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Provision Of Financial Assistance
FAIRVEST PROPERTY HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1998/005011/06)
Share code: FVT
ISIN: ZAE000203808
(Approved as a REIT by the JSE)
(“Fairvest” or “the Company”)
PROVISION OF FINANCIAL ASSISTANCE
Shareholders are referred to Special Resolution Number 3, relating to the provision of direct or indirect financial
assistance in terms of section 45 of the Companies Act, No. 71 of 2008, as amended ("Companies Act"), to
related or inter-related companies, which was approved at the annual general meeting of Fairvest on
14 November 2018.
Fairvest shareholders are notified in terms of section 45(5)(a) of the Companies Act that on 30 May 2019 the
board of directors of the Company ("Board") approved the provision of financial assistance, pursuant to the
above shareholder approval, to Parow Valley Spar Proprietary Limited ("PVS"), a subsidiary of Fairvest. This
new financial assistance replaces the previous financial assistance to PVS referred to in the SENS
announcement on 30 March 2016. This new Board approval authorises financial assistance by way of a loan
to PVS of up to R12.0 million and grants further financial assistance by providing a guarantee of
R11.016 million to refinance the bank loans raised by PVS.
Fairvest shareholders are further notified in terms of section 45(5)(a) of the Companies Act, that on
30 May 2019 the Board approved the provision of financial assistance, pursuant to the above shareholder
approval, to Libode Shopping Centre Proprietary Limited ("Libode"), a subsidiary of Fairvest. This new financial
assistance is in addition to previous financial assistance to Libode referred to in the SENS announcement on
1 October 2018. This new Board approval grants further financial assistance by providing a guarantee of
R11 million. This has been provided to obtain bank loans by Libode.
The financial assistance provided, as detailed above, is greater than one-tenth of 1% of Fairvest's net worth
as at the date of the Board approval. Prior to authorising the aforementioned financial assistance, the Board
considered and satisfied itself, in terms of section 45 of the Companies Act, that (1) immediately after providing
the financial assistance, the Company would satisfy the solvency and liquidity test as contemplated in section
4 of the Companies Act, (2) there has been due compliance with the Company's memorandum of incorporation,
and (3) the terms of the financial assistance are fair and reasonable to the Company.
Cape Town
30 May 2019
Sponsor
PSG Capital
Date: 30/05/2019 05:20:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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