Notes to the interim financial statements
Basis of preparation
Merafe prepared its condensed consolidated interim financial statements for the six months ended 30 June 2016 in accordance with International Financial Reporting Standard, IAS 34: Interim Financial Reporting, the SAICA Financial Reporting Guides as issued by the Accounting Practices Committee, the Financial Pronouncements as issued by Financial Reporting Standards Council and the requirements of the Companies Act of South Africa. The accounting policies applied in the preparation of these condensed consolidated interim financial statements are in terms of International Financial Reporting Standards and are consistent with those applied in the annual financial statements for the year ended 31 December 2015.
Declaration of an ordinary dividend for the interim period ended 30 June 2016
Notice is hereby given that a gross interim ordinary dividend of R20m (0.80 cent per share) has been declared payable, by the Board of Merafe, to holders of ordinary shares. The dividend will be paid out of reserves.
The ordinary dividend will be subject to a local dividend tax rate of 15%. The net ordinary dividend, to those shareholders who are not exempt from paying dividend tax, is therefore 0.68 cent per share. Merafe Resources Limited’s income tax number is 9550 008 602. The number of ordinary shares issued at the date of the declaration is 2 510 704 248.
The important dates pertaining to the dividend are as follows:
|Monday, 1 August
|Last day for ordinary shares respectively to trade cum ordinary dividend:
|Tuesday, 23 August
|Ordinary shares commence trading ex-ordinary dividend:
|Wednesday, 24 August
|Friday, 26 August
|Monday, 29 August
Share certificates may not be dematerialised/rematerialised between Wednesday, 24 August 2016 and Friday, 26 August 2016, both days inclusive. Where applicable, in terms of instructions received by the company from certificated shareholders, the payment of the dividend will be made electronically to shareholders’ bank accounts on payment date. In the absence of specific mandates, cheques will be posted to shareholders. Shareholders who have dematerialised their shares will have their accounts with their CSDP or broker credited on Monday, 29 August 2016.
Events after the reporting period
No material event or circumstance occurred between 30 June 2016 and 1 August 2016 that may require adjustment or disclosure in these condensed consolidated interim financial statements.