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AFRICAN DAWN ANNUAL REPORT 14

About your company continued The new vision As announced on SENS on 10 April 2013 and 15 October 2013, the Board has subsequently decided to change the strategic vision of the Company to become an active investment holding company, acquiring shareholdings in entrepreneurial companies with a strong innovation drive. In terms of the new vision the Company will seek to acquire interests in companies which are in a proven growth phase and will assist these companies to enhance their capabilities in order to accelerate their long term sustainable growth. In pursuit of this new strategy the Company announced: • the acquisition of Knife Capital Proprietary Limited (“Knife Capital”) on 8 April 2014. Full details of the Knife Capital Acquisition are set out in the SENS Announcements dated 13 December 2013 and Tuesday, 18 February 2014; and • A rights issue which was concluded on 4 April 2014. Following the implementation of the Knife Capital acquisition, Mr. WJ Groenewald was appointed as permanent CEO, Mr. EA van Heerden as the financial director, Ms. A Böhmert as executive director and Mr. SM Roper as independent non-executive director. As a result of the Knife Capital acquisition, Mr. JK van Zyl became an executive director. The way forward It is the intention of the Company to dispose of its existing business units in due course, subject to favourable market conditions. Following the successful implementation of the Knife Capital Acquisition, Knife Capital will form the first asset acquired in pursuance of the Company’s new strategic vision. Existing Business Units from which the Company will focus on divesting in the near future are the following: • Micro and personnel finance through Elite Group Proprietary Limited (“Elite”); • Medical aid discounting; • Collections, in support of the loan book. Elite runs a collections department which deals with recoveries, tracing, collections and all related legal work; and • Properties in possession acquired as a result of exercising securities held in respect of defaulting loans and includes rental earning properties. Our report This report builds on the 2013 annual report. The 2014 report is guided by the Global Reporting Initiative (GRI3) reporting guidelines as part of guiding the users to a conclusion on the quantitative (financial indicators) and qualitative (social, environmental and sustainability) events reported on for the 2013 period. AFRICAN DAWN 3 ANNUAL REPORT 2014


AFRICAN DAWN ANNUAL REPORT 14
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