Sun International Limited
(Registration number: 1967/007528/06)
Share code: SUI
(“Sun International” or “the Company”)
13 May 2013
Notice in terms of section 45(5)(a) of the Companies Act, 71 of 2008, as amended (the "Act") of the granting of financial assistance in terms of section 45 of the Act
In terms of section 45(5)(a) of the Act, notice is hereby given that the board of directors of Sun International pursuant to board resolutions adopted on 6 May 2013 authorised Sun International to provide financial assistance (as more fully described below), to its indirect wholly owned subsidiary, Sun International Management Limited, pursuant to the authority granted to the board by shareholders at the annual general meeting of the Company held on 23 November 2012.
The board of directors of Sun International, before authorising the Company to provide the financial assistance in terms of Section 45 of the Act, has satisfied itself that:
- immediately after providing the financial assistance, the Company would satisfy the solvency and liquidity test contemplated in section 4 of the Act;
- there has been due compliance with the requirements of the Company’s constitutional documents or other founding documents and with the Act; and
- the terms upon which financial assistance is to be given are fair and reasonable to the Company.
The financial assistance arose as a result of:
- the Company providing a limited guarantee for an amount of R200 000 000 (two hundred million rand), to Nedbank Limited (“Nedbank”) on behalf of Sun International Management Limited for banking facilities offered by Nedbank; and
- the Company providing a limited guarantee for an amount of R237 000 000 (two hundred and thirty seven million rand), to the Standard Bank of South Africa Limited (“Standard Bank”) on behalf of Sun International Management Limited for banking facilities offered by Standard Bank.
A copy of this notice has also been made available on www.suninternational.com/corporate/investors/.
For and on behalf of the board
Group Company Secretary
This is a notice required in terms of the Act, and shareholders are not required to respond.