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Publication of Borrower Reports - RED706 | RED707
REDINK RENTALS (RF) LIMITED
Publication of Borrower Reports
(Incorporated in South Africa with limited liability under registration number
2015/090404/06)
("Issuer")
Date: 20 November 2024
RED706 - ZAG000195405
RED707 – ZAG000195462
Publication of Borrower Reports
Noteholders are referred to the various announcements released on SENS, the
most recent of which is dated 18 November 2024 pertaining to notification to
noteholders that the Issuer has published an investor report in respect of
Transaction No. 7 – Bridge Taxi Finance on the Issuer's website.
Noteholders attention was drawn to the continued Borrower Financial Covenant
non-compliance status, disclosed on page 4 of the report, as well as the
transaction status update provided on page 8 – 11 of the report, since the
reported events on and following 31 January 2024.
Due to a number of factors, including the Restructure Plan, and with the 2023
annual audit of Borrower not completed yet, the Issuer published certain
Reports (details provided in the SENS announcement date 24 October 2024) in
relation to the Borrower, in order to provide the market with as much relevant
financial and operational information as is reasonably possible on the
Borrower, and to ensure equitable dissemination thereof.
In terms of the Restructure Plan, Noteholders have requested that the existing
Notes and related Relevant Assets be restructured. Some Noteholders are
considering independent restructuring options, the outcome of which the Issuer
is still waiting on. Following which, the Issuer received approval to utilise a
virtual data room ("VDR") in accordance with paragraph 6.84 as read with
paragraph 6.89 of the Debt and Specialist Securities Listings Requirements (the
"Requirements"), to disclose the below information to assist Noteholders in
this regard.
VDR Information:
The Issuer intends to make available the first set of information files to
Noteholders as prepared by the appointed Servicer of the Borrower, which are
summarised below, by making it available in the VDR on Wednesday 20 November
2024 9:00 –
• Weekly detailed operational updates on Bridge Taxi Finance No 6 (RF)
(Pty) Ltd ("BTF6") from the servicer (BTF6\Weekly Servicer Operational
Update Reports\....14-11-2024);
• Monthly detailed management accounts of BTF6 (BTF6\Management
Accounts\....SEPT 2024v2);
• 12-month cashflow forecast for BTF6 and the Issuer (BTF6\Cash Flow
Forecasts\....2024 11 07);
• Independent valuation reports of the underlying asset pool of BTF6 (BTF6\
Valuation Reports\BTF 6....; BTF6\ Valuation Reports\....btf_6); and
• Detailed loan book data and stock information (BTF6\LB Data and Stock
Information\....20240930; BTF6\LB Data and Stock Information\....04-10-
2024).
Participation requirements for the VDR:
Prospective participants must send an email to rob@red-inc.co.za ("VDR
Administrator") indicating their desire to participate in the VDR
("Registration email"), and include the following information in the
Registration email:
• full name and/or registration number of the party who will require access
to the VDR;
• in the event that the prospective participant is an entity or the like,
contact person and contact details (e-mail address and telephone number)
of the authorised representative requiring access to the VDR; and
• confirmation that the prospective participant is a Noteholder or
authorised representative of a Noteholder.
The VDR Administrator will send an acceptance email in response to a compliant
Registration email if they are satisfied with the details provided by the
prospective participant. Accepted participants will also be provided with a
standard confidentiality agreement ("NDA") which they must execute in favour of
the Issuer and return to rob@red-inc.co.za before an accepted participant will
be granted access to the VDR.
Disclaimer:
Noteholders are also advised to take note of the disclaimers set out on the VDR
in respect of the VDR information provided.
Inter alia, the financial and operational update information packs, including
any management accounts, forward-looking statements or forecasts of the
Borrower, which are in are still in their preparatory stage, have not been
reviewed or reported on by the Borrower's external auditors.
Noteholders and potential investors are advised to exercise caution when
dealing in the Notes issued in respect of in respect of Transaction No. 7 –
Bridge Taxi Finance, with stock codes RED706 and RED707.
Noteholders will be informed when updated information is to be uploaded to the
VDR.
Capitalised terms and expressions used in this notice and not otherwise defined
herein, shall have the meanings ascribed to such terms and expressions in the
programme memorandum issued by the Issuer in relation to the Programme dated 29
May 2015 (the "Programme Memorandum"), and the Applicable Pricing Supplements
in relation to Transaction No. 7 – Bridge Taxi Finance.
Page 2 of 3
Further information on the Programme please contact:
Redinc Capital
Charlize Wiederkehr
Email: charlize@red-inc.co.za
Page 3 of 3
Date: 20-11-2024 08:58:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
