BORROWINGS

Annual-Report-2015-48_03
(a). The bank overdraft and stand by facilities of the subsidiary companies with ANZ Bank is secured by registered equitable mortgages over all the assets and undertakings of the companies, including uncalled and unpaid capital of the respective companies.

The bank overdraft (together with the letter of credit and guarantee facilities) with ANZ Bank of RB Patel Limited is secured by a registered first mortgage debenture over all the present and future assets and undertakings, including uncalled and unpaid capital of the Company; first registered mortgages over CT 23400, CT 7082, CT 34330, CL 53120 and CT 39150; a deed of Pari Passu between ANZ Bank, Westpac Bank and the Company regarding sharing of securities in the ratio 50/50 with maximum debt of $7 million each.

The bank overdraft facility (together with the letter of credit and guarantee facilities) with Westpac Banking Corporation of RB Patel Limited is secured by a registered equitable mortgage debenture over all the assets and undertakings, including the uncalled and called but unpaid capital of the Company, a deed of Pari Passu between Westpac Bank and ANZ Bank regarding sharing of securities in the ratio 50/50 with maximum debt of $7 million each, and registered first mortgages over CL 718652 and NL 15761.

The overdrafts bear varying interest rates ranging from 3.9% to 4.65% per annum.

(b). Term loans of the group companies are secured as follows:

  1. Fijian Holdings Limited – the loan and bank overdraft with ANZ Bank is secured by Scrip Lien for stamp duty purposes stamped to $59m and Scrip lien over shares in Basic Industries Limited, shares in Merchant Finance & Investments Company Limited, South Sea Cruises Limited, Yasana Holdings Limited (now called FHL Media Limited), Golden Manufacturers Limited and Pernix (Fiji) Limited, Scrip lien, given by FHL Retailing Limited over shares in RB Patel Group Limited and Scrip lien, given by FHL Trustees Limited over shares in Pernix (Fiji) Limited.
  2. FHL Properties Limited: $6.696 million – the loan with ANZ Bank is secured by a first registered mortgage over CT 19239 (Vanua House), first registered mortgage debenture over the assets and undertakings of the Company (this is a fixed and floating charge over all present and future assets, undertakings (including goodwill) and unpaid/ uncalled capital of the Company), first registered mortgage over CT 4098 (Ratu Sukuna House), and first registered mortgage over CT 12609 (Ra Marama).
  3. Pacific Cement Ltd: $2.832 million – the loan with ANZ Bank is secured by a first registered mortgage debenture over all the company’s assets and undertakings, stamped at $9.1 million.
  4. Basic Industries Ltd: $1.258 million – the loan with ANZ Bank is secured by a first registered mortgage debenture over all the assets and undertakings of the company including its uncalled and unpaid capital, and a letter of comfort provided by FHL acknowledging the additional facility being provided to the company and undertaking to provide tangible support and guarantee in the event that the company is not able to meet its obligations under the performance bonds issued by ANZ.
  5. RB Patel Group Ltd: $13.491 million – the loan with ANZ Bank is secured by a first registered mortgage debenture over all its present and future assets and undertakings and its uncalled and unpaid capital, first registered mortgages over CT 23400, CT 7082, CT 34330, CL 53120, and CT 39150, a deed of Pari Passu between ANZ Bank, Westpac Bank and the Company regarding sharing of securities in the ratio 50/50 with maximum debt of $7 million each.
  6. South Sea Cuises Ltd: $15.038 million – the loan with ANZ Bank is secured by a first registered mortgage debenture being a fixed and floating charge over all present and future assets, undertakings and unpaid or uncalled capital stamped to $22,963,000; first registered ships mortgage over MV Tiger IV, MV Seaspray, MV Dau Sara Cakau, MV Yasawa Flyer II, MV Cheetah, MV Ocean Dreaming and MV Cougar II; Master finance lease agreement between Australia and New Zealand Banking Group Limited and South Sea Cruises Limited; cross guarantee between South Sea Cruises Limited, Blue Lagoon Cruises Limited and Blue Lagoon Cruises Holdings Limited; first registered mortgage debenture by Blue Lagoon Cruises Limited, being a fixed and floating charge over all present and future assets, undertakings and unpaid or uncalled capital; first registered land mortgage over certificate of title number 1248, being land comprising Nanuya Island; and first registered ships mortgage over Fiji Princess and Mystique Princess belonging to Blue Lagoon Cruises Limited.
  7. Life Cinema Limited: $2.500 million – the loan with Westpac Bank is secured by registered first fixed and floating Charge over all its assets and undertakings including its uncalled and called but unpaid Capital; letter of Comfort from shareholding company, Fijian Holdings Limited; letter of Comfort from shareholding company, RB Patel Group Limited; non-disturbance deed between the Company, Pacific Management Consulting Limited (the manager) and Westpac Bank and a non-disturbance deed between the Company, RB Patel Group Limited (the Lessor) and Westpac Bank.

(c). Fixed term deposits and short term borrowings are related to customer deposits with Merchant Finance & Investment Company Ltd and Fijian Holdings Unit Trust.

FHL News Letter – April 2020

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