| Thu 24 Oct 2024, 17:15 | | Publication of Borrower Report - RED7 |
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Publication of Borrower Report - RED7
REDINK RENTALS (RF) LIMITED
Publication of Borrower Reports
(Incorporated in South Africa with limited liability under registration number
2015/090404/06)
("Issuer")
Date: 24 October 2024
RED706 - ZAG000195405
RED707 – ZAG000195462
Publication of Borrower Reports
Noteholders are referred to the various announcements released on SENS, the
most recent of which is dated 19 August 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.
Noteholders attention was drawn to the continued Borrower Financial Covenant
non-compliance status, disclosed on page 4 of the report, as well as the
transaction status update provided on page 8 – 9 of the report, since the
reported events on and following 31 January 2024.
Due to a number of factors, including the ongoing discussions on developing the
best fit restructuring strategy for the Borrower with the input of the
appointed replacement Servicer, 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. 7 – Bridge Taxi Finance can be accessed at:
https://www.redinkrentals.co.za/reports
or
https://www.redinkrentals.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, that 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.
Noteholders and potential investors are advised to exercise caution when
dealing in the Notes issued in respect of in respect of Transaction No. 7 –
Bridge Taxi Finance, with stock codes RED706 and RED707.
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 in this notice and not otherwise defined
herein, shall have the meanings ascribed to such terms and expressions in the
programme memorandum issued by the Issuer in relation to the Programme dated 29
May 2015 (the "Programme Memorandum"), and the Applicable Pricing Supplements
in relation to Transaction No. 7 – Bridge Taxi Finance.
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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