WHL: WOOLWORTHS HOLDINGS LIMITED - Notice in terms of section 45(5) of the Companies Act no. 71 of 2008 |
WHL: WOOLWORTHS HOLDINGS LIMITED - Notice in terms of section 45(5) of the Companies Act no. 71 of 2008 Notice in terms of section 45(5) of the Companies Act no. 71 of 2008 Woolworths Holdings Limited (Incorporated in the Republic of South Africa) (Registration number 1929/001986/06) Share code: WHL ISIN: ZAE000063863 ('the company') NOTICE IN TERMS OF SECTION 45(5) OF THE COMPANIES ACT NO.71 OF 2008 At the Annual General Meeting of the company held on 30 November 2015, shareholders approved a resolution in terms of section 45 of the Companies Act, 71 of 2008, as amended (the 'Companies Act') authorising the company to provide financial assistance to related or interrelated companies or corporations of the company. Section 45(5) of the Companies Act requires a company to provide written notice to its shareholders on the adoption of a Board resolution to provide financial assistance, as envisaged in section 45(2) of the Companies Act, if the total value of all loans, debts, obligations or assistance contemplated in that resolution, together with any previous such resolution during the same financial year, exceeds one-tenth of 1% of the company´s net worth at the time of the resolution. In accordance with section 45(5) of the Companies Act, shareholders are hereby advised that the company's Board of Directors adopted resolutions on 24 June 2016 in terms of which the company is authorised to provide financial assistance to its wholly owned subsidiary, Woolworths Proprietary Limited, as envisaged in section 45 of the Companies Act. Prior to the Board of Directors authorising the aforementioned financial assistance, it satisfied itself, in accordance with section 45 of the Companies Act, that: 1. immediately after providing the aforementioned financial assistance, the c ompany will satisfy the solvency and liquidity test as contemplated in section 4 of the Companies Act; and 2. the terms under which the aforementioned financial assistance is proposed to be given are fair and reasonable to the company and all the applicable requirements and restrictions in respect of financial assistance as set out in the company´s Memorandum of Incorporation have been satisfied in accordance with section 45(4) of the Companies Act. Cape Town 30 June 2016 Sponsor RAND MERCHANT BANK (A division of FirstRand Bank Limited) Date: 30/06/2016 05:00:00 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. |
2016-06-30 17:00:00 Source: JSE News Service (SENS) |
Woolworths Holdings Ltd. published this content on 30 June 2016 and is solely responsible for the information contained herein.
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