New Frontier Properties Limited
(Incorporated in the Republic of Mauritius on 5 June 2014) (Registration number: 123368C1/GBL)
SEM share code: NFP.N0000
JSE share code: NFP
ISIN: MU0453N00004
("New Frontier" or "the Company")
CHANGES TO THE BOARD
In compliance with section 3.59 of the Listings Requirements of the Johannesburg Stock Exchange ("JSE Listings Requirements"), shareholders are advised that Mr Theunis Oosthuizen ("Theuns") has been appointed to the Board of New Frontier with immediate effect.
The appointment of two Mauritian directors is hampered by the continued trap on the free rental cash flow imposed by the Group's lender and a specific term which precludes the payment of any new directors appointed to the Board from 2019, which Amended Loan Agreements were negotiated by the former Board. In accordance with the JSE Listings Requirements, the lending terms are considered to be restrictive.
Theuns is aware of these restrictions but is a seasoned Board member who is prepared to offer his time to the Company whilst it explores new acquisitions, a relaxation of certain onerous terms of the Amended Loan Agreements with the lender or a restructure or repayment of its facilities.
The Board will be seeking to make new appointments of two Mauritian Directors as soon as possible, given the funding constraints.
The Board wishes to welcome Theuns to the Board.
BY ORDER OF THE BOARD
28 February 2022
This notice is issued pursuant to SEM Listing Rule 11.3, the JSE Listings Requirements and the Mauritian Securities Act 2005. The Board of the Company accepts full responsibility for the accuracy of the information contained in this notice.
For further information please contact:
JSE Sponsor
AcaciaCap Advisors Proprietary Limited
+27 11 480 8500
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New Frontier Properties Ltd. published this content on 28 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 February 2022 09:31:08 UTC.