Page 103 - Stellar IAR2015

37. COMMITMENTSOperating leaseDuring the previous reporting period, the operating lease was terminated.Capital commitmentsAt year end the Group had had no capital commitments.38. CONTINGENT LIABILITIESAt the reporting date, the Company has issued a limited corporate guarantee in favour of the creditors of Praxis Financial Services (Pty) Ltd in the amount of R11 million which expires on 30 September 2016. Subsequent to the reporting date, a further guarantee in the amount of R5 million was issued which expires on 8 December 2016.39. COMPARATIVE FIGURESUnless otherwise indicated, comparative gures refer to the fteen months ended 30 November 2014. The nancial year-end of the Company was amended from August to November during the prior reporting period. As such, the prior reporting period covers fteen months of operations which is not directly comparable to the twelve months of trading during the current reporting period.40. EVENTS AFTER THE REPORTING DATE• On 1 and 2 December 2015, the Company received R89 million and on 2 December allotted a further 38 702 737 ordinary shares in respect of the Rights O er; and• On 21 January 2016, Stellar Capital announced the further acquisition of 12.18% of Cadiz (held via Bidco) for R35.2 million, which acquisition became unconditional on 27 January 2016.• On 9 February 2016, the Company announced the acquisition of a further 6.86% of Tellumat (Pty) Ltd for a total consideration of R12.9 million, such that following the transaction, Tellumat (Pty) Ltd will be a wholly-owned subsidiary of Stellar Capital.The directors are not aware of any other events after the reporting date which have a material impact on nancial statements as presented.STELLAR CAPITAL PARTNERS | 99