Integrated Reports Senwesbel Consolidated Financial Statements 2018 - Page 10

6. PROPERTY, PLANT AND EQUIPMENT The carrying value of property, plant and equipment increased by R89 million. New capital amounting to R141 million was spent, R92 million of which was spent to increase operating capacity and R49 million to maintain operating capacity. Silos with a carrying value of R837 million and a market value of R1,8 billion serve as security for the non-current interest-bearing loans disclosed in note 4.2.3. 7. SPECIAL RESOLUTIONS The following special resolutions were adopted at the previous annual general meeting held on 24 August 2017: 7.1. Special resolution no. 1: General authority to allot and issue shares As standing and general authority in terms of section 41 of the Act, and as contemplated in clauses 6.3 and 6.4 of the Memorandum of Incor- poration, the company’s authorised but unissued share capital, as at the date of this resolution, be and is hereby placed under the control of the directors of the company, until the next annual general meeting, to allot and issue such ordinary shares to such person/s and on such terms and conditions as the directors may, at their sole discretion determine, provided that this authority includes the issue of ordinary shares, securities, op- tions or rights attached thereto, to any directors, prescribed officers or person related or inter-related to the company, or to a director, or prescribed officer of the company as contemplated in section 41(1) of the Act. 7.2. Special resolution no. 2: Loans and financial assistance Any direct or indirect 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 specifically includes that the board may make such arrangements on behalf of the company as they think advisable 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, obligations or liabilities, in whatsoever manner, for a period effective as from 1 November 2017 until 31 October 2019. 7.3. Special resolution no. 3: Approval of non-executive directors’ remuneration In accordance with section 66(9) of the Act payment of remuneration for services as non-executive directors of the company be approved for the period 1 September 2017 to 31 August 2018, provided that should the resolution not be adopted, the remuneration approved by shareholders at the 2016 annual general meeting will be payable until the next annual general meeting in 2018. 8. INTEGRATED REPORTING Senwesbel Limited acts as an investment holding company. The interest in Senwes Limited is the only investment held by Senwesbel. Corporate governance, operational review, integrated and sustainability reports are not disclosed in the Senwesbel financial report. These reports are disclosed in detail by Senwes. Refer to the Senwes website,, for these reports. 9. EVENTS AFTER THE REPORTING PERIOD The directors are not aware of any material event which occurred after the reporting date and up to the date of this report. 10.DATE FOR AUTHORISATION AND ISSUE OF FINANCIAL STATEMENTS No authority was given to anyone to make material amendments to the financial statements after the date of approval by directors on 26 June 2018. 9 SENWESBEL ANNUAL FINANCIAL STATEMENTS 2018 Senwesbel Limited Reg no: 1996/017629/06