TIGER BRANDS LIMITED - Notification in terms of Section 45 of the Companies Act 71 on 2008

Release Date: 05/12/2018 16:59
Code(s): TBS
 
Wrap Text
Notification in terms of Section 45 of the Companies Act 71 on 2008

TIGER BRANDS LIMITED
“Tiger Brands” or “the Company”
(Incorporated in the Republic of South Africa)
(Registration number 1944/017881/06)
Share code: TBS
ISIN: ZAE000071080

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

Tiger Brands Limited and its wholly owned subsidiary, Tiger
Consumer Brands Limited, intend to enter into a new agreement
with Nedbank Limited (“Nedbank”) in terms of which Nedbank is to
provide cash management services to Tiger Brands Limited and
Tiger Consumer Brands Limited.

The cash management scheme agreement replaces the existing
agreement with Nedbank. The existing agreement has been revised
to change the role of Tiger Brands Limited from being the Main
Participant under the agreement to an Ordinary Participant, and
similarly to change the role of Tiger Consumer Brands Limited
from an Ordinary Participant to the Main Participant.

The new arrangement results in the restructure of the cash
management services under Tiger Consumer Brands Limited, being
the principal operating subsidiary of the Tiger Brands Group.

In terms of the agreement, cross guarantees will be provided by
both Tiger Brands Limited and Tiger Consumer Brands Limited,
which fall under the definition of financial assistance to
related parties in terms of the provisions of Section 45 of the
Act.

The total value of the facilities remains unchanged at
R1,850,000,000. In addition, there is no change in the Company’s
net exposure to Nedbank under the new arrangement.

Shareholders are accordingly advised of this transaction.


Bryanston
05 December 2018

Sponsor: JP Morgan Equities South Africa (Pty) Ltd

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