The directors have pleasure in submitting the annual financial statements of the Sun International Group for the year ended 30 June 2014.
The Sun International Group has interests in, and provides management services to businesses in the hotel, resort and casino industry. There has not been any material changes in the nature of the Group’s business from the prior year.
Dividends totalling 245 cents (gross) per share (2013: 265 cents gross) have been declared by the directors in respect of the year under review as follows:
|Interim:||declared, 24 February 2014: 90 cents
(76.50 cents after dividends tax)
|Final:||declared, 25 August 2014: 155 cents
(131.75 cents after dividends tax)
The final dividend referred to above will be accounted for in the 2015 annual financial statements as it was declared subsequent to the year end.
Detailed commentary on the nature of business of the Company and its subsidiaries, acquisitions, future developments and prospects of the Group are addressed within the integrated annual report.
The total issued share capital of the Company constitutes 114 129 455 ordinary shares and an authorised share capital of 150 000 000 ordinary shares. The company holds 10 149 477 treasury shares in a wholly owned subsidiary.
The following ordinary shares in the unissued share capital of the Company remain under the control of the directors as a specific authority to allot and issue as follows:
Details of the authorised and issued share capital appear as a note to the Group’s financial statements. The details of the Company’s public and non-public shareholders have been made available for perusal.
Particulars relating to options under the share option scheme (discontinued in 2006) and awards under the share plans are provided as a note to the Group financial statements.
Particulars relating to interests in principal subsidiaries are set out in detail for review.
The Company’s borrowings are not restricted in terms of its Memorandum of Incorporation. The Group’s debt covenants and debt capacity are available for review.
The names of the directors and company secretary in office at the date of this report are available for review together with the company secretary’s business and postal address. During the year under the review, the following movement in directorate was noted.
|Name of Director||Nature of change||Date of change|
|Mr E Cibie||Appointed||22 August 2014|
In terms of the Company’s Memorandum of Incorporation, Ms B Modise, Messrs MV Moosa and GR Rosenthal are required to retire from office at the forthcoming annual general meeting and, being eligible, offer themselves for re-election.
Mr E Cibie, who was appointed to the board subsequent to the last annual general meeting, is required in terms of the Company’s Memorandum of Incorporation, to retire from office at the forthcoming annual general meeting and being eligible is available for election to the board.
As at 30 June 2014, the directors of the Company beneficially held, directly or indirectly, 1 264 668 ordinary shares in the issued capital of the Company, as follows:
|NN Gwagwa*||–||266 102||266 102||266 102|
|AM Leeming||103 982||–||103 982||89 360|
|IN Matthews||2 723||–||2 723||2 723|
|KH Mazwai||91 398||–||91 398||87 824|
|MV Moosa*||–||598 731||598 731||598 731|
|GE Stephens||201 732||–||201 732||173 374|
|399 835||864 833||1 264 668||1 218 114|
* Held indirectly through Lereko Investments (Pty) Ltd and Dinokana (Pty) Ltd
The following changes in directors’ beneficial shareholdings have taken place subsequent to the financial year end and as at date of this report:
|GE Stephens||68 719|
|AM Leeming||22 562|
|KH Mazwai||14 722|
The Company has no holding or ultimate holding company.
The Company passed three special resolutions at its annual general meeting held on 22 November 2013 relating to:
The material events that have occurred between 30 June 2014 and to the date of this report have been provided as a note to the Group’s financial statements.