|
|
2011 |
2010 |
|
|
R'000 |
R'000 |
29. |
Contingent liabilities |
|
|
|
Holding company |
|
|
|
Holding company guarantees issued to bankers as security for banking facilities provided to subsidiary companies |
338 813 |
382 940 |
|
Performance guarantees issued to customers by subsidiary companies and joint-venture entity |
36 748 |
85 178 |
|
|
375 661 |
468 118 |
|
Guarantee issued to bankers |
|
|
|
The holding company has also issued guarantees to bankers to secure a short-term export finance agreement facility of R180 million (2010: R180 million). The facility is primarily utilised for and on behalf of Assmang in which the group holds a 50% interest and which in turn has provided a back-to-back guarantee against any claims made by bankers in terms of this facility. The facility was unused at year-end. |
|
|
|
BEE transactions |
|
Certain preference shares were issued as part of the BEE transaction entered into in 2006. If an event of default as defined in the contract is triggered in relation to the preference shares, the provisions of the relevant put option and call agreements entered into will become operative. |
|
|