Disposal of Subsidiaries
Shares in the following subsidiaries were disposed of during the year ended 31 May 2009:
| |
|
Effective date of |
|
% held and |
|
| |
|
disposal |
|
disposed of |
|
| |
iVeri Payment Technologies (Proprietary) Limited |
31 October 2008 |
|
51% |
|
| |
E-Voucha (Proprietary) Limited |
30 November 2008 |
|
51% |
|
| |
Polsa Holdings Limited |
31 March 2009 |
|
50% |
|
Details of the total net assets disposed and the resulting loss on disposal are as follows:
| |
|
Total |
|
| |
|
R’000 |
|
| |
Total proceeds |
5 581 |
|
| |
Fair value of net assets disposed of |
10 162 |
|
| |
Loss on disposal |
(4 581) |
|
The assets and liabilities disposed of are as follows:
| |
|
Fair value at disposal date |
|
| |
|
R’000 |
|
| |
Cash and cash equivalents |
14 157 |
|
| |
Property, plant and equipment |
5 781 |
|
| |
Intangible assets |
2 949 |
|
| |
Goodwill |
2 500 |
|
| |
Investments |
305 |
|
| |
Inventories |
12 118 |
|
| |
Receivables |
25 163 |
|
| |
Deferred tax |
452 |
|
| |
Bank overdraft |
(205) |
|
| |
Borrowings |
(22 451) |
|
| |
Current tax liabilities |
(619) |
|
| |
Payables |
(31 374) |
|
| |
Fair value of subsidiaries disposed of |
8 776 |
|
| |
Minority interests |
(4 348) |
|
| |
Goodwill |
5 734 |
|
| |
Fair value of net assets disposed of |
10 162 |
|
| |
Proceeds on disposal of subsidiaries |
5 581 |
|
| |
Cash and cash equivalents of subsidiaries disposed of |
(13 952) |
|
| |
Less proceeds still due |
(1 152) |
|
| |
Cash outflow on acquisition |
(9 523) |
|
|
