AFRICAN DAWN ANNUAL REPORT 2018 Notes to the Financial Statements continued Annual Financial Statements For the year ended 28 February 2018 Restructuring of Knife Capital Proprietary Limited During August 2017 the board undertook to restructure Knife Capital Proprietary Limited (Knife Capital) and its subsidiaries Grindstone Accelerator Proprietary Limited (Grindstone) and YueDiligence Proprietary Limited (YueDiligence) following which 100% of Knife Capital was sold on 1 September 2017 and 50% of Grindstone was retained as an associate and the 85% of YueDiligence was transferred to African Dawn Capital Limited (“Afdawn”) on 31 August 2017. Grindstone was then treated as an equity investment until January 2018 when it too was sold. At year end only YueDiligence was still owned with 85% of its share capital. The transactions can be summarised as below: Investments reconciliation 2018 R’000 Knife Capital Grindstone YueDiligence Total Carrying values 31 August 2017 4,043 3,782 4,730 12,555 Impairment to recoverable amount 31 August 2017 - - (498) (498) 1 September 2017 carrying value 4,043 3,782 4,232 12,057 Sale of Knife Capital 1 September 2017 (3,625) - - (3,625) Loss on sale of Knife Capital - refer to Note 12 (418) (1,891) - (2,309) Sale of Grindstone January 2018 - (1,891) - (1,891) Impairment of investment in YueDiligence - - (1,177) (1.177) Carrying value of investment at year end - - 3055 3,055 Investments reconciliation 2017 R’000 Knife Capital Grindstone YueDiligence Total Opening balance 12,555 - - 12,555 58 Company Name of company % voting power 2018 % voting power 2017 Nature Carrying value 2018 R’000 Carrying value 2017 R’000 ABC Cashplus (Randburg) Proprietary Limited 100 % 100 % Dormant - - ABC Cashplus Financial Services Proprietary Limited 100 % 100 % Dormant - - African Dawn Debt Management Proprietary Limited 100 % 100 % Dormant - - African Dawn Kwazulu Natal Proprietary Limited 100 % 100 % Dormant - - African Dawn Property Transfer Finance 1 Proprietary Limited 100 % 100 % Bridging Finance - - African Dawn Property Transfer Finance 2 Proprietary Limited 100 % 100 % Bridging Finance - - African Dawn Social Education Proprietary Limited 100 % 100 % Dormant - - African Dawn Wheels Operations Proprietary Limited 100 % 100 % Dormant - - African Dawn Wheels Proprietary Limited 100 % 100 % Vehicle finance - - Albistar Investments Proprietary Limited 100 % 100 % Dormant - - Almika Properties 81 Proprietary Limited 100 % 100 % Property holding - - Amalgum Investments 138 Proprietary Limited 100 % 100 % Dormant - - Bhenka Financial Services Proprietary Limited 100 % 100 % Dormant - - Candlestick Park Investments Proprietary Limited 100 % 100 % Property holding - - Elatiflash Proprietary Limited 100 % 100 % Dormant - - Elite Group Two Proprietary Limited 100 % 100 % Unsecured lending - - Elite Group Proprietary Limited 100 % 100 % Unsecured lending 3,322 3,322 Grindstone Accelerator Proprietary Limited 0 % 100 % Consulting - - Knife Capital Proprietary Limited 0 % 100 % Venture Capital - 12,555 YueDiligence Proprietary Limited 85 % 100 % Consulting 3,055 - SME Snapshot Proprietary Limited 100 % - Consulting - - 6,377 15,877
AFRICAN DAWN 2018 Annual Report
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