Examples of BEE SPV in a sentence
Vantage also secured equity upside in the BEE SPV – the Fund shared in 49% of the upside in the SPV equating to approximately 13% of TrenStar.
The Fund also made available a R35m mezzanine loan (“Mezz B loan” which was to be drawn down within 2 years from 07 Dec 10) to facilitate planned expansion by the Company and also provided a R10m facility to a BEE SPV to facilitate the introduction of a 26% BEE shareholder.
Imbewu is a black controlled consortium which will own an effective 6% of Hulamin Opco through BEE SPV.
If, whilst BEE SPV is a shareholder in the Company, there is a change in any of the matters or facts warranted or represented in terms of this clause 19.2.2, the BEE Shareholders and BEE SPV agree, subject to the provisions of clause 20, to disclose such change in writing to the Company and the Company within 7 (seven) days of the change occurring.
PFSA shall create and issue to BEE SPV a new class of share (“PFSA A Class Shares”) with voting rights which rank pari passu with the ordinary shareholders of PFSA such that the PFSA A Class Shares issued to BEE SPV will, after their issue, constitute 30% of the total issued share capital of PFSA.
Upon receipt of the Pref Dividend, the net proceeds of such Pref Dividend will be distributed by PFSA as a further ordinary dividend (“Second Dividend”) to its shareholders, including BEE SPV, to fund the costs of the prescribed provisions and fund distributions by BEE SPV to the BEE SPV Shareholders.
The amount of the Second Dividend paid to PFSA shareholders, other than to BEE SPV, shall be applied and credited against the balance of the Notional Debt, until such time as the Notional Debt is notionally discharged.
The BEE SPV and ESOP Trust (“BEE Vehicles”) may not dispose of or encumber their subscription shares during the five-year period following the issue date thereof.
BEE SPV further acknowledges that the Option and all Option Shares (which shall be required to be in certificated form) will bear a legend to the foregoing effect.
It is not clear to Texton which of BEE SPV or the PIC will be the beneficial owner of the BEE Shares at the time the Repurchase is implemented.