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

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

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.

05 December 2018

Sponsor: JP Morgan Equities South Africa (Pty) Ltd

Date: 05/12/2018 04:59:00 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.

Email this JSE Sens Item to a Friend.

Share This Story