Notes to the group annual financial statements | Note 7
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    Group   Company  
    2014
R’000
  2013
R’000
  2014
R’000
  2013
R’000
 
7. Long-term liabilities                
  37 300 000 (2013: 37 300 000) variable rate, cumulative redeemable preference shares of R0,001 each 37   37   37   37  
  – Opening balance 37   37   37   37  
  Share premium 372 963   372 963   372 963   372 963  
  – Opening balance 372 963   372 963   372 963   372 963  
    373 000   373 000   373 000   373 000  
  Current portion of long-term liabilities (accrued preference share dividends) 55 017   48 415   55 017   48 415  
  – Opening balance 48 415   41 537   48 415   41 537  
  – Current year dividends 23 574   23 402   23 574   23 402  
  – Dividends paid (16 972)   (16 524)   (16 972)   (16 524)  
    428 017   421 415   428 017   421 415  
 
Nil (2013: nil) preference shares were redeemed during the year.

Preference shares bear interest at 65% (2013: 65%) of the prime rate.There are no fixed terms of payment of interest. Interest payments will be made upon approval by the directors.The preference shares are held by Naspers Limited.

These preference shares are redeemable on any of the following preference redemption dates:

compulsorily after 10 years being 8 December 2016 or such extended period as permitted by the preference shareholders, or
shareholders’ agreement at the option of the preference shareholders, or
voluntarily by Welkom Yizani Investments (RF) Limited within three years out of sufficient cash resources, or
compulsorily after three years out of sufficient cash resources.