AFRICAN DAWN ANNUAL REPORT 2019 Directors’ Report continued # J Slabbert's shareholding is held indirectly through Arvesco 153 Proprietary Limited There was no change in the director’s interest between year end and the date of this report. 35 8. 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. 9. Special resolutions The special resolutions set out below were passed at the Annual General Meeting (“AGM”) held on 4 September 2018 and the General Meeting ("GM") held on 26 November 2018. • Non-executive directors’ fees • General authority to acquire own shares • Loans or other financial assistance to inter-related companies within the Group • Financial assistance for the subscription and/or purchase of shares in the Company or a related or inter-related Company • Authority to issue shares for cash • Specific Issue of share for cash 10. Auditors We will recommend to the shareholders that Mazars will continue in office as auditors of Afdawn in terms of the Companies Act. 11. Secretary The independent company secretary at the financial year-end is Statucor (Pty) Ltd whose address is as follows: 2nd floor, Block D The Boulevard Office Park Searle Street Woodstock 7925 12. Dividends No dividends were declared or paid to shareholders’ during the period Rnil (2018: Rnil). 13. Shares Shareholders approved the Specific Issue of 26 800 00 Shares for cash and the Waiver of the Mandatory Offer at a General Meeting held on 26 November 2018. The TRP approval was obtained on 4 December 2018. The additional shares were issued and listed on the JSE on 7th December 2018. The shares were issued to Arvesco 153 Proprietary Limited (“Arvesco”), at the Issue Price of 35 cents per Share. 14. Registered office The company’s registered office is: 3rd Floor, The Village at Horizon, Corner of Sonop and Ontdekkers Roads, Horizon View, 1724, Gauteng
AFDAWN AR FINAL 2019
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