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8. Borrowing limitations
In terms of the Articles of association of the company,
the directors may exercise all the powers of the com-
pany to borrow money, as they consider appropriate.
At 30 September 2011 the group’s borrowing powers
totaled R 14 621 259 (2010: R 2 143 402)
9. Non-current assets
Details of major changes in the nature of the non-current
assets of the company during the 15 months were as fol-
lows:
•
The Vinguard deferred tax asset of R 5 241 247 was
recognised based on previously unrecognised tax
losses;
•
The Lazaron labatory was disposed to Rexisource
(Pty) Limited trading as Cryo-Save SA. The labortory
was subsequently upgraded with on investment of
R 2 million;
•
The Vinguard intangible asset impairment of
R 786 752 raised in the 2010 financial year was
reversed in the 15 month period; and
•
The Lazaron intangible assets of R 229 620 were
impaired.
10. Dividends
No dividends were declared or paid to shareholders dur-
ing the 15 months.
11. Directors
The directors of the company during the 15 months and to the date of this report are as follows:
Name
Nationality
Changes
RJ Connellan (chairman)
South African
Appointed 04 February 2011
KA Rayner
South African
Appointed 20 January 2011
B Topham
South African
Appointed 24 November 2010
TP Gregory
South African
Appointed 22 September 2010
DP van der Merwe
South African
Appointed 22 September 2010
LF Rehrl
South African
Resigned 04 February 2011
S Tshiki
South African
Resigned 15 October 2010
SD Serex
Swiss
Resigned 15 October 2010
HD Minnie
South African
Resigned 05 November 2010
NJ Ackermann
South African
Resigned 05 November 2010
12. Secretary
DP van der Merwe resigned as secretary of the company on 4 October 2011 and TM Jonker was appointed in his stead
on 4 October 2011.
The secretary of the company is TM Jonker of:
Business address
30B First Avenue
Westdene
2092
Postal address
PO Box 2
Sundowner
2161