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106
JOHN DANIEL HOLDINGS LIMITED AND ITS SUBSIDIARIES
INTEGRATED ANNUAL REPORT 2011
Notes to the Annual Financial Statements
- Continued
Annual Financial Statements for the 15 months ended 30 September 2011
28. Commitments
Operating leases – as lessee (expense)
Group
Company
2011
2010
2011
2010
Minimum lease payments due
- within one year
245 655
242 955
-
-
- in second to fifth year inclusive
513 106
40 938
-
-
758 761
283 893
-
-
Operating lease payments represent rentals payable by the group for certain of its office properties. Leases are negoti-
ated for an average term of three years. No contingent rent is payable.
29. Contingencies
An unresolved dispute with an off-shore supplier exists in one of the subsidiaries. The dispute arose in 2006 based on
transactions between a JDH subsidiary and the supplier. The supplier’s claim of USD 464 126 has not been incorporated
in the financial results as it is unlikely that a future outflow of funds will occur.
Litigation has been suspended against a former employee of a JDH subsidiary. The former employee obtained a favour-
able ruling from the CCMA requiring the JDH subsidiary to a cash settlement of R 100 000 and issue of a number of shares
in the subsidiary. The former employee has abandoned his claim in the light of the counter claim by the JDH subsidiary
for the PAYE due resulting from the required share issue. Management consider the likelihood of the former employee
being able to successfully claim the R 100 000 without settling the counter claim as unlikely.
30. Related parties
Relationships
Subsidiaries
Refer to note 5
Associates
Cryo-Save AG
Cryo-Save Labs
Cryo-Save South Africa (Pty) Limited
Shareholders with significant influence
Mile Investments 276 (Pty) Ltd
Bro Business Trust
Louis Harris Family Trust
Golden Oak Corporate Advisors (Proprietary) Limited
Members of key management
TP Gregory
DP van der Merwe
HD Minnie
NJ Ackermann