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Directors' report

for the year ended 31 March 2014

Nature of operations

Welkom Yizani Investments (RF) Limited was incorporated on 10 July 2006 under the laws of the Republic of South Africa.The principal activities of Welkom Yizani Investments (RF) Limited are to:

a) carry on the main business of holding only Media24 Holdings Proprietary Limited ordinary shares, cash and such assets as are received and acquired solely by virtue of, or in relation to, the holding of Media24 Holdings Proprietary Limited ordinary shares
b) receive and distribute dividends and other distributions in terms of its holding in Media24 Holdings Proprietary Limited, and
c) provide a platform for over the counter trading of shares in Welkom Yizani Investments (RF) effective 9 December 2013.

Operating and financial review

The financial results of the group and company are set out here.

Share capital

Refer to note 6 for details of the authorised and issued share capital.

Dividends

The board recommends that dividends of 29,4 cents per ordinary share and 46,6 cents per preference share be declared (2013: 28,7 cents per ordinary share and 45,5 cents per preference share).

Directors, company secretary and auditor

The directors of the company are listed below and the company secretary is Lurica Jineanne Klink. The address and postal address for the company secretary appear here.

Name   Date appointed   Category
R C C Jafta   28 November 2012   Independent non-executive
P O Goldhawk   22 June 2007   Independent non-executive
A H Adhikari   14 October 2010   Independent non-executive

PricewaterhouseCoopers Inc. was appointed in office as auditor in accordance with section 90(6) of the South African Companies Act 2008.

Subsequent events

No events have occurred subsequent to 31 March 2014 that have required the company to disclose or adjust the results as presented in these annual financial statements.

Signed on behalf of the board

R C C Jafta
Chair

12 June 2014