Issuance Of A Guarantee By Enx And Notification In Terms Of Section 45(5) Of The Companies Act 71 Of 2008
ENX GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 2001/029771/06)
JSE share code: ENX ISIN: ZAE000222253
(“enX” or “the Company”)
ISSUANCE OF A GUARANTEE BY ENX, AND NOTIFICATION IN TERMS OF SECTION 45(5) OF
THE COMPANIES ACT 71 OF 2008
Guarantee to ExxonMobil
enX acquired 37% of Zestcor Eleven Proprietary Limited (Registration No. 1998/004139/07) (“Zestcor”)
effective 1 June 2018. Zestcor is a distributor of ExxonMobil Petroleum and Chemical BVBA
(“ExxonMobil”) basestocks in South Africa. These products are used in the production of oil lubricants.
As part of the purchase agreement the enX Board has agreed to issue a guarantee to ExxonMobil for
trade credit terms provided by ExxonMobil to Zestcor from time to time for the supply of basestocks
(“ExxonMobil Guarantee”). The liability to ExxonMobil shall not exceed the aggregated sum of US
$1,5 million (US Dollar one million, five hundred thousand). South African Reserve Bank approval has
been received. The ExxonMobil Guarantee will be provided at a market related rate.
Section 45(5) Notice
Notice is hereby given that, in terms of the provisions of section 45(5) of the Companies Act, and
pursuant to the relevant special resolution passed at the AGM, the Board has adopted a resolution to
provide financial assistance in the form of an enX Indemnity and the ExxonMobil Guarantee, which both
constitute direct and/or indirect financial assistance in terms of the provisions of section 45 of the
In accordance with section 45(3)(b) of the Companies Act, the enX Board is satisfied and
acknowledges, in respect of the financial assistance granted, that:
- the Company will satisfy the solvency and liquidity test as set out in section 4 of the Companies Act
immediately after providing the financial assistance; and
- the terms under which the financial assistance is to be given are fair and reasonable to enX.
30 August 2018
The Standard Bank of South Africa Limited
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