AFRICAN DAWN ANNUAL REPORT 2017 30 Directors’ Report continued 9. Borrowing limitations In terms of the Memorandum of Incorporation of the company, the directors may exercise all the powers of the company to borrow money, as they consider appropriate. 10. Special resolutions The special resolutions set out below were passed at a General Meeting and the Annual General Meeting (“AGM”) held on 18 October 2016. All special resolutions were accepted and passed. • Approval of the transactions to the extent required under section 112 and 115 of the Companies Act • Consolidation of Shares • Amendment of the Memorandum of Incorporation • Approval of non-executive directors’ remuneration • General authority to acquire own shares • Loans or other financial assistance to directors or related or inter-related companies within the group 11. Auditors We will recommend to the shareholders that Grant Thornton Cape Inc. will continue in office as auditors of Afdawn or The Group in terms of the Companies Act of 2008. 12. Secretary The independent company secretary at the year-end is Statucor (Pty) Ltd whose address is as follows: 2nd floor, Block D The Boulevard Office Park Searle Street Woodstock 7925 The Audit Committee has evaluated the Company Secretary and are satisfied that the level of the secretary’s experience, expertise and independence are in line with JSE requirements. 13. Dividends No dividends were declared or paid to shareholders’ during the period Rnil (2016: Rnil). 14. Shares Consolidations of Shares was approved by 98.72% of the shareholders at General Meeting on 18 October 2016. 15. Registered office The company’s registered office is: 2nd Floor Waterfront Terraces Tygervalley Waterfront 7530
AFRICAN DAWN 2017
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