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ANNUAL FINANCIAL STATEMENTS
132
Tiger Brands Limited Integrated Annual Report
2014
Statutory information
continued
Share repurchase
At the annual general meeting of shareholders held
in February 2014, shareholders passed a special
resolution authorising the company, or a subsidiary,
to acquire the company’s own ordinary shares.
Notwithstanding the approval obtained, during the
period to 30 September 2014, no further shares
were acquired as the directors did not deem it
appropriate.
The company, through its subsidiary Tiger Consumer
Brands Limited, has previously purchased a total
of 10 326 758 shares at an average price of
R106,67 per share, for a total consideration of
R1 101,5 million.
American Depository Receipt facility
With effect from 9 September 1994, a sponsored
American Depository Receipt (ADR) facility was
established. This ADR facility is sponsored by the
Bank of New York Mellon and details of the
administrators are reflected under administration on
page 249.
Special resolutions
A special resolution had been passed by Tiger
Consumer Brands Limited to provide financial
assistance to Dangote Flour Mills Plc (DFM) in
respect of a loan provided by Tiger Consumer
Brands Limited, in the South African equivalent, to a
maximum of NGN10 billion in terms of a loan
agreement signed by the parties during May 2014.
No other special resolutions were passed during
the year under review that would have affected the
capital structure, borrowing powers or any other
material matter that affects the understanding of the
group were passed by subsidiary companies during
the year under review.
Retirements funds
Details in respect of the retirement funds of the
group are set out in note 34 of the annual financial
statements.
Insurance and risk management
The group’s practice regarding insurance includes an
annual assessment, in conjunction with the group’s
insurance brokers, of the risk exposure relative to
assets and possible liabilities arising from business
transactions. In addition, the group’s insurance
programme is monitored by the risk and sustainability
committee.
All risks are considered to be adequately covered,
except for political risks in the case of which as much
cover as is reasonably available has been arranged.
Self-insurance programmes are in operation covering
primary levels of risk at a cost more advantageous
than open-market premiums. Regular risk
management audits are conducted by the group’s
risk management consultants, whereby improvement
areas are identified and resultant action plans
implemented accordingly. Assets are insured at
current replacement values.
Events subsequent to the year ended
30 September 2014
There were no material subsequent events that
occurred during the period subsequent to
30 September 2014, but prior to these financial
statements being authorised for issue.