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Extension To Scheduled Preference Share Redemption Date And Covid-19 Update
Alviva Holdings Limited
(Incorporated in the Republic of South Africa)
Registration number 1986/000334/06
Share Code: AVV
ISIN: ZAE000227484
(“Alviva” or “the Company” or “the Group”)
EXTENSION TO SCHEDULED PREFERENCE SHARE REDEMPTION DATE AND COVID-19
UPDATE
ABSA Bank Limited (acting through its Corporate and Investment Banking Division) (“ABSA”) is the
holder of 40 (forty) redeemable preference shares of R100 000 each (“Preference Shares”) in DCT
Holdings Proprietary Limited, a subsidiary of Alviva. The redemption date of 10 (ten) preference shares
was scheduled for 20 May 2020 in terms of the Preference Share Subscription Agreement signed
between the parties on or about 4 April 2017.
Alviva is pleased to announce that, by mutual consent with ABSA, the scheduled redemption date has
been amended by three months to 20 August 2020. Even though the Group is currently in a strong
liquidity position, management believes that the extension is prudent in light of the uncertainty
surrounding COVID-19. Shareholders are further advised that the Directors, prior to the national lock
down, suspended the share repurchase programme.
In addition to the above, Alviva has been in discussion with its bankers regarding the group’s banking
facilities and is pleased to inform shareholders that there have been no reductions, nor any additional
security requirements, to those facilities that were included in Alviva’s Annual Financial Statements as
at 30 June 2019. Utilisation of the facilities remains negligible but management remains cautious
regarding the impact to working capital brought about by the national lock down.
Similar to the discussions with its bankers, management has had ongoing interactions with customers,
suppliers and employees. These have displayed an overwhelming support for the sustainability of all of
the businesses within Alviva and management is tremendously encouraged with the feedback. Alviva is
assisting customers, where possible, with extended terms and have requested, and been granted,
payment extensions with most of its significant suppliers.
During the period since the start of the national lock down on 26th March 2020, Alviva’s subsidiaries
have been in various degrees of operation, initially supplying hardware to essential users, deploying
software licences, and, in the services and solutions segment, assisting all customers with their IT
requirements. Currently, under stage 4, Alviva has been able to extend these activities whilst still
complying with the regulations, and is operating with reduced on-site staff complements. Alviva remains
in a fortunate position compared to other South African enterprises in these uncertain times.
Alviva supports the measures that the South African government has implemented to contain and slow
the spread of COVID-19 and remains committed to contribute to these efforts. The COVID-19 response
team is continuously monitoring latest developments, assessing risks, providing guidance and
implementing preventative policies in the interest of all stakeholders.
Midrand
20 May 2020
Sponsor
Deloitte & Touche Sponsor Services (Pty) Ltd
Date: 20-05-2020 04:32:00
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