Alviva Holdings Limited
(Formerly Pinnacle Holdings Limited)
(Incorporated in the Republic of South Africa)
Registration number 1986/000334/06
Share Code: AVV
(“Alviva” or “the Company”)
NOTICE IN TERMS OF SECTION 45(5) OF THE COMPANIES ACT, 71 OF 2008, AS AMENDED (THE “ACT”) FOR THE GRANTING OF FINANCIAL ASSISTANCE
In terms of section 45(5) (a) of the Act, notice is hereby given that the board of directors of Alviva, pursuant to a board resolution adopted on 19 December 2017, authorised the Company to provide financial assistance as detailed below, to a subsidiary company pursuant to the authority granted to the board by shareholders at the annual general meeting of the Company held on 25 November 2016.
The board of directors, before authorising the Company to provide the financial assistance in terms of section 45 of the Act, has satisfied itself that:
- immediately after providing the financial assistance, the Company satisfied the solvency and liquidity test contemplated in section 4 of the Act;
- the terms upon which financial assistance is to be given are fair and reasonable to the Company; and
- there has been due compliance with the requirements of the Company’s constitutional documents and other founding documents and with the Act.
The provision of financial assistance arose as a result of the Company being required, from time to time, in the ordinary course of business, to sign a parental company guarantee to enable its subsidiary company to purchase IT products, software and services on credit as follows:
- IBM International Finance II B.V – US$10 000 000(ten million United States dollars).
20 December 2017
Deloitte & Touche Sponsor Services (Pty) Ltd