BINQA - Nqaba Finance 1 (Proprietary) Limited - Impact of the 2011 Eskom
JSE
BINQA
BINQA - Nqaba Finance 1 (Proprietary) Limited - Impact of the 2011 Eskom
Salary and Conditions of Service Award on Nqaba Finance 1
Nqaba Finance 1 (Proprietary) Limited
Registration number: 2005/040050/07
Issuer bond code: BINQA
Impact of the 2011 Eskom Salary and Conditions of Service Award on Nqaba
Finance 1 ("Nqaba")
On 23 December 2011, the Commission for Conciliation, Mediation and
Arbitration (CCMA) ruled that:
* the minimum Eskom Housing Subsidy be increased from R1 500 to R2 000;
* non-managerial bargaining unit staff receive an 8.1% salary increase.
This is a 1.1% increase from the 7% implemented from 1 July 2011;
* this award shall be binding until 30 June 2013.
Nqaba expects that the abovementioned should:
* decrease the Nqaba WPTI covenant by 0.26%;
* marginally increase the number of loans approved for the low tier non-
managerial staff;
* marginally increase the prepayments for the high tier non-managerial
staff.
Any questions should be directed to:
Corne Els elsc@eskom.co.za 011 800 2372/074 104 3049
Ettienne Bester besteret@eskom.co.za 011 800 5405
3 February 2012
Debt Sponsor
Absa Capital (the investment banking division of Absa Bank Limited,
affiliated with Barclays Capital)
Date: 03/02/2012 14:01:38 Produced by the JSE SENS Department.
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