To view the PDF file, sign up for a MySharenet subscription.

MIX TELEMATICS LIMITED - Notification in terms of section 45(5) of the Companies Act 71 of 2008

Release Date: 28/03/2018 15:00
Code(s): MIX     PDF:  
Wrap Text
Notification in terms of section 45(5) of the Companies Act 71 of 2008

MIX TELEMATICS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number 1995/013858/06)
JSE share code: MIX  ISIN: ZAE000125316
NYSE share code: MIXT
(“MiX Telematics” or “the Company”)


NOTIFICATION IN TERMS OF SECTION 45(5) OF THE COMPANIES ACT 71 OF 2008


Shareholders are referred to the announcement published on 6 November 2013, wherein the Company notified
shareholders that MiX Telematics had adopted a resolution in terms of section 45(3)(b) of the Companies Act 71 of
2008 (“the Companies Act”) authorising the transfer of the proceeds of the initial public offering of American
Depository Receipts on the New York Stock Exchange, in an aggregate amount of US$65.5 million, (“the proceeds”),
by way of an equity loan from MiX Telematics to MiX Telematics Investments Proprietary Limited, a wholly-owned
subsidiary of MiX Telematics and a treasury management company formed under section B.2(B)(vii)(c) of the Exchange
Control Rulings of the South African Reserve Bank (“the agreement”), for the purposes of investment as allowed for
under the Exchange Control Rulings, which transfer of the proceeds constituted financial assistance in terms of section
45 of the Act.

Shareholders are advised that amendments have been made to the credit terms of agreement in order to clarify the
original intention of the agreement being that the loan is classified as an equity loan for accounting purposes. To 
the extent that the amendments to the agreement constitutes financial assistance in terms of section 45 of the Companies
Act, the Company hereby provides shareholders with notification thereof and confirms that in accordance with section
45 of the Companies Act, the board is satisfied and acknowledges that:

    (i)     immediately after providing such financial assistance, MiX Telematics will satisfy the solvency and
            liquidity test as provided for in section 4 of the Companies Act, and

    (ii)    the terms under which such financial assistance is to be given are fair and reasonable to MiX Telematics.


28 March 2018


JSE Sponsor
Java Capital

Date: 28/03/2018 03:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Share This Story