| Thu 24 Oct 2024, 17:15 | | Publication of Borrower Report - MAR02B | MAR03B | MAR04B |
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Publication of Borrower Report - MAR02B | MAR03B | MAR04B
MARTIUS (RF) LIMITED
Publication of Borrower Report
(Incorporated in South Africa with limited liability under registration number
2021/326128/06)
("the Issuer")
Date: 24 October 2024
MAR02B - ZAG000189895
MAR03B - ZAG000193798
MAR04B - ZAG000200957
Publication of Borrower Reports
Noteholders are referred to the various announcements released on SENS, notably
the SENS dated 17 September 2024 (Confirmation of an Event of Default) and the
SENS dated 10 October 2024 (Notice of Suspension), with the most recent of
which is dated 17 October 2024 pertaining to notification to noteholders that
the Issuer has published an investor report in respect of Transaction No. 7 –
Bridge Taxi Finance on the Issuer's website (and using the terms defined
therein unless otherwise stated herein).
Due to a number of factors, including the Restructure Plan, and with the 2023
annual audit of Borrower not completed yet, the Issuer will publish Reports
(details provided below) in relation to the Borrower, in order to provide the
market with as much relevant financial and operational information as is
reasonably possible on the Borrower, and to ensure equitable dissemination
thereof.
Sharing of Reports:
The Issuer intends to make available the first set of Reports as prepared by
the appointed Servicer of the Borrower, which are summarised below, by
publishing it on the Issuer's website on Thursday 24 October 2024, with the
following to highlight in respect of the Reports –
• Borrower unaudited management accounts for the period ended 31 August
2024 –
o Reflecting an elevated ECL raised in respect of the "Gross loans
and advances line item" based on the revised inputs to the IFRS9
ECL model;
o Includes a basic 12 month budget based on the current suppressed
collection levels, against the current and existing cost base of
the Borrower;
• Borrower operational report update for the week ended 18 October 2024
(including supporting schedules) –
o Updated sales volumes and prices achieved for vehicles placed on
auction in the respective week;
o Updated vehicles stock listing with the respective vehicle
condition statuses;
o Collection levels achieved for the reporting week.
The Reports made available in respect of the Borrower in relation to
Transaction No. 1 – Bridge Taxi Finance No 8 can be accessed at:
https://www.martius.co.za/reports
or
https://www.martius.co.za/borrower-reports/
Disclaimer:
Noteholders are also advised to take note of the disclaimers set out on the
Issuer's website in respect of the Reports published.
Inter alia, the financial and operational update information packs, including
any management accounts, forward-looking statements or forecasts ("the
Reports") of the Borrower, which are in are still in their preparatory stage,
have not been reviewed or reported on by Borrower's external auditors.
Suspension Period:
Noteholders are reminded that the notes issued in relation to Transaction No. 1
– Bridge Taxi Finance No 8 with stock codes MAR03B and MAR04B, were suspended
effective 10 October 2024, and can therefore not trade these notes during this
period.
Further updates will be made following developments and as circumstances
demand.
Noteholders will be informed when additional Reports in relation to the
Borrower are uploaded to the Issuer's website.
Capitalised terms and expressions used and not otherwise defined herein, shall
have the meanings ascribed to such terms and expressions in the master
programme memorandum issued by the Issuer in relation to the Programme dated 22
February 2022, the Applicable Issuer Supplement issued by the Issuer dated 22
February 2022 and the Applicable Transaction Supplements issued by the Issuer
in relation to Transaction No. 1 – Bridge Taxi Finance No 8.
Further information on the Programme please contact:
Redinc Capital
Charlize Wiederkehr
Email: charlize@red-inc.co.za
Page 2 of 2
Date: 24-10-2024 05:15:00
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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.
