GOING CONCERN
These annual financial statements have been prepared on the going-concern basis.
The board has performed a formal review of the Group’s ability to continue trading as a going concern in the foreseeable future and, based on this review; consider that the presentation of the financial statements on this basis is appropriate.
There are no pending or threatened legal or arbitration proceedings which have had or may have a material effect on the financial position of the Company or the Group.
SPECIAL RESOLUTIONS
On 11 June 2008 the Company’s shareholders approved the following special resolution:
General authority to repurchase Company shares
It was resolved that the Company or any of its subsidiaries may, in accordance with sections 85 and 89 of the Companies Act, acquire issued shares of the Company or its holding company, upon such terms and conditions and in such amounts as the directors of the Company may determine from time to time. Acquisition of such shares is subject to the Articles of Association of the Company, the provisions of the Companies Act and the Listings Requirements of the JSE Limited (“JSE”), and provided further that acquisitions by the Company and its subsidiaries of shares in the Company may not, in the aggregate, exceed in any one financial year 5% of the Company’s issued share capital.
Subsidiary companies special resolutions
100%-owned subsidiary companies, Bedworth Sentrum (Pty) Limited, Pick n Pay (Steeledale) (Pty) Limited and Pick n Pay (Steelpark) (Pty) Limited passed special resolutions in terms of section 228 of the Companies Act, to sell their only asset being investment property.
DIRECTORS AND SECRETARY
In terms of the Company’s Articles of Association the directors listed here, retire by rotation and they offer themselves for re-election. Information pertaining to the directors and the Company Secretary appear here.
HOLDING COMPANY
The holding company is Pick n Pay Holdings Limited.
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