Page 90

AFRICAN DAWN 2015 Annual Report

Notes to the Financial Statements continued Group Company 2015 R’000 2014 R’000 AFRICAN DAWN 88 ANNUAL REPORT 2015 2015 R’000 2014 R’000 Share issue 21,767 - 21,767 - Share issue costs (1,458) - (1,458) - 20,309 - 20,309 - 17. Borrowings Loan Balance Present Value adjustment (refer to notes 25 and 28) Deemed Interest (refer to note 28) Balance GROUP 2015 R’000 National Housing Finance Corporation (“NHFC”) Loan Guarantee (D) - The loan is unsecured, interest free and is to be repaid by 30 September 2015. 1,750 (92) - 1,658 National Housing Finance Corporation (“NHFCE”) - Elite entered into a separate facility agreement whereby the loan is secured on the associated debtors, bears interest at prime +5% and is repayable over 5 years from the borrowing date. Afdawn has provided a guarantee on the loan facility. (Refer to note 12). 3,796 - - 3,796 Sandown Capital Elite Two loan (B) - The loan is unsecured, interest free and is repayable in instalments of Up to R150,000 per month. 1,750 (76) 44 1,717 Nexus liquidator - The loan arose when Nexus went into liquidation and the balance owed by Elite who was contracted to collect on the debtors book. The loan is unsecured, interest free and payment terms are being negotiated with the liquidator. 2,535 - - 2,535 Sandown Capital loan (A) - The convertible bond was not converted and new terms are as follows: interest is charged at prime, currently 9.25% per annum and repayments of up to R700,000 plus interest per month in the short term. The loan is unsecured. 9,600 - - 9,600 Sandown Capital Interest free portion loan (A) (C) - The loan does not bear interest and is repayable in instalments of up to R700,000 starting in June 2016. The loan is unsecured. 3,333 (494) 66 2,905 Nedbank mortgage bond - The loan is secured on fixed property. Interest is levied at prime -0.5% and the loan is repayable in instalments of R169,450 per month. The bond arose as part of a property in possession transaction. The monthly instalments are funded through the cash generated through operations at Greenoaks. (Refer to note 10). 8,869 - - 8,869 31,633 (662) 110 31,080 Proceeds from share issues


AFRICAN DAWN 2015 Annual Report
To see the actual publication please follow the link above