NOTES TO THE CONSOLIDATED ANNUAL FINANCIAL STATEMENTS l NOTE 19     2014 Rm     2013 Rm   19. NON-REDEEMABLE, NON-PARTICIPATING PREFERENCE SHARES             Non-redeemable, non-participating preference shares at cost 441     441     4 540 041 preference shares were issued during the 2007 financial year and are listed on the JSE under specialist securities – preference shares sector.             These shares are entitled to a preference dividend being 82,5% of the prime interest rate. The company is obligated to pay any arrear dividends within five years from the proceeds raised by issuing new ordinary shares within six months prior to such payment. Because of the cumulative nature of these preference shares they are classified as debt with no repayment terms.             The coupon is payable semi-annually on 1 April and 1 October and annually this amounts to R33 million (2013: R32 million) which is included in finance cost in profit or loss.