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AFRICAN DAWN ANNUAL REPORT 14

AFRICAN DAWN 4 ANNUAL REPORT 2014 From the Chair Our former Chairman, Mr. JS van der Merwe, commented in his 2013 Report that action plans have to be implemented in order to advance the vision of the company. To this end, the company is being transformed and has been restructured in order to set the stage for investments in innovative and entrepreneurially driven companies. In view of the new vision, as announced on SENS on 10 April 2013 and 15 October 2013, the Board 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 proven growth phases and will assist these companies to enhance their capabilities in order to accelerate their long term sustainable growth. In pursuit of this new vision and in order to acquire the necessary capabilities required to implement the strategy, the Company subsequent to the year end: • acquired 100% of the issued share capital of Knife Capital. Full details of the Knife Capital acquisition are set out in the SENS Announcements dated Friday, 13 December 2013 and Tuesday, 18 February 2014; and • completed a rights offer to shareholders on 4 April 2014 resulting in rights taken up in the amount of R21,8m. The first half of the 2015 financial year will be marked by the integration of Knife Capital, further restructuring of the cost structures and positioning the company for further investments. The Board and management are acutely aware of the remaining challenges that face the company. Management is also working diligently to disinvestment from non-core legacy Afdawn assets. It is of paramount importance to establish a clean platform from which a new strategy can evolve. I am encouraged that the journey to accomplishment of this is well underway. Jacques Groenewald Acting Executive Chairman


AFRICAN DAWN ANNUAL REPORT 14
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