Blue Label Telecoms - Reviewed interim results for the half year ended 30 November 2008

Disposal of Subsidiaries

Shares in the following subsidiaries were disposed of in the six month period ended 30 November 2008:

	Effective date of disposal	% held	% disposed
eVoucha (Proprietary) Limited	30 November 2008	51	51
iVeri Payment Solutions (Proprietary) Limited	31 October 2008	51	51

Details of the total net assets disposed and the resulting loss on disposal are as follows:

	Total
	R’000
Total proceeds	5 500
Fair value of net assets disposed	5 755
Loss on disposal	(255)

The assets and liabilities disposed are as follows:

		Fair value at disposal date R’000
	Cash and cash equivalents	1 575
	Property, plant and equipment	1 170
	Intangible assets	1 190
	Goodwill	7 834
	Inventories	83
	Receivables	13 278
	Deferred tax	452
	Borrowings	(2 223)
	Current tax liabilities	(42)
	Payables	(17 213)
	Fair value of subsidiaries disposed	6 104
	Minority interests	(349)
	Fair value of net assets disposed of	5 755
	Proceeds on disposal of subsidiaries	5 500
	Cash and cash equivalents in subsidiaries disposed of	(1 575)
	Cash inflow on disposal	3 925