Try our mobile app
Insimbi Industrial Holdings Ltd (JSE:ISB) News - Section 45(5) Notice
Insimbi Industrial Holdings Limited
(Incorporated in the Republic of South Africa)
(Registration number: 2002/029821/06)
Share code: ISB ISIN: ZAE000116828
(“Insimbi” or “the Company”)
SECTION 45(5) NOTICE
The Company is pleased to announce that ABSA has agreed to increase the limits of certain
of its working capital facilities to facilitate increased trading opportunities
Notice is hereby given to shareholders of the Company in terms of section 45(5) of the
Companies Act, 2008 (“Act”), that the board of directors of the Company (“the Board”) has
resolved on 24 November 2021 to provide financial assistance to its various subsidiaries in
accordance with section 45(2) of the Act, pursuant to the authority granted to the Board by
the shareholders at the annual general meeting of the Company held on 6 August 2021. The
shareholders are hereby notified for purposes of section 45(5)(a) of the Act that the financial
assistance exceeds a 10th of 1% of the Company’s net worth. No further action is required
from shareholders.
The financial assistance relates to the increase in the Company’s banking facilities provided
by Absa Bank Limited, acting through its Corporate and Investment Banking Division
(“ABSA”). The Company, amongst others, provides security in respect of the facilities to
ABSA for the benefit of its subsidiaries, in the manner contemplated in section 45(2) of the
Act.
In accordance and in compliance with section 45(3)(b) of the Act, the Board is satisfied that
immediately after providing such financial assistance, the Company will satisfy the solvency
and liquidity test provided for in section 4 of the Act and that the terms of the financial
assistance are fair and reasonable to the Company.
Johannesburg
30 November 2021
Sponsor
PSG Capital
Date: 30-11-2021 08:00:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
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.
