AEL: ALLIED ELECTRONICS CORPORATION LIMITED - Notice in terms of Section 45(5) (a) of the Companies Act 71 of 2008 ("the Act")
Notice in terms of Section 45(5) (a) of the Companies Act 71 of 2008 ("the Act")
Allied Electronics Corporation Limited
(Registration number 1947/024583/06)
(Incorporated in the Republic of South Africa)
Share code: AEL ISIN: ZAE000191342
("Altron" or "the Company")
NOTICE IN TERMS OF SECTION 45(5)(a) OF THE COMPANIES ACT 71 OF 2008 ("THE
ACT")
In terms of the provisions of section 45(5)(a) of the Act and pursuant to the special resolution
passed at the annual general meeting of the Company held on 1 August 2018 authorising the
board of directors ("the Board") to provide direct or indirect financial assistance to related and
inter-related parties, notification is hereby given by Altron that the Board has adopted a
resolution in terms of section 45(3)(b) of the Act authorising the Company to enter into a
subordination- and inter-group indemnity agreement ("the agreements") with Altron Finance
Proprietary Limited ("Alfin"). Alfin is a wholly-owned subsidiary of Altron and functions as the
Altron group´s treasury company. The agreements are entered into as part of a refinancing of
the Altron group´s facilities at more favourable terms to the Company, effective 1 March 2019,
and constitutes financial assistance in terms of section 45 of the Act, which financial assistance
exceeds one tenth of one percent of the Company's net worth.
In accordance with section 45 of the Act, the Board is satisfied and acknowledges that:
(i)    immediately after providing such financial assistance, Altron satisfied the solvency and
       liquidity test as provided for in section 4 of the Act, and
(ii)   the terms under which such financial assistance has been given are fair and reasonable
       to Altron.
Johannesburg
7 March 2019
Sponsor
Investec Bank Limited
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