| NOTES TO THE FINANCIAL STATEMENTS l NOTE 10 |
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10. |
LOAN RECEIVABLE
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GROUP
JUNE 2013
R000 |
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GROUP
DECEMBER
2012
R000 |
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COMPANY
JUNE 2013
R000 |
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COMPANY
DECEMBER 2012
R000 |
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| Portion 113 Weltevreden Proprietary Limited, a company associated with Abland
Proprietary Limited (“Abland”) |
47 398 |
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47 434 |
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47 398 |
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47 434 |
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| The above loan is repayable on 23 September 2013, bears interest at a rate linked to the
three month JIBAR rate, interest is payable monthly in arrears. |
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| The loan was advanced to Abland in 2008 to facilitate the acquisition by Abland of its
10% interest in Stoneridge. Subsequent to year-end, Hyprop agreed to extend the loan
for one year, to September 2014. |
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| Mantrablox Proprietary Limited |
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117 600 |
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117 600 |
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| The loan was advanced to Mantrablox Proprietary Limited, which is 80% owned by
Atterbury Investment Holdings Proprietary Limited, on 1 September 2011, to facilitate
the sale of Garden Route Mall by Attfund Retail to Mantrablox Proprietary Limited. At
year-end Hyprop owned 20% of the issued shares in Mantrablox Proprietary Limited. |
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| Atterbury Investments Holdings Ltd has a call option to purchase Hyprop’s 20% share in Mantrablox Proprietary Limited from Hyprop within 6 months of 1 September 2013. The loan is repayable when the option is excercised and bears interest at 8,5%, payable monthly in arrears. |
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| Hyprop Investments (Mauritius) Limited - wholly owned subsidiary of Hyprop |
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188 |
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188 |
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| The loan is unsecured, bears no interest and is repayable on demand. |
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| Atterbury Africa Limited - Rand equivalent of US Dollar loan |
336 909 |
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111 109 |
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| The loan repayment date is 30 June 2020 and represents Hyprop’s shareholder loan
funding to Atterbury Africa. |
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| The loan is secured and bears interest at an initial rate of 8%, escalating at 4% per annum. |
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| Hyprop investments (Mauritius) Limited has a 37,5% equity interest in Atterbury Africa |
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384 307 |
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158 543 |
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165 186 |
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165 222 |
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| Reconciliation to the statements of financial position |
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| Long term loan receivable |
384 307 |
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111 109 |
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47 586 |
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117 788 |
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| Short term loan receivable |
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47 434 |
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117 600 |
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47 434 |
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| Total |
384 307 |
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158 543 |
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165 186 |
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165 222 |
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| NOTES TO THE FINANCIAL STATEMENTS l NOTE 10 |
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