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AFRICAN DAWN ANNUAL REPORT 14

Notes to the Financial Statements continued Group Company 2014 2013 2014 2013 R '000 R '000 R '000 R '000 16. Borrowings Held at amortised cost National Housing Finance Corporation (”NHFC”) 5,000 5,000 - - The loan has not been paid during October 2013 in breach of the original contract with the NHFC. The security on the loan to Nexus has not been called by the NHFC as Nexus is in the process of renegotiating the loan. The loan is secured by a cession on Nexus Personnel Finance Proprietary Limited debtors. The loan originated as funding for incremental loans in 2004 raised as trade debtors. The loan is secured on the debtors book that funds were used to fund and are secured to the extent of the loan against the same debtors. If the loan became due in the current finacial year it would be paid from trade debtors collections or debtors to the value and would be handed over to NHFC per the cession Rural Housing Finance Corporation (”RHFC”)* - 1,291 - - The loan was repayable between 1 and 2 years and interest was levied at prime. The loan was secured by a cession over the associated debtors. African Dawn Capital Limited provided a guarantee over the loan facility. The loan has now been settled. Convertible Bond - Liability portion of compound instrument - - 10,574 - - Sandown Capital Proprietary Limited* The conversion period is 36 months from date of issue, conversion price R 0.14, Interest levied at JIBAR on 3 month discount + 600 basis points. Refer to notes for further details. The bond has no further security beyond the issue od ordinary shares in Afdawn. The bond arose as part of the recapitallisation and rights issue in 2011. The bond remains in its pre-conversion period during the next period with only interest repayable in cash. Convertible Bond - Liability portion of compound instrument - 1,663 1,621 1,663 1,621 STRB Lewende Trust The conversion period is 36 months from date of issue, conversion price R 0.14, Interest levied at JIBAR on 3 month discount + 600 basis points. Refer to notes for further details. The bond has no further security beyond the issue of ordinary shares in Afdawn. The bond arose as part of the recapitalisation and rights issue in 2011. The bond remains in its pre-conversion period during the next period with only interest repayable in cash. AFRICAN DAWN 5 7 ANNUAL REPORT 2014


AFRICAN DAWN ANNUAL REPORT 14
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