| |
|
|
|
2011 |
2010 |
| |
|
|
|
R’000 |
R’000 |
18. |
Short-term borrowings and overdrafts |
|
|
| |
Preference shares |
|
|
|
|
| |
220 redeemable cumulative variable rate preference shares issued to SBSA on 15 September 2008, which are required to be redeemed annually in tranches of at least R500 million, commencing on the last day of February in 2010. Preference dividends accrued at a rate linked to the prime lending rate applied by SBSA. |
|
|
| |
Balance at beginning of year (93 shares (2010: 143 shares)) |
930 000 |
1 430 000 |
| |
Shares redeemed during the year (93 shares (2010: 50 shares)) |
(930 000) |
(500 000) |
| |
Balance at end of year (nil (2010: 93 shares)) |
– |
930 000 |
| |
Current portion of long-term borrowings (refer note 13) |
2 359 |
3 612 |
| |
Overdrafts (unsecured) |
|
|
151 788 |
98 033 |
| |
|
|
|
154 147 |
1 031 645 |
| |
Overdrafts and short-term borrowings are repayable on demand and interest rates are linked to the prime overdraft rate. |
|
|