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Subsequent events
No material subsequent events have arisen since June 30 2016.
Results of operations
The unbundling of Bidcorp from The Bidvest Group Limited was effective on May 30 2016. Prior to the unbundling, Bidcorp and The Bidvest
Group Limited undertook a number of asset-for-share transactions. As required for statutory reporting purposes, the statutory financial information
for Bidcorp has been presented for the financial year ended June 30 2016 and comparative financial year ended June 30 2015. In this regard,
Bidcorp’s statutory financial information from April 1 2016 includes:
■
■
transfer into Bidcorp of Bidvest Food Africa Proprietary Limited, Bidvest Food Properties Proprietary Limited and Bidvest treasury shares for the
issue of 335,4 million Bidcorp shares to The Bidvest Group Limited; and
■
■
transfer out of Bidcorp of EAS Zimbabwe Private Limited, EAS Zambia Limited and Bidvest Zambia Limited to The Bidvest Group Limited.
Accordingly, the statutory financial information for the years ended June 30 2016 and June 30 2015 does not fully reflect the performance of the
Bidcorp Group as it is currently structured.
To assist shareholders in their understanding of Bidcorp, pro forma financial information for the years ended June 30 2016 and June 30 2015 has
been disclosed from pages 137 to 159 in appendix B and appendix C respectively. This reflects Bidcorp as it is now structured and as if it was
in effect from the beginning of both financial years.
Dividends
In line with the group dividend policy, the directors declared a final gross cash dividend of 241,0 cents (204,85 cents net of dividend withholding
tax, where applicable) per ordinary share for the year ended June 30 2016 to those members registered on the record date, being Friday,
September 16 2016.
Declaration date
Wednesday, August 24 2016
Last day to trade cum dividend
Tuesday, September 13 2016
First day to trade ex dividend
Wednesday, September 14 2016
Record date
Friday, September 16 2016
Payment date
Monday, September 19 2016
The dividend was paid out of income reserves. A dividend withholding tax of 15% was applicable to all shareholders who were not exempt.
Directorate and attendance
The directors who were in office during the year and the details of board meetings attended by each of the directors are as follows:
Director
Date of appointment
April 4 2016 May 30 2016 August 23 2016
Executive chairman
B Joffe
August 17 1995
^
^
^
Independent non-executive directors
PC Baloyi
March 10 2016
^
^
^
CWL Phalatse
March 10 2016
^
^
^
DDB Band
March 10 2016
^
^
^
NG Payne
March 10 2016
^
A
^
H Wiseman
March 10 2016
^
^
^
Executive directors
BL Berson
March 10 2016
^
^
^
DE Cleasby
September 12 2007
^
^
^
^ Attended in person, by video-conference or tele-conference.
A Apologies tendered.
Directors’ report
Page 48
| Bidcorp Limited Annual integrated report 2016