BSI Steel Limited - NOTICE OF ASSISTANCE IN TERMS OF SECTION 45 OF THE ACT
BSS
NOTICE OF ASSISTANCE IN TERMS OF SECTION 45 OF THE ACT
BSI Steel Limited
(Incorporated in the Republic of South Africa)
(Registration number 2001/023164/06)
Share code: BSS ISIN: ZAE000125134
('BSI' or 'the Company')
NOTICE OF PROVISION OF DIRECT OR INDIRECT FINANCIAL
ASSISTANCE IN TERMS OF SECTION 45 OF THE COMPANIES ACT NO
71 OF 2008
Shareholders of BSI are referred to the special
resolution tabled and approved at the Annual General
Meeting held on 23 September 2011, authorising directors
in terms of Section 45 of the Companies Act, 2008 (Act 71
of 2008) ('the Act') to provide direct or indirect
financial assistance to any company or corporation which
is related or inter-related to the Company. In terms of
Section 45 (2) of the Act, the Board has authorised the
Company to bind itself as a surety and co-principal
debtor, in the normal course of business, for the banking
facilities of:
Shearcut (Pty) Ltd: R23.0 million
Red Chip Investments (Pty) Ltd: R12.406 million
Brown Macfarlane Africa (Pty) Ltd): R20.0 million
BSI Specialized Steels (Pty) Ltd: R10.0 million
The Board has confirmed that, after considering the
reasonably foreseeable financial circumstances of the
Company, it is satisfied that, immediately after it
provided such financial assistance, the Company would
satisfy the solvency and liquidity test, as contemplated
in terms of Section 4 of the Act and that the terms under
which such financial assistance was given were fair and
reasonable to the Company. Shareholders are advised that
the surety extended for the banking facilities described
above exceeds 1/10th of 1% of the Company's net worth as
at the approval date of the provision of the surety.
Johannesburg
9 July 2012
Designated Advisor:
Sasfin Capital
(A division of Sasfin Bank Limited)
Date: 09/07/2012 01:45:00 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.
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
