| Thu 2 May 2013, 8:37 | | HYPROP INVESTMENTS LIMITED - Notification in terms of section 45 of the Companies Act 2008 |
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HYP 201305020014A
Notification in terms of section 45 of the Companies Act 2008
Hyprop Investments Limited
(Incorporated in the Republic of South Africa)
(Registration number 1987/005284/06)
Share code: HYP ISIN: ZAE000003430
(“Hyprop” or the “company”)
NOTIFICATION IN TERMS OF SECTION 45 OF THE COMPANIES ACT 2008
As previously announced, Hyprop has entered into an agreement with the Atterbury Group as a co-investor in a
Mauritian based property investment company, Atterbury Africa Limited (“Atterbury Africa”). Hyprop’s initial
shareholding in Atterbury Africa is 37.5% with a commitment to invest R750 million in the fund over the next 5 years.
Atterbury Africa’s primary strategy is to develop and own quality shopping centres in Africa. Hyprop has received
exchange control approval for its investment in Atterbury Africa.
At the annual general meeting of Hyprop, held on Wednesday, 20 June 2012, unitholders authorised by way of a
special resolution, the provision of direct or indirect financial assistance to related or interrelated companies, as
contemplated in terms of section 45 of the Companies Act 2008 (the “Act”).
Hyprop unitholders are advised that pursuant to such financial assistance authority the company has provided a
guarantee on behalf of a wholly-owned subsidiary, Hyprop Investments Mauritius Limited (“Hyprop Mauritius”),
for a loan of USD30 million, which Hyprop Mauritius has raised by way of a bank loan and which will in turn be
advanced to Atterbury Africa as a shareholder loan (the “financial assistance”).
In terms of section 45 of the Act, the board has satisfied itself that:
- the terms under which the financial assistance is to be given are fair and reasonable to Hyprop; and that
- Hyprop meets the requirements of the “Solvency and Liquidity Test” as contemplated in section 4 of the Act.
Johannesburg
2 May 2013
Sponsor
Java Capital
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