AFRICAN DAWN ANNUAL REPORT 2017 Notes to the Financial Statements Annual Financial Statements For the year ended 28 February 2017 continued 64 15. Borrowings GROUP 2017 R’000 Loan Balance Total Balance DD Breedt The loan bears interest at prime, is secured on ceded debtors and is repayable over 6 months. 300 300 HT Malan The loan bears interest at prime, is secured on ceded debtors and is repayable over 6 months. 200 200 ME Malan The loan bears interest at prime, is secured on ceded debtors and is repayable over 6 months. 200 200 JP Verwey The loan bears interest at prime, is secured on ceded debtors and is repayable over 3 months. 160 160 PS Van Der Westhuizen The loan bears interest at prime, is secured on ceded debtors and is repayable over 6 months. 100 100 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 38). 1,436 1,436 Sandown Capital loan (A) - The convertible bond was not converted and new terms are as follows: Loan bears interest at prime +1% currently 11.5% and is repayable in instalments of R100,000 for 3 month and then R125,000 thereafter. The loan is unsecured. 3,898 3,898 Sandown Capital Interest loan (A) (C) - The loan bears interest at prime + 1% currently 11.5% and is repayable in instalments of R125,000 is unsecured. a month starting in December 2016. The loan 3,333 3,333 Nedbank mortgage bond - The loan is secured on fixed property. Interest is levied at prime -0.5% and the loan is property. Interest is levied at prime -0.5% and the loan is repayable in instalments of R172,932 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 9). 6,164 6,164 15,791 15,791 GROUP 2016 R’000 Loan Balance Total Balance 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 38). 2,576 2,576 Sandown Capital Elite Two loan (B) - The loan is unsecured, bears interest at prime and is repayable in instalments of Up to R80,000 per month plus accrued interest. 580 580 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. 6,300 6,300 Sandown Capital Interest free portion loan (A) (C) - The loan bears interest at prime current 10.5% +1 and is repayable in instalments of R700,000 starting in December 2016. The loan is unsecured. 3,333 3,333 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 R172,932 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 9). 7,564 7,564 20,353 20,353
AFRICAN DAWN 2017
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