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AFRICAN DAWN 2015 Annual Report

Group Company 2015 R’000 2014 R’000 AFRICAN DAWN 93 ANNUAL REPORT 2015 2015 R’000 2014 R’000 Notes to the Financial Statements continued 20. Loans from directors EA Van Heerden 1,770 - 1,770 - JK Van Zyl 1,771 - 1,771 - A Böhmert 1,771 - 1,771 - 5,312 - 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 1.20 and note 37 for further details. Reconciliation First NAV liability 1,460 - (interest free payable at R60 833 per month - - with effect from November 2014) Repayments (243) - Subtotal (A) 1,217 - Second NAV liability (interest free and payable in June 2015) 2,095 - Repayments - Share issue liability (to be settled immediately in a variable number of shares) 2,000 - - - 5,312 - Subsequent to year end and, as announced on SENS on 1 July 2015, 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 1.20 as well as notes 37 and 45. (A) The outstanding balance of loans from directors on acquisition of Knife Capital is R1.218 million. Non-current liabilities (1,535) - (1,535) - Current liabilities (3,777) - (3,777) - (5,312) - (5,312) -


AFRICAN DAWN 2015 Annual Report
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