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Southern View Finance Ltd – Market Disclosure
Hamilton, Bermuda – 09 May, 2014 – In a filing with the Bermuda Stock Exchange (“BSX”), Southern View Finance Ltd. (the “Company” or “SVF”; Ticker: SVF.BH) reports details of a dis-closeable event governed by Regulation 6.13 of Section IIA of the BSX Regulations. The filing stated:
“CONCLUSION OF PERFORMANCE UNDERTAKING
In accordance with the requirements of the Bermuda Stock Exchange (“BSX”) listing regulations (the “Listing Regulations”), the board of directors hereby announce the conclusion of an agreement (“Performance Undertaking”) by SVF pursuant to a securitisation arrangement concluded by its wholly owned subsidiary Southern View Finance UK Limited (“SVF UK”) with HSBC Bank Plc (“HSBC”) via Regency Assets Limited (“Regency”), as detailed in this announcement.
In terms of the securitisation arrangement, among other things SVF UK will raise up to ZAR500,000,000 (five hundred million South African Rands) by selling its receivables generated through the making of unsecured loans to the public in South Africa to SVF Securitisation Limited (“SSL”). In addition, in terms of the securitisation arrangement Southern View Finance Mauritius Limited (“SVFM”), also a wholly owned subsidiary of SVF, will be appointed to service the receivables sold by SVF UK to SSL for and on behalf of SSL.
SVF will issue the Performance Undertaking in favour of Regency, SSL and the security trustee Maitland Advisory LLP (collectively the “Beneficiaries”) in terms of which SVF indemnifies the Beneficiaries against default and secures the performance of the obligations of SVF UK and SVFM under the securitisation arrangement.
Herman Troskie is a director of SVF and a director of Maitland International Holdings PLC.
In accordance with BSX Listing Regulation 6.13(1)(ii), a copy of the report issued by SVF in relation to the securitisation arrangement will be sent to all shareholders of SVF within 10 business days of this announcement.”
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The Company has a primary listing on the Bermuda Stock Exchange and a secondary listing on the Alternative Exchange of the Johannesburg Stock Exchange Limited.
Bermuda Listing Sponsor:
Global Custody & Clearing Ltd.
Mr. Grant Hopkins
Tel: (441) 294-7039
JSE Sponsor: Bravura Equity Services (Proprietary) Limited