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Alviva - second extension of scheduled redemption
In terms of a written Preference Share Subscription Agreement (“PSSA”) concluded between Absa Bank Ltd. (acting through its Corporate and Investment Banking Division) (“Absa”), Alviva and two of its subsidiary companies, DCT Holdings (RF) (Pty) ltd. (“DCT”) and Datacentrix (Pty) Ltd. (“Datacentrix”), on 4 April 2017, as amended, DCT issued 34 (thirty four) Redeemable Preference Shares of R10 000 000 each (“shares”) to Absa in three tranches.
In order to distribute the redemption payments more evenly and with due consideration to cash resources required for corporate actions, the scheduled preference share redemption dates of the remainder of the shares have been extended as follows:
- in respect of 15 (fifteen) shares with a scheduled redemption date of 22 April 2021, to 30 September 2021. 10 (Ten) of these shares were voluntarily redeemed during February 2021, leaving 5 (five) shares in issue; and
- in respect of 9 (nine) shares with a scheduled redemption date of 28 July 2021, to 30 May 2022.
In addition to the above and notwithstanding the fact that no group company had breached any of the Absa covenants in terms of the PSSA, the covenants have been amended to allow for the accounting implications of the adoption of IFRS16 – Leases, as follows:
- The Alviva Interest Cover Ratio decreased from at least 4 to at least 3.5; and
- The Datacentrix Interest Cover Ratio decreased from at least 4 to at least 3.5.
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