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JDH
JDH
JDH - John Daniel Holdings Limited - JDH voluntary announcement in relation to
Viscacom Funding Facility
JOHN DANIEL HOLDINGS LIMITED
(Incorporated in the Republic of South Africa)
(Registration Number 1998/013215/06)
Share code: JDH ISIN: ZAE 000136677
("JDH" or "the Company")
JDH VOLUNTARY ANNOUNCEMENT IN RELATION TO VISCACOM FUNDING FACILITY
The board of directors is pleased to advise that JDH Financial Services
through Viscacom (Proprietary) Limited ("Viscacom"), has secured a funding
facility of R3 000 000 from Chester Finance (Pty) Ltd ("Chester").
Viscacom is a registered Credit Provider and the bridging facility is to
facilitate growth in this division. Viscacom became a subsidiary of the
Company on 1 September 2011.
The funding is short term bridging funding allowing the business to continue
the rapid growth in the debtor`s book.
The terms of the facility are as follows:
- R500 000 maximum monthly draw;
- available monthly for a maximum of 6 months;
- interest and capital to be repaid over a 6 month period for each loan
drawdown; and
- effective total loan term period is 12 months.
The following security will be provided:
- cession of the debtors` loan book;
- guarantee by JDH;
- guarantee by Escalator Capital Limited, JDH`s controlling shareholder;
- undertaking by JDH not to reduce its current inter group loan owing by
Viscacom below R8 million as well as a subordination of the loan account
to the claim of Chester;
- covenant in Viscacom not to reduce its Net Current Assets below R4.5
million; and
- negative pledge i.e. no encumbrances over any assets or guarantees and or
surety ships of /or by Viscacom without the prior written consent of
Chester.
Johannesburg
11 May 2012
Sponsor
Arcay Moela Sponsor (Pty) Ltd
Date: 11/05/2012 09:30:00 Produced by the JSE SENS Department.
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