Integrated Reports Senwes Financial Review 2018 - Page 12

12 FINANCIAL REVIEW 10.2. Special resolution no. 2: Authorisation for the com­- pany or a subsidiary of the company to repurchase the shares of the company That, subject to the provisions of the Companies Act, the company or its subsidiaries be authorised to re- purchase its shares, of which the repurchase shall, in any financial year, be limited to a maximum of 20% of the issued share capital. 10.3. Special resolution no. 3: Loans and financial assis- tance That, as a general approval and in terms of section 45 of the Act, any direct or indirect financial assistance granted or about to be granted by the company to any related or inter-related company of the company as authorised by the board in terms of section 45(2) of the Act is hereby approved, which approval specifi- cally includes that the board may make such arrange- ments on behalf of the company as they think advi-­ sable for financing, assisting or subsidising any of the company’s subsidiary companies and/or associate companies and/or entities, in which the company has an interest, and for guaranteeing its contracts, obli­- ga­tions or liabilities, in whatsoever manner, for a period effective as from 1 November 2017 until 31 October 2019. 10.4. Special resolution no. 4: Approval of financial assistance to purchase the company’s own shares That the board in general be and is hereby autho- rised in terms of section 44 of the Act to grant any direct or indirect financial assistance, either by means of a loan, guarantee or the provision of any form of security to any person, and/or the company’s holding company, subsidiaries and/or associates and/or enti- ties in which the company has an interest for the subscription, acquisition or purchase of shares in the company, which have been issued or which are to be issued and that such approval be granted from the FINANCIAL REVIEW date of this annual general meeting until 31 October 2019. 11. SHARE INCENTIVE SCHEME As at 30 April 2018, the total treasury shares were 15 207 119, which is 8,4% of the issued share capital. Of these shares, 9 311 285 shares are allocated towards the equity-settled share-based payment scheme. Details of the vesting dates and pricing are disclosed in note 13.2 of the financial state- ments. 12. SHAREHOLDERS Details of the shareholder structure are set out in the Corpo- rate Governance report. 13. CONTINGENT LIABILITIES On 24 August 2017 the Competition Commission served an application on Senwes and Tradevantage as to refer alleged contraventions 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 on trial which in all probability will be heard by the Tribunal in February 2019. 14. EVENTS AFTER THE REPORTING PERIOD The directors are not aware of any material event which oc- cured after the reporting date and up to the date of this report. 15. DATE FOR AUTHORISATION AND ISSUE OF FINANCIAL STATEMENTS No authority was given to anyone to make material amend- ments to the financial statements afte ȁѡєɿ م)䁑ɕѽ́؁)չ