NOTES
11
NOTES
1. Related party transactions
1.1
Senwesbel Ltd. (“Senwesbel”)
Dividends of R23,9 million were paid to Senwesbel.
1.2 Trade debtors - Directors
Trade debtors comprise of production credit accounts as
well as other accounts for which customers of the com-
pany qualify. Credit extension, terms of repayment and
interest rates in respect of loans are in line with company
policy, which applies to all customers of the company.
R45,1 million was owed to the group by directors on
the above-mentioned accounts as at 31 October 2017
and no amounts were in arrears. This is covered by secu-
rity held in terms of the credit policy.
2. Contingent liability
On 24 August 2017 the Competition Commission served an
application on Senwes and Tradevantage to refer alleged con-
traventions of the consent order between the Competition
Commission and Senwes issued by the Tribunal in 2013 to the
Tribunal for prosecution with a request to levy an administra-
tive penalty of 10% of Senwes’ turnover. Senwes denies any
contraventions and is opposing the application. The matter is
to proceed and will in all probability be heard by the Tribunal
in June 2018.
3. Share buy-back
A share buy-back scheme to the value of R45 million com-
menced on 30 June 2017, at an average price of R12,30 per
share. A total of 2,039,877 shares were bought for a total
amount R24,4 million at an average price of R11,96 per share
as at 31 October 2017. For further information regarding the
scheme, visit www.senwes.co.za.
senwes interim results 31 october 2017