Dawn records 10 percent rise in interim revenues

Dawn Properties recorded a 10% rise in revenues in the 6 months to September 30, while expenses were down by in the interim period due to aggressive cost management, MD Mike Manyika told the AGM.

Old Mutual called for a poll on directors. Apparently they have an issue with Vernon Lapham being a director on both the Dawn and African Sun boards.

A vote was taken with 28 shareholders participating. Lapham was removed from the board with 57.8% against his re-election. 96.85% voted in favour for Tendai Chimuriwo, Themba Ndebele (96.85%), Phibeon Gwatidzo (96.85%), George Manyere (97.5%), and Dirk Goldwasser (96.6%).

Cashflows had improved significantly and the outlook for the second half of the was positive.

The group had reached an understanding with African Sun over the properties, which would possibly be leased to other hospitality groups. "At the right time, we will appoint advisors to ensure the correct strategy is executed."

The disposal of CBRE for $1.4 million was advanced, but because management was buying the business and working with a technical partner from SA, Indigenisation and Exchange Control approval was required.

Development of the New Marlborough property was still pending City of Harare approvals.

Shareholders approved remuneration of $96 377 for PWC, a 25% reduction on F11, and non-executive directors fees of $76 000.