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Reportable Irregularity ("RI") - Section 45
ORION REAL ESTATE LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1997/021085/06)
Share Code: ORE ISIN: ZAE000075651
("Orion Real Estate" or “the Company” or “the Group”)
REPORTABLE IRREGULARITY (“RI”) – SECTION 45
Shareholders are advised that a Reportable Irregularity has been reported in relation to the
advancing of loans to related parties in accordance with s45 of the Companies Act, 2008 (Act
71 0f 2008) (“the Act”).
As announced on 11 October 2018, shareholders are advised that the Company had
shareholder approval in place but did not have the specific Board resolutions in place as the
Group runs a cash clearing / treasury function on a daily basis.
In order to address the RI, the Board passed a resolution to ratify and approve advances to the
extent possible and has also approved this going forward. The Board also prepared an analysis
of the solvency and liquidity of the Group for the historical period in order to support the
resolution. A SENS announcement was published on 11 October 2018 in this regard.
However, this may not cure the RI from an historical perspective and the Company will be
disclosing this in its results announcement and Director’s report in the Annual Financial
Statements for the year ended 30 June 2018.
JOHANNESBURG
13 December 2018
Sponsor
Arbor Capital Sponsors Proprietary Limited
Date: 13/12/2018 03:31:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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