The company’s investment in associates formed an integral part of the strategic review. To this end, the Tiger Brands board decided on 21 November 2018, to pursue an unbundling of its entire shareholding in Oceana Group Limited (Oceana). The decision was taken following a review of Oceana’s fit with the group’s core business undertakings. The approximate implementation date of the unbundling is April 2019. The detailed terms of the unbundling are expected to be published shortly before the implementation date.

With the exception of the VAMP product recall and related Listeria update reflected in note 30, there are no other material subsequent events that occurred during the period subsequent to 30 September 2018, but prior to these consolidated annual financial statements being authorised for issue.