VALUE GROUP LIMITED - Notice in terms of Section 45(5) of The Act for the granting of financial assistance in terms of Section 45

Notice in terms of Section 45(5) of The Act for the granting of financial assistance in terms of Section 45

Value Group Limited
(Incorporated in the Republic of South Africa)
Registration number: 1997/002203/06
Share code:  VLE
ISIN: ZAE000016507
(“Value” or “the company”)


NOTICE IN TERMS OF SECTION 45(5) OF THE COMPANIES ACT NO 71 OF 2008, AS AMENDED (“THE ACT”) FOR THE GRANTING OF FINANCIAL ASSISTANCE IN TERMS OF SECTION 45 OF THE ACT

In terms of section 45(5)(a) of the Act, notice is hereby given that the board of directors of the company pursuant to a board resolutions adopted on 18 April 2016 authorised the company to provide financial assistance (as detailed below), in terms of section 45 of the Act, to its subsidiary company, Value Logistics Ltd pursuant to the authority granted to the board by shareholders at the annual general meeting of the company held on 21 October 2015. 

The board of directors, before authorising the company to provide the financial assistance in terms of section 45 of the Act, has satisfied itself: 

* immediately after providing the financial assistance, the company would satisfy the solvency and liquidity test contemplated in section 4 of the Act; 
* there has been due compliance with the requirements of the company’s constitutional documents or other founding documents and with the Act; and 
* the terms upon which financial assistance is to be given are fair and reasonable to the company. 

The provision of financial assistance arose as a result of the company approving a subordination agreement in favour of The Standard Bank of South Africa Limited (“SBSA”), pursuant to a loan agreement entered into between SBSA and Value Logistics Limited, a subsidiary of the company, in terms of which the company subordinates its claims against Value Logistics Limited in the event of a default by Value Logistics Limited in respect of the SBSA loan.



Johannesburg
5 May 2016


Sponsor: 
Investec Bank Limited 

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