BJM - Directors' report

Directors' report

The directors have pleasure in presenting their report for the year ended 31 March 2008.

Nature of business

The principal activity of the Company is that of an investment holding company for the stock broking and asset management activities of the Group.

Share capital

There were no changes to the authorised share capital during the year.

Dividends

Details of dividends declared and paid are disclosed in note 11.5 to the annual financial statements.
After the balance sheet date a dividend of 17 cents per share was proposed by the directors. The dividends have not been provided for. The Secondary Tax on Companies payable on this dividend will be calculated at 10%.

Subsidiaries

The interest of the Company in the aggregate net income and losses after taxation of its subsidiaries is:

	2008	2007
	R’000	R’000
Profits	60 317	118 987
Losses	6 525	921

Details of the Company’s subsidiaries are set out in note 14 of these financial statements..

Year-end

All companies within the Group have a 31 March 2008 year-end, except for Guaranteed Income Plan Limited which has a 29 February 2008 year-end. This entity has been consolidated as at 31 March 2008.

Secretary

L Wilson

Business address		Postal address
24 Fricker Road		PO Box 62200
Illovo Corner		Marshalltown
Illovo		2107
2196

Events subsequent to the balance sheet date

As at 31 March 2008, the Group held 1 519 830 shares in excess of the 10% limitation placed on treasury stock. These shares have subsequently been cancelled.

Except for the item listed above, no events which are material to these financial statements occurred between the balance sheet date and the date of this report.

Interest of directors in share capital

Details of directors’ interests in the Company’s share capital are disclosed on page 3 of this report.

Director’s interest in contracts

No contracts, involving directors’ interests, were entered into in the current or previous year.

Directors

Details of directors are disclosed on page 3 of this report.

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