THE BUSINESS
SHAREHOLDERS AND INVESTORS
To generate sound returns for our shareholders, through
sustainable capital growth and sound dividend yields.
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ISSUES DURING THE YEAR
� The shares of the company traded below net asset value.
� Share trading liquidity remained low as a result of the prevailing
shareholder structure.
VALUE CREATION AND VALUE UNLOCKING FOR
SHAREHOLDERS BY CAPITAL AND DIVIDENDS
(cents/share) | Base year = 2010
R’m
1 800
1 600
1 400
1 200
254
35
1 000
95 156 204 299
398 458 518
344
800 290
345 420
370 370 370
170
310
320 310
600
400
200
730 730 730 730 730 730 730 730 730 730
-
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Cumulative dividend
Capital growth (from base price)
Closing share price (base year)
COMPANY’S RESPONSE TO THESE ISSUES
� Since an investment in Senwes shares is deemed to be of a
long-term nature, the payment of interim and final dividends
was maintained.
� Senwes provided shareholders with a transparent and trusted
platform for trading shares on a licensed exchange, ZAR X, in
accordance with the Financial Markets Act.
� The fact that shareholders may offer the shares in the Senwes
Group as security at Senwes Credit, also contributed to the low
liquidity.
� The share repurchase programme launched on 3 July 2019 and
which concluded on 26 March 2020, contributed to the liquidity
of the shares and the creation of value-unlocking opportunities.
� The merger with KLK Landbou and the on-boarding of KLK
shareholders who accepted the Senwes share offer, as well as
the conversion of AgriRewards benefits into Senwes shares,
enhanced the shareholder profile and made a signifi cant contribution
to higher liquidity of the shares.
� Senwes maintained dividend payments amidst the Covid-19
pandemic.
SENWES INTEGRATED REPORT 2020
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