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AFRICAN DAWN ANNUAL REPORT 2020

Notes to the Financial Statements continued
Annual Financial Statements For the year ended 29 February 2020

13. Borrowings

Group Company
2020 2019 2020 2019
R’000 R’000 R’000 R’000
Peregrine Financial Services Holdings Limited loan (C) 932 3,333 - -
Interest is charged at prime +1%, currently 10.75% (2019: 11.25%). The loan
terms have been renegotiated to only interest payments from March 2020 to
May 2020 and then Capital repayments of R100,000 + interest per month, and
a final settlement on 30 September 2020 . During 2019 capital repayments
of R2,902,000 were made at an average of R242,000 per month. The loan is
unsecured.
Peregrine Financial Services Holdings Limited loan (A) - 698 - -
Interest was charged at prime +1%. Capital repayments of R698,000 were made
during the 2020 financial year amounting to an average of R162,500 per month.
Interest was paid together with the monthly capital repayments as they fell due.
The loan was unsecured.
Related Parties – Secured 630 605 - -
These loans bear interest of 10.5% per annum. The loans are secured on trade
receivables with a value of twice the initial capital and are repayable in
6 months.
Related Parties – Unsecured 778 - 338 -
These loans bear interest of between 10.5% and 15% per annum. The loans are
unsecured and are repayable on demand.
Related Parties – Secured with Put option # - 409 - 409
The loan bears interest at 15%, is secured as indicated in note 14 and is
repayable on demand.
Unrelated Parties – Secured 2,671 2,160 - -
These loans bear interest of 10.5% per annum. The loans are secured on trade
receivables with a value of twice the initial capital and are repayable between
0 - 12 months.
Unrelated Parties – Unsecured 4,750 - - -
These loans bear interest of between 10.5% and 17% per annum. The loans are
unsecured and are repayable between 0 - 36 months.
Total 9,761 7,205 338 409

Non-current Liabilities Group Company
2020 2019 2020 2019
R’000 R’000 R’000 R’000
At amortised cost 4,600 431 - -
4,600 431 - -
Current Liabilities
At amortised cost 5,161 6,774 338 409
5,161 6,774 338 409
9,761 7,205 338 409

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