECTION 45(5) OF THE
COMPANIES ACT

Curro has, through its wholly owned subsidiary, The Embury
Institute for Teacher Education (Pty) Ltd (“Teacher College”),
secured a property in KwaZulu-Natal (“Property”) for the
expansion of its current campus to accommodate 2 200 students,
which campus currently has a maximum capacity of 750 students.

Curro will advance funds to the Teacher College to enable it to
settle the purchase price payable in respect of the Property and
to complete the planned expansion and construction on the
Property. The total amount of the funds to be advanced by Curro
will be approximately R150 million.

In this regard, Curro hereby gives notice in terms of section
45(5) of the Companies Act, No. 71 of 2008, as amended
(“Companies Act”) that on 27 November 2015 Curro’s board of
directors (“Board”) authorised the Company to provide a loan to
the Teacher College. 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

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

The abovementioned financial assistance is granted in terms of
the authority that was provided to the Board by shareholders at
Curro’s annual general meeting on 19 June 2015.

By order of the Board

Durbanville
09 December 2015

Sponsor
PSG Capital

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