Redink Rentals Seeks Extraordinary Resolution to Recover Assets, Extends Timeline

Redink Rentals
  • Redink Rentals (RF) Limited calls for a meeting to pass an Extraordinary Resolution to amend and restate the Applicable Pricing Supplement related to Transaction No. 16.
  • The proposed amendments aim to facilitate the recovery of Sale Assets associated with Transaction No. 16, with a focus on the Guarantee issued by Lombard Insurance Company Limited.
  • Due to the complexity of the case, the recovery of Sale Assets is expected to extend beyond the existing Final Redemption Date of the Class A Notes, necessitating additional time to finalize the process.

Redink Rentals (RF) Limited, has issued a notice of meeting to the holders of all Class A Notes in relation to Transaction No. 16 – Tower Investments (Smart Tread Financing Agreement). The purpose of the meeting is to pass an Extraordinary Resolution aimed at amending and restating the Applicable Pricing Supplement.

In a recent announcement, Redink Rentals (RF) Limited, a South African rental company, has called for a meeting with the holders of all Class A Notes issued in relation to Transaction No. 16 – Tower Investments (Smart Tread Financing Agreement). The primary objective of this meeting is to seek an Extraordinary Resolution, intended to amend and restate the Applicable Pricing Supplement.

Redink Rentals aims to address certain aspects of the Applicable Pricing Supplement through proposed amendments. These changes are designed to facilitate the recovery of the Sale Assets associated with Transaction No. 16. The amended Applicable Pricing Supplement, available as Annexure A in the notice, outlines the specific modifications that are being proposed.

To expedite the recovery process, Redink Rentals is actively pursuing the amounts due from the Sale Assets, with a particular focus on the Guarantee issued by Lombard Insurance Company Limited (the “Guarantor”) in relation to Transaction No. 16. In order to secure payment of the guaranteed sum, limited to R60 million, the company has initiated motion proceedings against the Guarantor.

The motion proceeding was formally served on the Guarantor on March 30th, 2023. However, due to the complexity of the case, it is presently challenging to estimate a precise date for the court hearing. As a result, it is anticipated that the timing of the recovery of the Sale Assets in relation to Transaction No. 16 will extend beyond the existing Final Redemption Date of the Class A Notes.

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