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AFRICAN DAWN 2015 Annual Report

Notes to the Financial Statements continued AFRICAN DAWN 104 ANNUAL REPORT 2015 39. Contingencies (continued) Allegro Holdings Proprietary Limited (“Allegro”) Afdawn Group previously concluded a Memorandum of Understanding (28 February 2013) which will facilitate an amicable conclusion to the matter. Progress has been slow in this regard. Thus far the Company has not become aware of any information during its deliberations that will alter its conclusion reached previously. To the date of signing this report no claims have been received by Afdawn Group, nor has it been possible to establish any basis for a potential claim against Afdawn Group and therefore no provisions have been made for any such contingency. Relationships Subsidiaries Refer to note 6 Subsidiaries loan accounts Refer to note 11 Associates and equity accounted income from Elite Two Refer to notes 17 and 7 Significant shareholder with borrowings Sandown Capital Proprietary Limited refer to notes 17, 19, 28, 29 and 39 Significant shareholder controlled by a director who resigned before the year end Vaalmac Proprietary Limited Company controlled by a director providing services to the Group Makalu Capital Proprietary Limited Directors' loans and subsequent change Refer to notes 20, 37 and 39 Penalty paid by a company controlled by a subsidiary company director R1.316 Elite Group 1 Proprietary Limited million (refer to notes 25 Companies acquired Refer to note 37 Liquidation of subsidiary Refer to note 38 Executive and non-executive directors Refer to directors' report Key management PJ Bezuidenhout (Resigned September 2013) DD Breedt GE Stoop (Resigned August 2014) DA Turner (Resigned August 2014) 40. Related parties


AFRICAN DAWN 2015 Annual Report
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