AFRICAN DAWN ANNUAL REPORT 2017 Notes to the Financial Statements Annual Financial Statements For the year ended 28 February 2017 continued 60 For this reason, the reconciliation above is split as follows: • Amount relating to legal title of entire property • Less PTF3 share of the property (50%) • Equals amount relating to Afdawn Group’s share of the property (i.e. the 50% referred to above that is in substance Afdawn Group’s share of the property). Blue Dot was placed in liquidation and there was a dispute in terms of which the liquidator is attempting to have the property transferred back into the insolvent estate of Blue Dot. Negotiations between the Blue Dot liquidator and Candlestick were concluded and a settlement was reached whereby on the sale of the building the Nedbank bond and selling costs will be settled first and the balance will be split in the following ratio PTF2 35%, PTF3 35% and Blue Dot liquidator 30%. The other claims against the property include: • A Nedbank loan, in terms of which Nedbank registered a first bond against the property. The original facility was R14,100, 000 and the amount outstanding at the reporting date was R6 164 210 (2016: R7 563 952) (refer to note 15). A sales agreement was entered into in April 2016, in terms of which the property will be sold for R32 500 000. The group expects to realize R8 373 000 from the sale. The property was transferred on the 10 May 2017 and Candlestick has received their portion of the proceeds and the Nedbank bond , PTF3 and the Blue Dot liquidator were settled in full. 10. Loans to/(from) group companies Subsidiaries Company 2017 R’000 Subsidiaries Loan balance Loan impairment Loan present value adjustment (refer to note 6) Total African Dawn Social Education Proprietary Limited * (57) - - (57) Bhenka Financial Services Proprietary Limited * (6,870) - - (6,870) African Dawn Property Transfer Finance 2 Proprietary Limited * 28,383 (14,221) (236) 13,926 African Dawn Property Transfer Finance 1 Proprietary Limited * 6,888 (4,257) (120) 2,511 African Dawn Wheels Proprietary Limited * 288 (288) - - African Dawn Kwazulu Natal Proprietary Limited * 3,175 (3,175) - - African Dawn Debt Management Proprietary Limited * 14,234 (14,231) - 3 Candlestick Park Investments Proprietary Limited 424 (424) - - Almika Properties 81 Proprietary Limited * 15 (15) - - Elite Group Proprietary Limited * 22,810 (13,030) (1,004) 8,776 African Dawn Wheels Operations Proprietary Limited * 13 (13) - - Amalgum Investments 138 Proprietary Limited * 14 (14) - - Elatiflash Proprietary Limited * 16 (16) - - Albistar Investments Proprietary Limited * 18 (18) - - ABC Cashplus (Randburg) Proprietary Limited * 12 (12) - - Knife Capital Proprietary Limited 2 (2) - - 69,366 (49,717) (1,360) 18,289
AFRICAN DAWN 2017
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