Integrated Reports Senwes Financial Review 2018 - Page 24

24 FINANCIAL REVIEW 3.2 Investment in subsidiaries Note Total shares in issue Interest % Total net Shares investment R’m R’m 3.3.1 1 000 50,0 6 6 JD Implemente (Pty) Ltd 1 000 73,5 - - Senwes Agrowth (Pty) Ltd 1 11 054 100,0 24 24 Senwes Graanmakelaars (Pty) Ltd 100 100,0 - - Senwes Graanmakelaars (Pty) Ltd Senwes Mauritius Ltd 3 240 100,0 - - Senwes Mauritius Ltd - 100,0 66 66 - 100,0 COMPANY - 2018 JD Implemente (Pty) Ltd Senwes Capital (Pty) Ltd Tradevantage (Pty) Ltd 13.2 Total carrying value 1 4 4 100 100 Senwes Agrowth (Pty) Ltd is the holding company of Tradevantage Grain (Pty) Ltd and consists of equity and an investment of R100 only. Thobo Trust holds a 26,5% interest in Tradevantage Grain (Pty) Ltd, a subsidiary of Senwes Agrowth (Pty) Ltd. No non-controlling interest is accounted for as the trust is ring-fenced as a special purpose vehicle and therefore consolidated. Profits are to be used for social development activities per the trust agree- ment. 2 Senwes Share Incentive Scheme Trust was established as a vehicle for the equity-settled share-based pay- ment scheme. During the year Senwes granted R5,8 million to the trust to obtain 360 109 shares to fund the LTI scheme. During the year 444 764 shares vested to the value of R4,6 million, from the trust to qualifying members, under the LTI-scheme and 135 869 shares were bought back from them. Senwes is in the process of winding up the business of Senwes Mauritius. 3 FINANCIAL REVIEW Interest % Total net Shares investment R’m R’m 3.3.1 1 000 50,0 6 1 000 73,5 - - 11 054 100,0 24 24 100 100,0 - - 240 100,0 - - - 100,0 65 65 - 100,0 COMPANY - 2017 Senwes Agrowth (Pty) Ltd 1 Senwes Share Incentive Trust 2 Note Total shares in issue Senwes Capital (Pty) Ltd Senwes Share Incentive Trust 2 Tradevantage (Pty) Ltd Total carrying value 1 13.2 6 3 3 98 98 Senwes Agrowth (Pty) Ltd is the holding company of Tradevantage Grain (Pty) Ltd and consists of equity and an investment of R100 only. Thobo Trust holds a 26,5% interest in Tradevantage Grain (Pty) Ltd, a subsidiary of Senwes Agrowth (Pty) Ltd. No non-controlling interest is accounted for as the trust is ring-fenced as a special purpose vehicle and therefore consolidated. Profits are to be used for social development activities per the trust agree- ment. 2 Senwes Share Incentive Scheme Trust was established as a vehicle for the equity-settled share-based payment scheme. During the year Senwes granted R26,8 million to the trust to obtain 2 561 036 shares which were granted to employees.