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Alviva - correction announcement
Alviva shareholders are referred to the announcement released on SENS on 20 May 2020.
Shareholders are hereby advised that the value per preference share referred to in the announcement should be R10 000 000 and not R100 000 as stated in the announcement.
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Alviva - share redemption date extension
ABSA Bank Ltd. (acting through its Corporate and Investment Banking Division) (“ABSA”) is the holder of 40 (forty) redeemable preference shares of R100 000 each (“Preference Shares”) in DCT Holdings (Pty) Ltd., a subsidiary of Alviva. The redemption date of 10 (ten) preference shares was scheduled for 20 May 2020 in terms of the Preference Share Subscription Agreement signed between the parties on or about 4 April 2017.
Alviva announced that, by mutual consent with ABSA, the scheduled redemption date has been amended by three months to 20 August 2020. Even though the Group is currently in a strong liquidity position, management believes that the extension is prudent in light of the uncertainty surrounding COVID-19. Shareholders are further advised that the Directors, prior to the national lock down, suspended the share repurchase programme.
In addition to the above, Alviva has been in discussion with its bankers regarding the group’s banking facilities and is pleased to inform shareholders that there have been no reductions, nor any additional security requirements, to those facilities that were included in Alviva’s Annual Financial Statements as at 30 June 2019. Utilisation of the facilities remains negligible but management remains cautious regarding the impact to working capital brought about by the national lock down.
Similar to the discussions with its bankers, management has had ongoing interactions with customers, suppliers and employees. These have displayed an overwhelming support for the sustainability of all of the businesses within Alviva and management is tremendously encouraged with the feedback. Alviva is assisting customers, where possible, with extended terms and have requested, and been granted, payment extensions with most of its significant suppliers.
During the period since the start of the national lock down on 26th March 2020, Alviva’s subsidiaries have been in various degrees of operation, initially supplying hardware to essential users, deploying software licences, and, in the services and solutions segment, assisting all customers with their IT requirements. Currently, under stage 4, Alviva has been able to extend these activities whilst still complying with the regulations, and is operating with reduced on-site staff complements. Alviva remains in a fortunate position compared to other South African enterprises in these uncertain times.
Alviva supports the measures that the South African government has implemented to contain and slow the spread of COVID-19 and remains committed to contribute to these efforts. The COVID-19 response team is continuously monitoring latest developments, assessing risks, providing guidance and implementing preventative policies in the interest of all stakeholders.
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