NOTES
1. SHARES PURCHASED IN SENWES LIMITED
Senwesbel Limited’s shareholding in Senwes increased from 52,91% to 53,50% during
the year. The net movement in shares held during the period was 1 111 908 shares.
2. NEW BUSINESS COMBINATIONS
KLK Landbou Ltd
During the period Senwes acquired a 57,44% interest in KLK Landbou Ltd which operates as
a group of companies in the agricultural sector, with the effective date on 1 July 2019.
Subsequent to the effective date Senwes obtained an additional 0,21% interest which
resulted in a final shareholding of 57.65%.
Fair value of assets acquired and liabilities assumed, including the interest change:
R’m
Book value of KLK's tangible net asset (equity)
(excl. non-controlling interest) A….…………….... 362
Share obtained (control) B…..………….….. 57,65%
Book value of net tangible assets (equity) obtained C (AxB)…….... 208
Consideration paid D…….……….…... 183
Bargain purchase E(C-D) ...…… 25
Non-controlling interest (proportionate method) F (A-C)………... 154
Amount recognised directly in equity - interest change G………............ * -
* The change in interest in subsidiary is below R0,5 million.
The net assets recognised in the 31 October 2019 interim financial statements are based on
book values, while the group assesses the fair value of respective assets acquired and
liabilities assumed. Assessment of further separately identifiable assets and/or liabilities are
also in progress.
3. DIVIDENDS
The board approved an interim dividend of 21 cents per share. Payment of the dividend will
take place on 13 December 2019. The record date is 11 December 2019. All share-
holders registered in the shareholders register as at 11 December 2019, will qualify for the
dividend. Dividend withholding tax of 20%, where applicable.
4. CONTINGENT LIABILITIES
On 24 August 2017 the Competition Commission (CC) served an application on Senwes and
Tradevantage to refer the alleged contravention of the order to the Tribunal with a request of
an administrative penalty. The CC and Senwes have settled this matter without incurring any
penalties. It is therefore resolved and concluded between the CC and Senwes.
SENWESBEL INTERIM RESULTS 31 OCTOBER 2019
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