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AFRICAN DAWN Annual Report 2016

Notes to the Financial Statements Annual Financial Statements For the year ended 29 February 2016 18. Loans from directors continued Group Company 2016 R’000 2015 R’000 2016 R’000 2015 R’000 EA Van Heerden 162 1,770 162 1,770 JK Van Zyl 162 1,771 162 1,771 A Böhmert 162 1,771 162 1,771 487 5,312 487 5,312 The loans arose as part of the Knife Capital Group acquisition transaction detailed in the circular issued on 7 March 2014. Refer to the significant judgements in the accounting policies note 1.19 and note 32 for further details. Reconciliation First NAV liability 1,217 1,460 (interest free payable at R60 833 per month with effect from November 2014) - - Repayments (730) (243) Subtotal (A) 487 1,217 Second NAV liability (interest free and 2,095 2,095 payable in June 2015) Reversed per agreement reached with shareholders * (2,095) - Share issue liability (to be settled immediately in a variable number of shares) 2,000 2,000 Reversed per agreement reached with shareholders * (2,000) - 487 5,312 On 1 July 2015 as announced on SENS, the vendors of Knife Capital have released Afdawn from the second NAV liability and the share issue liability. Refer to the judgement disclosed in note 1.19 as well as notes 32. (A) The outstanding balance of loans from directors on acquisition of Knife Capital is R486 667 (2015: R1 216 667 ). Non-current liabilities - (1,535) - (1,535) Current liabilities (487) (3,777) (487) (3,777) (487) (5,312) (487) (5,312) AFRICAN DAWN ANNUAL REPORT 2016 81


AFRICAN DAWN Annual Report 2016
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