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AFRICAN DAWN Annual Report 2016

From the Chair continued SARS After the failed section 200 applications, a repayment proposal was summited to SARS. We are now also engaging with SARS in connection with another section 200 application. The merit of this new application is based on the funds that will become available from the sale of the Green Oaks property referred to below. Clarity on the SARS matter is critical to making further progress in implementing the vision. The revised Elite transaction will also assist in the matter. Properties in possession An agreement has been entered into for the sale of the Green Oaks property. All the conditions precedent have been met except the approval of Afdawn shareholders. The buyer has paid a non-refundable deposit and we are confident that the transaction will be consummated. The Almika property sales have also shown good progress and 39 of the 50 units have been sold and transferred. Looking ahead All the non-core assets are in the process of being liquidated and this will enable us to reach a settlement agreement with SARS. The focus will then be to rebrand the company and focus it as a active investment holding company with the required management and board expertise. Appreciation It has been a very difficult road to get to where we are currently. Nevertheless, the future is starting to look more promising. I would like to thank the board, and also the management and staff of our various operations for their dedication and hard work during a difficult year. WJ Groenewald 31 May 2016 AFRICAN DAWN ANNUAL REPORT 2016 5


AFRICAN DAWN Annual Report 2016
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