AMLAC LIMITED
(Registration Number 1995/008727/06)
(Incorporated In The Republic Of South Africa)
("AMLAC")
Announcement regarding:
The provision of a secured interest free 5 year R18,500,000 loan facility by
the Etcetera Trust ("Etc") to Amlac;
The implication thereof for the working capital requirements of Amlac; and
Notice of directors' interests in Etc.
This announcement appears as a matter of record only
Loan Facility
The Board of Directors of Amlac have approved a loan facility whereby Amlac
and Etc entered into a loan agreement on the 01st May 2001 under the
following salient terms and conditions:
The total amount of the loan is R18,500,000 (Eighteen million five hundred
thousand Rand).
The loan is interest free.
The loan may be drawn down by Amlac commencing 28th May 2001.
The loan is for a maximum period of 5 years.
Repayments are to be made at half yearly intervals in Nine round amounts of
R2,000,000 commencing the 30th November 2001, and thereafter on the 28th of
May and November each year, and a final repayment of R500,000 on 28th May
2006.
Amlac has the right to accelerate repayment.
In the event of default, Etc has the right to demand accelerated payment.
The loan is secured by notarial bond over the immovable property of Amlac.
Working Capital
The directors of Amlac are of the opinion that the loan facility will
provide sufficient working capital for the foreseeable requirements of
Amlac.
Directors' Interests in Etc
It is drawn to the attention of shareholders that the following Directors of
Amlac and/or their families are direct or indirect beneficiaries of Etc:
F.A. Bhana
F.S. Bhana
B. Moosa.
2 July 2001
Sponsor
The Janus Corporation (Pty) Ltd
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