SHARE CAPITAL

The following ordinary shares were issued during the 6 months ended 30 June 2016.

 

Number of shares

‘000

Issued share capital

R’000

Total 

R’000

Opening balance 1 January 2016 901 588 118 072 118 072
Acquisition of Clade Investment Management 19 096 4 000 4 000
Shares issued pursuant to the Directors’ Issue 10 070 1 869 1 869
Closing balance 30 June 2016 930 753 123 941 123 941

 

DIVIDENDS

No ordinary dividends have been declared or proposed for the year.

 

The Company has issued and listed three classes of Preference Shares with the following dividend terms:

  • Class A – 10% fixed rate monthly dividend;
  • Class B – 0% monthly dividend, but redeeming at a rate equal to 170% of the Initial Issue Price; and
  • Class C – prime plus 4% floating rate monthly dividend.

Preference Share dividends and interest of R23.8 million accrued to investors for the 6 months ended 30 June 2016. The dividends are classified as finance costs and included in the finance cost expense in the Condensed Consolidated Statement of Profit and Loss and Comprehensive Income.

 

RESTATEMENT OF PUBLISHED INTERIM RESULTS

During the finalisation of the 31 December 2015 results it was identified that an incorrect interpretation of the SAICA circular relating to the quantification of headline earnings was applied, resulting in the misstatement of the 30 June 2015 headline earnings and related HEPS. The impact of the misstatement is summarised as follows:

 

                                                                                                                                   

2015

R’000

Headline earnings reported in 30 June 2015 results

4 653

Adjustment – IAS 39 Profit on disposal of Financial Instruments

12 017

Restated Headline earnings for the period ending 30 June 2015

16 670

   
Headline earnings per share reported in 30 June 2015 results

  0.516

Restated Headline earnings for the period ending 30 June 2015

  1.849

 

CONTINGENCIES

The directors are not aware of any material contingent liability which existed at the reporting date and up to the date of this report that requires disclosure.

 

DIRECTOR CHANGES

No changes to the Group’s directors took place during the 6 months ended 30 June 2016.

 

COMPANY SECRETARY

During the period, Mr. Dirk van der Merwe was appointed as the company secretary.

 

AUDITORS

Nexia SAB&T continued in office as auditors for the Group for 2016 financial interim period.

At the Annual General Meeting held on 27 May 2016, shareholders reappointed Nexia SAB&T as the independent external auditors of the Group for the 2016 financial year.

 

GOING CONCERN

The directors believe that the Group has adequate financial resources to continue in operation for the foreseeable future and accordingly the Condensed Consolidated Interim Financial Statements for the 6 months ended 30 June 2016 have been prepared on a going concern basis. The directors have satisfied themselves that the Group is in a sound financial position and that it has access to sufficient equity and borrowing facilities to meet its foreseeable cash requirements.

The directors are not aware of any new material changes that may adversely affect the Group. The directors are also not aware of any material non-compliance with statutory or regulatory requirements or of any pending changes to legislation which may affect the Group.