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. |
|
|
|
|
|
|
|