SENWES Integrated Report 2020 | Page 35

THE BUSINESS SHAREHOLDERS AND INVESTORS To generate sound returns for our shareholders, through sustainable capital growth and sound dividend yields. [ ! ] 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 33