AFRICAN DAWN ANNUAL REPORT 2018 Notes to the Financial Statements continued Annual Financial Statements For the year ended 28 February 2018 GROUP 2017 R’000 Loan DD Breedt The loan bears interest at prime, is secured on ceded debtors and is repayable over 6 months. 68 300 HT Malan The loan bears interest at prime, is secured on ceded debtors and is repayable over 6 months. 200 ME Malan The loan bears interest at prime, is secured on ceded debtors and is repayable over 6 months. 200 JP Verwey The loan bears interest at prime, is secured on ceded debtors and is repayable over 3 months. 160 PS Van Der Westhuizen The loan bears interest at prime, is secured on ceded debtors and is repayable over 6 months. 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 41). 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 installments of R100,000 for 3 month and then R125,000 thereafter. The loan is unsecured. 3,898 Sandown Capital Interest free portion loan (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 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 8. 6,164 15,791 Non-current Liabilities Group Company 2018 2017 2018 2017 R’000 R’000 R’000 R’000 At amortised cost 4,031 6,316 - - 4,031 6,316 - - Current Liabilities At amortised cost 4,259 9,475 - - 4,259 9,475 - - 8,290 15,791 - -
AFRICAN DAWN 2018 Annual Report
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