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The directors have pleasure in presenting their report for the year ended 31 March 2010.
Nature of business
The principal activity of the Company is that of an investment holding company for the stockbroking, corporate finance and asset management activities of the Group.
Share capital
There were no changes to the authorised and issued share capital during the year. The Company cancelled 2 919 450 ordinary shares during the previous financial year.
Dividends
Details of dividends declared and paid are disclosed in note 12.5 to the annual financial statements. After the statement of financial position date a dividend of 4 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 profits and losses of its subsidiaries, prior to consolidation is:
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2010
R'000 |
2009
R'000 |
|
| Profits |
35 009 |
21 232 |
| Losses |
5 369 |
10 140 |
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Details of the company's subsidiaries are set out in note 16 of these financial statements.
Company Secretary
Nexia Levitt Kirson Management Services CC
Business address
4th Floor Aloe Grove
Houghton Estate Office Park
2 Osborn Road
Houghton
2198
Postal address
PO Box 62200
Marshalltown
2107
Events subsequent to the balance sheet date
On Monday, 3 May 2010, BJM announced the sale of the entire issued share capital of BJM Securities, for an amount not exceeding R207 million, to Renaissance Securities Holdings (SA) (Pty) Ltd.
BJM Securities is the largest subsidiary of the Group by net asset value.
Interest of directors in share capital
Details of directors' interests in the company's share capital are disclosed on page 7 of this report.
Directors' interests in contracts
No contracts, involving directors' interests, were entered into in the current or previous year.
Directors
Details of directors are disclosed on page 7 of this report.
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