Page 5 - annualreport2020
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            Our past

                                    African Dawn Capital Limited (the “Company” or “Afdawn”) was founded in 1998 as a micro finance
                                    Business and listed on the AltX in 2004. Afdawn is a financial services provider and investment holding
                                    company in South Africa. The Company, through its subsidiary Elite Group and its state of the art
                                    technology, digital platform, call centre and strategic branch network, provides short term consumer
                                    lending. YueDiligence is a wholly owned subsidiary of African Dawn and can help entrepreneurs,
                                    investors, business finance providers and business consultants identify growth gaps via low cost, digital
                                    methods in business which should be remedied to ensure a stable platform from which to launch growth.

                                    Our journey during the past year
                                    Since settling SARS in full during February 2019, the group was in a position to grow from its base.
                                    During the year, capital was raised to assist with the repayment terms of Sandown Capital. At year end,
                                    the majority of the loan from Sandown Capital had been extinguished, the remainder of which will be
                                    settled in full during the next financial year. We could not however attract sufficient external funders
                                    to grow Elite's book size during the year. Post February 2020 year end, Afdawn Group concluded a long
                                    term funding commitment from a private equity firm, Caleo. These funds will be used predominantly to
                                    extend loans through Elite's low cost distribution network.

                                    Where are we now
                                    We have two operational entities, Elite Group, our lending platform, and Yue Diligence, which helps
                                    entrepreneurs to identify growth gaps to remedy, to ensure a stable platform from which to launch
                                    growth. The strategy is to leverage the lending platform of Elite through access to lower cost distribution
                                    channels other than a traditional branch network and to broaden the product range.

                                    During this period, we had to tread carefully to ensure we cross this difficult hurdle to enable the Group
                                    to access the capital markets again.

                                    Our key objective for the near term
                                    •  To reposition Elite to leverage its lending platform and grow Elite's loan book.
                                    •  To grow the YueDiligence team and to roll out the YueDiligence platform to entrepreneurs, funders,
                                      consultants and other stakeholders to ensure a growing and sustainable SME market.

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