Wescoal is taking practical steps to implement its vision as a material contributor for the upliftment of its employees and communities
CSI spend has also been a key focus of our social responsibility programme with an investment of approximately R2 million for FY18
In 2016 the company provided funding to a special purpose vehicle (“BEE structured entity”) by subscribing for class B cumulative redeemable preference shares in the BEE structured entity for an aggregate amount of R35.5 million.
A cumulative preferential cash dividend shall be payable in respect of each class B preference share and shall be deemed to accrue daily at the prime interest rate plus 1% and be compounded monthly. The scheduled redemption date for the class B preference shares is the fifth anniversary of the date on which the class B preference shares were issued to the company.
Wescoal remains committed to assisting the migration of local SMMEs to become providers of services within its core activity value chain. In the previous year the group reported that it had engaged the services of Raizcorp to assist with LED and supplier development initiatives. Going forward Wescoal has taken the decision to insource the LED and supplier development initiatives using the platform provided by Raizcorp as a frame of reference.
Local economic development within the enterprise development space was approximately R2.1 million.